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In This Article, I’m Going To Talk About Life Insurance For Aircrew Members On Commercial Flights
Let’s talk about some of the reasons why you may want to consider buying a supplemental life insurance plan as an aircrew member.
When we say aircrew, we are referring to flight attendants, pilots, or any staff associated with the process of flying. We will also go through the options that an aircrew member has for qualifying for life insurance.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Today’s Topic Overview:
- Why Should An Air Crew Member Get Life Insurance?
- Case Study Examples
- Top 7 Reasons People Buy Term Insurance
- Accidental Life Insurance Cover For Air Crew Members
- Life Insurance Options Available To You As An Air Crew Member
- Case Study Example
- Term Life Insurance
- Permanent Life Insurance
- The Difference Between Whole Life Insurance And Universal Life Insurance
- What To Do If You’ve Had Problems Buying Life Insurance As An Air Crew Member
- Next Steps
Why should an air crew member want to get life insurance?
Why is it important to buy a life insurance policy? You may already have one through your current employer. Is it necessary to buy additional coverage?
It’s smart to add coverage on top of what you have through your employer and here’s the reason why. Insurance from your employer has limitations of coverage. The quality of coverage is limited.
Most commonly, work insurance maxes out somewhere between 3x to 5x the employee’s income on an annual basis. Is this a substantial amount to pay to your survivors if you were to pass away?
In truth, this is a fraction of what most professionals in the insurance and financial planning industry recommend.
The old-fashioned rule of thumb for how much life insurance an aircrew member should have starts at 10x your annual income.
Your mortgage, daily living expenses, childcare, and additional supplemental activities still need to be paid after you pass away. 10x your annual income represents a lump sum that does a good job of paying these expenses.
It can pay off self-funded retirement plans. It takes care of any additional expenses not accounted for, such as college funding for your children.
Following the 10x rule, consider buying insurance supplements. As an aircraft crew member, buying group life insurance through your employer alone is not sufficient. You need additional coverage to make it up to an amount that is.
As an aircrew member, life insurance purchased through an employer may give you coverage that’s not portable. Portable is defined as coverage that comes with you when you quit or retire from your work due to disability or otherwise.
Many of the cheaper types of life insurance plans offering multiple coverages only cover up to age 65 or 70. At that point, if you’re still working, the coverage ceases. Upon requesting additional coverage, you find that, unfortunately, there’s no option to do so.
If you have one of these types of programs, it’s wise to add a private policy to your life insurance portfolio. It prevents such a circumstance from ever happening. It keeps you from being in a negative position with your life insurance.
If you would like to find out more about what you might qualify for, give us a call at (888) 626-0439 today. You can receive a free quote and ask any additional questions you might have.
Alternatively, send us a request using our message board. We’d be happy to reply using your given contact details within 24 business hours.
Case study examples
Home Owner with Diabetes
Long time clients of mine came to me looking for a term policy because they had recently purchased a new home. They realized with the extra financial burden of a 30 year mortgage, if anything happened to the husband who was the primary income earner, then the family would struggle to continue to make payments on the house and could potentially lose it.
The only issue was that the husband had diabetes. He took insulin to regular his blood sugar and was worried that this would cause his application to either be declined or rated up.
Thankfully they came us knowing the importance of working with a broker when it comes to hard to place health issues. I was able to shop a number of options for them and secure an affordable plan that met their specific goals.
While I can’t guarantee the same outcome for every individual, we do our best to find affordable, quality coverage for every client that gets in touch.
Pilot with Health History of Depression
A pilot recently got in touch with us because he had received a raise at work and wanted to get life insurance in place. Understanding that a raise in pay would also mean increased financial obligations he felt it was important to get quality life insurance to cover his career for the next 30 years.
Despite being in generally good health, this young man had a history of depression. He was taking medication to treat his condition and worried this would affect the underwriter’s decision on his application.
