Although plane crashes are few and far between these days, they are still something that can happen. Whether you fly often or are a pilot yourself, you’ll want to know that your life insurance will cover you if the unthinkable happens. In most cases, your life insurance will cover you if you get into a plane crash. However, there are some notable exceptions to this that you should be aware of.
Life Insurance and Flying
If you fly on a commercial airline and you get into a plane crash, you will be covered regardless of the size of the plane. You will also be covered in most cases if you are a commercial pilot or a commercial flight attendant. You should not see any increase in your premiums. Flying has become incredibly safe – in fact, you are statistically much more likely to die in a car crash or even by just walking down the street.
Airlines have taken steps to ensure that their planes are as safe as possible and that staff is extensively trained. Because of this, life insurance companies do not consider flying a risk and will cover you in the highly unlikely event you are in a plane crash.
However, there are some exceptions to this. If you are an inexperienced recreational pilot or you use non-standard, risky aircraft, then your insurance company will likely issue an aviation rider for you. Aviation riders differ between insurance companies. In many cases, they will not cover you if you get into a plane crash while flying a risky aircraft. These riders will typically raise your premiums significantly as well. Some insurance companies may even deny you coverage entirely if you are a recreational or high-risk pilot.
The reason for this is that flying as a hobbyist is much more dangerous than operating as a commercial pilot. Even if you have a pilot’s license, your chances of making a fatal error are statistically much higher than a commercial pilot who has received extensive training. If you’re not flying commercial-grade aircraft, you are also much more likely to have an equipment failure. Recreational planes are not subject to the same strict maintenance requirements that commercial airliners are. This means that problems are often not addressed until it’s too late. Even helicopter pilots are often subject to aviation riders because helicopters are statistically much more dangerous than traditional airplanes.
What Should I Do If I’m a Private Pilot?
If you’re a private pilot, you may be wondering what your insurance options are. Before you purchase an insurance policy, make sure that you shop around and go over every policy you are looking at with an insurance agent, in-depth. Have them clarify for you whether or not the policy includes an aviation rider and what that means for you, in layman’s terms. If the insurance agent can’t clarify the policy for you, that’s a good indication that you should stay away from that insurance company.
If you are a private or recreational pilot, it’s important to be upfront about it when shopping for your policy. If you lie on your insurance application and are caught, it could lead to serious legal problems, and your chances of your beneficiaries receiving coverage if you were to die are very slim. Instead, be honest and let your insurance agent know that you are a private pilot and that you want an insurance policy that covers plane crashes and other aviation-related accidents. Some insurance companies will give you the policy you are looking for if you pay a higher premium for it. You should always make it clear that you are shopping around when looking for a policy. Insurance agents want to make sales and get commissions, and if they know you are willing to go elsewhere for your policy, you’ll have a better chance of getting offered a discount.
If you are a private pilot, it’s going to be very difficult to get out of paying high premiums on your life insurance. However, there are some things you can do to lower your prices slightly. The first thing is to avoid going overboard with your death benefit. The lower your death benefit is, the lower your premiums will be. In many cases, your insurance company will offer you more coverage than you need.
Another critical thing to remember is that your health is the most significant factor that insurance companies look at when determining your premiums. If you do everything you can to keep yourself healthy, your premiums will be much lower than someone who is in poor health. Avoid smoking and keep your alcohol use to a minimum. You should also eat a healthy diet and exercise regularly. If you have any chronic health conditions, manage them appropriately with any medications and therapy you may need.
Final Word on Life Insurance and Plane Crashes
Flying is stressful. After you spend time hunting for tickets on Priceline or Google Flights, you have to rush to the airport, check your bags in, pass through security, and hurry to your gate. On top of that, many people worry about whether or not their plane will crash. Although this is an irrational fear (plane crashes are rarer than lightning strikes), accidents do happen. Fortunately, your life insurance will most likely cover you in the event of a plane crash. Life insurance companies do not view commercial flying as a risk and will cover you in the event you’re a passenger in a plane that goes down. If you are a pilot, you will still be covered in the event of a crash. Finding life insurance at an affordable premium as a pilot, however, will be quite difficult.