As a pilot, you’re well aware of the value and necessity of advanced planning. Checking your aircraft and the weather is standard operating procedure. With every flight you make a point to use a checklist.
In order to make sure your insurance also checks out, we have created an “Insurance Checklist” to address the main issues.
- Be absolutely certain that your policy does not contain an aviation exclusion rider. Every day we have pilots call us after examining their coverage and discovering they have a policy that excludes coverage for a general aviation related fatality.
- Know the financial strength of your insurance company. Insurance is nothing more than a contractual promise to pay, and that promise is only as good as the financial backing of the company making the promise. For this reason, we will only recommend the highest rated companies for your coverage. Want to know the rating of your current company? Contact us and we will review it for you.
- Be certain that you have adequate coverage. Over time the value of purchasing power declines. Every five years you should review your situation to see if your coverage is still adequate. Use the Needs Estimator to determine your approximate coverage needs.
- Decide what type of insurance fits your needs. Do you need permanent lifelong coverage with an investment feature or term insurance? We recommend term insurance for most needs. Decide what length of term is best for your situation. Longer term policies are more expensive than shorter term.
- Understand when your new coverage begins and how to properly terminate your old coverage. Life insurance policies will always have a grace period before coverage lapses. You will be notified in writing before coverage lapses. Have you moved since obtaining your coverage? Does the insurance company have your new address?
- When getting a new quote make certain your agent understands that you are a pilot and the type of aviation activities you are involved in. Many of our clients have gone through the frustrating experience of being quoted one price and then after going through the underwriting process being told that the cost of coverage doubles or triples because of aviation. You won’t have that problem with the Pilot Insurance Center as your agent.
Only Top Rated Insurers
Because insurance is nothing more than a promise, and a promise is only as good as the company that makes it, The Pilot Insurance Center will only provide quotes from companies that have an A.M. Best Rating of “A” or better. Of the over 1,800 life insurance companies in the US, only a few hundred earn this high financial rating. We will also provide you with the ratings from Duff & Phelps, Moody’s, Standard & Poor’s, and Weiss Research for each company we recommend.