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Juicegoose

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Guys the wife and I are about to purchase our first house together(both have owned homes before we met I sold mine and we live in hers). Today I was talking to a good buddy who is a financial advisor and insurance agent about my wifes life insurance policy. He then started telling me I needed to get one as well. I'm 27 and of course have my PPL. He stated that with me having my PPl my rates would be higher and I seem to remember some of you guys talking about life insurance companies that are good to us pilots. I am pretty clueless when it comes to life insurance policy stuff so can anyone tell me the route I need to be taking here? The last thing I want to do is start saving ourselves to death especially with us wanting to move and start our family but If god forbid something happens to me I want them to be safe as well. Any and all advice would be greatly appreciated.

Thanks
Adam
 
I bought a 20-year level term life policy when I was 37 through Prudential. It has a $750k limit with a pilot rider, meaning it covers me if I die while flying. Most policies do not, by the way. I think there's exclusions like aerobatics and cropdusting, but any normal flying activities are covered in my policy. At the time it cost me around $650 per year. My rates cannot go up for the 20 years, but by that point it will be much more expensive to renew.
 
is it better to go term or whole life? I'm not sure what my wife has but no kidding it was costing her 600 a month. I asked her about it a little and she said something about it wasn't just a life insurance policy but that it was a retirement setup as well im not sure but we lowered it to 300 a month. Naturally hearing this i got a lump in my throat and was like well honey looks like we'll be staying here for a while.
 
Get a good financial advisor!

Juicegoose said:
is it better to go term or whole life? I'm not sure what my wife has but no kidding it was costing her 600 a month. I asked her about it a little and she said something about it wasn't just a life insurance policy but that it was a retirement setup as well im not sure but we lowered it to 300 a month. Naturally hearing this i got a lump in my throat and was like well honey looks like we'll be staying here for a while.
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Term is relatively cheap, but it is "term" and someday you will need to do something else. I have never found whole life to be a good value due to the typical fee structure and I prefer to invest on my own.
There is a lot that goes into planning your needs. As young as you are, keep it simple. Your needs will change.
 
EXACTLY what Kirk said...RUN FOR THE HILLS if they push Whole or Universal to you!! RIP OFF!!!!!!!!!!!!!!!!!! Was I clear??? ;);)
 
financial "advisors" are synonymous with life insurance salesmen, he stands to make a good bit in fees and what not off you
 
I have a $400k policy, level term for 20, I pay $30/month with a pilot rider thru State Farm. EDIT: I'm 32, non-smoker, good health.

ONLY TERM.
 
Oh ya trust me I probably won't go with him but if I talk with him I at least want to know a little about what he's talking about.
 
Life Insurance

Life carriers that don't surcharge do so based on pilot ratings and number of hours flown per year. Yes Prudential allows general aviation NON Business up to 200 hrs a year. Please confirm. All insurance contracts have an exclusion & limitations section. Read it. If anything jumps out at you, ask questions by email. That gives you documentation. By term because it's most cost effective. A general agent can shop carriers.
 
Well, since this is an RV forum, not an insurance forum, lets leave the discussion at this: If you decide you need life insurance, make sure that it covers you even if you are flying. Get your advice from someone you trust as to what type of insurance you should buy.
 
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