Hi Guys,

I had a little hiccup when I applied for additional life insurance this month.  My policy was set to be issued just fine based on my medical underwriting.  However, due to my involvement in experimental aviation, the company wanted to charge about 5 times the premium.  A $1 million 30-year term policy was going to cost me (31 year old non-smoker) $608/month!

I checked around and found that most companies don't get excited about people who build planes in their garages.  I had almost accepted that I would have to either pay a lot more or have an aviation exclusion on my policy.  Then I found some reviews on another aviation blog about www.piclife.com.  I called them and they were able to get me a 30-year $1 mil policy through Minnesota Life for $92/month, which covers experimental aviation.  

Just wanted to share in case this helps anyone else.  

Aaron

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Glad that worked for you. When I was young and single (and a USAF pilot in the Viet Nam era) there was NO coverage to be had for aviators. That is why the government had insurance available for GI's. It was not much better, later, as an airline guy, insurance companies get scared of folks who fly for a living. However, my Union had a pretty good group policy, which I took advantage of -- no longer young or single and had young kids to boot. Now, as an empty nest retired couple, we are back to no life insurance, but it is by choice now -- kids are grown and on their own, nobody will suffer financially if we die.

It was good of you to share your search results with the group. It should help some folks out nicely. Thanks.

92$ a month for a 31 year old non smoker???  Still seems pretty high to me, although not as insane as $600!!!.  I pay WAY less, but mind you it's for a 10 year term.  What do they charge if your not a pilot?

A 10-year term is always priced quite less than a 30-year term.  The $92 rate is their "standard" rate.  A "preferred" rate would be even less.  Their rate (Minnesota) has nothing to do with being a pilot, it's just their standard rate.

I joined IEEE for their term life insurance.  There group term life policies have no exclusions.  Their prices are very good even when you factor in the cost of the IEEE membership.

Aaron -

I run a Life Insurance Brokerage in CA and that rate you got from Minnesota (one of our companies) is a good competitive rate. Most companies will charge you extra for just having a PPL, let alone flying an experimental. We represent about 25 life companies and pretty much all of our aviation goes to Minnesota, Pru, ING, and Lincoln.  You can also get discounts with some companies if you have an IFR rating.

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