Thankfully we work with a wide variety of clients, including those with mental health concerns and we were able to get first day, affordable coverage that met this client’s specific goals.
Top 7 reasons people buy term insurance
1.Term insurance is affordable
Many people purchase term insurance because they are on a restrictive budget. If you are looking to pay a lower monthly rate than whole insurance, term insurance is a great option.
The primary reason why people buy life insurance is to cover their income. If the primary breadwinner passes away unexpectedly, it often can leave loved ones behind who will struggle to cover monthly expenses. Life insurance can provide a payout that helps cover things like mortgage payments, credit card payments, and car loans.
If you die unexpectedly you can’t continue to fund your retirement plan. That’s why term insurance is a great retirement safeguard. While your family may be ok financially for the short term, they may suffer long term for not having your retirement funds to rely on.
4.Out of love
We all have people in our lives that we care about and want to take care of. Life Insurance is a great way to care for those you love by providing financial stability when it is needed most.
Term insurance can be custom tailored to meet specific needs based on the time period required. So for example if you have a bank loan that is being paid off for the next 10 years, you can get a 10 year term insurance plan to cover the payment of that loan should you pass away before it is paid off.
6.Pure insurance need
Term insurance meets the simple need for life insurance. It has no confusing restrictions, no adds-ons. It one of the more straightforward types of insurance you can get.
Accidental life insurance cover for air crew members
A lot of people think that due to their profession working as a member of an aircrew, it’s most important to get accidental life insurance. It is important to cover for any kind of circumstance under which you pass away. But the reality is that most aircrew members don’t die from accidental deaths, associated with an aircraft crash or otherwise.
Aircrew members die from natural causes. It’s important that you look for life insurance that covers causes of death both accidental and natural.
Life insurance options available to you as an air crew member
If you like what you have read so far, give us a call at (888) 626-0439 for a no obligation quote. You will speak with an expert in the field who can provide you with more information about what you might qualify for.
You can also send us a message request using the box found on this page. We will contact you within 24 business hours with more information about what you might qualify for as well as cost.
Case study example
During my years in the life insurance business I have met a number of people that have left an impression on me. One such couple I met back in 2013 in a little town just outside of the Tennessee, Georgia border. This couple had been paying on life insurance for about 6 months but felt like maybe there was a better deal out there, so they got in touch.
I visited them in their home and they admitted that they were a bit hesitant to speak with me because they were afraid I would show up determined to sell them something. I assured them I would simply give them the information they requested with no pressure and leave it up to them to make a decision.
After chatting for a while, the gentleman encouraged me to get back in touch with them after 6 months to see if they wanted to go with a particular plan. As I left I couldn’t help but notice the woman seemed as if she wanted to speak with me more, but was holding back and letting her husband take the lead.
As I walked back to my car, I felt like I had failed this couple. I had told them we could save them money each month on their payments, but for some reason they hesitated to take me up on the offer. As I started my car I was surprised to find the gentleman walking down the drive toward me.
I rolled down my window and he asked if I wouldn’t mind coming back in the house. He said he and his wife would like to hear more about what I could offer them and he apologized for not saying something sooner.
Long story short, I was able to save this couple $300-$400 a year on their coverage. They were very unhappy to discover they had been taken advantage of by the other insurance company and were glad to switch to Buy Life Insurance for Burial.
Term Life Insurance
The most common type of life insurance is called term life insurance. Term life insurance is a temporary life insurance coverage. It’s designed to cover you for a set period, typically somewhere between 10, 20 and 30 years.
The premiums remain the same throughout that period of time. At the end of the period, they escalate tremendously. This is the main reason why the policy cancels. Clients cannot afford to continue the payment.
Why would somebody want to purchase an insurance policy knowing that it’s going to cancel in the future? Mainly because term insurance is the cheapest form of life insurance. You get much more coverage for your premium relative to other types of insurance.
