Hi all,
My parents are getting me all hyped up on life insurance policies while I’m in flight school. Does anyone know what type of life insurance policies are available for the typical pilot when they are hired with the airlines? Are they 30-year term life insurance policies? They want me to get a policy that covers my initial investment of flight school, until I get hired and can then piggy-back my policy with the airlines’ policies.
Thanks in advance!
Berto,
Insurance for student pilots and instructors is VERY different from that for airline pilots. Flight training (and GA flying in general) is considered “high risk”, while airline flying is not.
Id talk to an agent but I think you might be better served getting a short term plan while you’re in training and then something else once you’re hired.
Adam
Berto,
If your parents are co-signing your loan, this seems like a very reasonable request. I would get a term life policy that is good for the life of the loan, then re-evaluate once you get to the airlines and are able to evaluate their plans.
I wold also check to see if whatever loan you are getting is discharged upon your death, or becomes the responsibility of the co-signer. It might not be an issue.
Chris
Thanks for your insight, @Chris and @Adam!
I decided on getting a universal whole life plan, which I can keep throughout my career. If/when the airlines hire me, I’ll also grab their group term life insurance plan to supplement mine. The bad news, is the airline’s insurance plans are only active if you’re employed by them, and if you leave and keep the plan, the premiums on your own can get extremely expensive, so getting a separate insurance plan on the side isn’t too bad of an idea if you can manage the monthly premiums.
But as always, consult with an insurance broker to really give you the ins and outs of each type of plans. There are many out there!