Pilot Insurance Part 2 – Accidental Death
Of course, you can imagine how important life insurance is to someone who flies an airplane or a helicopter either for work, travel or recreation. Although modern advances in aircraft technology, flight practices and pilot training have made traveling by air generally safer than riding in an automobile, planes do crash, and American pilots and their passengers lose their lives every year.
Pilots need to be insured the same if not more than the rest of us, considering the inherent risks of their occupations and avocations. Personal economics suggests that an income earner has a fiduciary responsibility to protect the livelihood of their family and their business in case of sudden tragedy.
U.S. life insurance companies offer term and permanent solutions for most commercial, corporate and private aviators, yet the policies tend to be cost prohibitive. Flat extras for aviation exposure commonly land in the $3.00 per thousand to $7.00 per thousand price range depending on the hazard exposure including the occupation, age, health and experience of the pilot. These premium loads, in conjunction with standard life insurance rates, can be financially taxing on anyone who flies for a living or in their spare time.
A viable coverage alternative as well as an important life policy supplement is accidental death insurance. Petersen International’s High-Limit Accident Plan is a simplified-issue term product designed to provide a death benefit in case of loss of life due to unnatural occurrences including aircraft incidents. The benefits platform is flexible and can be customized to cover a client for death as a result of any accident or only as a result of an aviation accident. The plan also offers optional dismemberment benefits which are extremely important to pilot clientele as claims statistics indicate that many aeronautical incidents cause severe injury, but don’t always result in the death or immediate death of the insured person.
Regarding cost to the consumer, Petersen’s pilot AD&D rates fall mostly below life industry flat extras for private and professional pilots.
Petersen International also has the rare ability to cover pilots in high-risk lines of work including agriculture, firefighting, law enforcement, experimental aircraft testing, construction, high-tension electrical work, religious missions and even intelligence/surveillance contractors working throughout the world.
Contact our pilot insurance specialists at (800) 345-8816 to learn about the full line of products available to professional and private aviators.