Term insurance is used as pure insurance. It’s used as a backup in case you don’t have the time necessary to pay off your financial goals.
For example, you have a life insurance plan to replace your income. You plan on contributing so much per year. You will have a lump sum by the time that you expect to pass away.
What if you die before then? A term life insurance plan can supplement what you would have accrued over time. Term life insurance is the cheapest option to cover your loved ones if you pass away earlier than expected.
The downside is that it will go away if you outlive it. But in this scenario, it makes a lot of sense, which is why most people purchase a term life insurance over other options.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Permanent Life Insurance
Permanent insurance includes whole life and universal life insurance. Some people prefer to mix up their life insurance with a product that doesn’t cancel.
Many people believe that whole life insurance will pay under any circumstances. They want to buy a policy that will stick around no matter to which age they grow. These are the most applicable type of plans for that profile.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Difference between whole life insurance and universal life insurance
There’s a subtle difference between the two types of insurance. Whole life insurance has guaranteed premiums. It never cancels as long as the premiums are paid.
As long as the health of the applicant is good enough they can qualify for first-day full coverage. This is the traditional form of permanent life insurance. It’s great for people who want peace of mind in knowing that some death benefit will be there when they pass away.
Universal life insurance is very similar to whole life insurance, except that the premiums are flexible. They can be brought up higher, they can be brought down lower. This can cause problems in the long term if they’re not appropriately funded from an early onset point.
If the premiums are too low to start with, there will come a point where they have to increase to keep the amount of coverage in force. Universal life plans may last for a long period of time, but it may be that in order to do so, the premiums have to go up. There’s no guarantee on prices.
The exception to that is what we call a ‘no-lapse’ universal life plan. As long as the premium that was originally recommended is paid they’ll stay on the books for the entirety of the life of the client.
These are a great way to get permanent coverage with a fixed premium. It maximizes death benefits without the risk of losing it as long as you continue to pay the recommended premium.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
Have you had problems buying life insurance as an air crew member?
Work with a broker
Many people that I’ve talked to have been declined with Compton. This is because they work with an insurance carrier that doesn’t offer much in the way of flexibility.
Their insurance agent only represents that company and that limits your options. It limits your choice and the outcome is that many people, like aircrew members, are declined for coverage.
What’s the solution? An insurance broker. Somebody who shops at major companies. They figure out the best coverage in the market suited to your financial goal in life. They find the most competitive prices. They will provide you with different qualities of options according to your preferences and budget.
Find an insurance broker like myself and my team at BuyLifeInsuranceForBurial.com. We can shop the major carriers for you. The ones that are more accommodating for aircrew members. We can get you quality life insurance coverage.
Get fully underwritten with an exam
Another tip I would like you to consider is to make sure that you look first at fully underwritten applications. Many insurance agents sell what’s called ‘non-medical’ life insurance. These are plans that don’t require exams. Their underwriting process is so simplified that they may knock out risk factors such as being an aircrew member.
If you look at a policy that doesn’t require an exam, it may completely exclude you from consideration. The insurance company doesn’t look at the full spectrum of factors.
With a fully underwritten policy, you may have to take an exam, do a urine analysis and a physical. Don’t worry. If this is the only way to get covered then you can see why it makes sense to give it a shot.
If you’re interested in qualifying for life insurance as an aircrew member, visit my website. You can go to buylifeinsuranceforburial.com and grab a free quote. I do ask that you message me first. You can do that by clicking the contact box; the one at the top or the bottom, and send me a quick message. Or just call me. The best way to reach me is (888) 626 0439, and speak with me live.
Thanks for reading this article. I hope you found it useful in research. If you have any remaining questions, please don’t hesitate to get in touch with us. We would be happy to look into a custom tailored plan to meet your specific needs.
Call (888) 626-0439 or send us a message via the box found on this page. You will be under no obligation to buy and can have peace of mind in knowing you are one step closer to securing life insurance to protect those you love.