Help with Quote for Pilot, Please

SunnyDaze

Expert
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I will appreciate suggestions of companies and premium amounts for:

61 year old (August 21) Commercial Airline Captain who is also a private pilot with own small plane. Florida resident.

He asked for 10 year term, $500,000, and is open to 20 year term, after speaking with him about need. So if you can help with 10 year and 20 year premiums/companies, that would be great.

He also would like to know, if term is $250 per month or $160 per month, how much would those amounts buy of whole life? I got those amounts from Term4Sale, but I do not know anything about selling term insurance for pilots.
Or whole life, for that matter.

He is 6' tall, 208 lbs., non-smoker, in good health.

Father died at 68 from CAD, was diagnosed around age 60. Mother died at 78, lung cancer. Sister had cervical cancer at 47, but is still here and in decent health 18 years later.

Thank you to any who can help.

p.s. What would the commissions typically be on a policy of this sort?
 
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Nevermind commissions. You need to get him covered. I would farm that out to someone who knows the term market near you and work out a split 70/30; 60/40 with the writing agent getting the bigger cut. He/she will appreciate the business and your customer will be grateful that you went through "all that trouble" for him. Referrals are built on this concept. The other agent may help you out down the road too.

As far as payment, you should do alright. Whomever you involve should tell you what his or her levels are and if you are licensed with same carrier, then its easy. If your level is higher, use yours. Part of a sale is better than NO SALE.
 
Thanks, bigjake, I appreciate your response. To tell you the truth, I am not sure I want this one, as it is my brother. You know...don't do business with family and friends. I have found that is wise advice.

I know it is most important to get him covered, thus my asking here, for best companies and for cost of these policies for commercial airline captains.

While I see what Term4Sale says, I also know pilots need something other than what I handle presently.

If you have any input on companies and premium amounts, I will be happy for that information.
 
How often does he fly the private plane? What type of plane does he fly commercially? How many hours per year for each plane? Does he use the private plane for profit, or just for himself? What type of pilot's license(s) does he have? How long has he been flying? Is all of his travel within the US or does he fly internationally?

Since he flies privately, the goal is to get him a policy without a flat extra rating.
 
You need to find out about his private aviation:

what type of plane does he fly?
Total hours flying private planes?
How many hours in his current aircraft?
Average hours per year?
Anticipated hours next 12 months?
Where does he fly to? Any flights outside of US?
Does he participate in acrobatics, flying experimental, etc?

Prudential does well with pilots, others may depending on answers above.
 
Prudential is a good choice.

I got curious and checked around. On premium alone, Protective is great, but I am unsure as to the products in your state. I did, however, pull FL United of O app and there is an aviation questionnaire. The only problem is that they only offer the 15 and 20 year. The 15 year is a good rate, assuming there are no other issues. @300 would probably do the trick with them.

But TransAmercia has a new aviation enhancement for Private Pilots on the Trendsetter series. Their rates are a few nickels more than Protective or Prudential, but there is a lot of flexibility there. Since they use nearest age and will not let you backdate, he can't get all of the products after age 60. But the Super 10-year is going to be somewhere around 220-260. I have not had but one that they put a flat extra on, but they tend to reasonable with it. I also always quote standard, because the client is always pleased when the rate is LESS than I told 'em.

I am not plugging TransA, but they also have an excellent UL for his age range. You Mentioned his interest in permanent coverage, so if I had to offer a carrier to do both, that's one option worth exploring. If I were writing, I would submit an app on both UoO and Trans, see what they come up with.

ING is also about the same price, but since I focus on FE, I don't know too much about ING fully underwritten policies.
 
This is likely an easy case.

Commercial pilots are rarely a problem to cover. The private pilot bit does matter and here's what's important:

- amount of time spent doing it
- if he does it for hire
- is he instrument panel certified?

The family history isn't a big concern as onset and events took place after age 60

He can't get cervical cancer so there's not a lot of concern on that one.

This has prudential written all over it. At their standard non-smoker rate it would be $292.50 per month, there is a good chance he's standard plus or better.

Lincoln National is another good bet, they are $247 per month at standard.

I'd also be willing to float this by Axa where standard rates would be $237 per month, but I'm not as confident in their not caring about the family history.

20 year term will pretty much double the 10 year rates.

Whole life insurance at $250 per month will buy less than half the amount your talking in death benefit. Not saying it's a bad idea, but he's losing a lot of death benefit.

Have you considered guaranteed universal life insurance? No cash, but permanent death benefit. That too is going to be less than death benefit than term insurance, but you can make it last to age 120 if you want.

If you'd like help feel free to reach us here:

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Well, Thank You dgoldenz, tlmarketing, bigjake and BNTRS.

He is a Senior International Captain with a major U.S. airline, usually flying Airbus A300 I think it is called. Don't know if A330 or what, but something like that. Sometimes he takes a 767, depending.

He has an ATP license to do this, and every other license there is, I suppose, if he got that far. I know for sure he is instrument rated. He has flown for them over 30 years, and has a lot of hours.

He mostly flies to Europe, but has gone to Central and South America, too, on occasion.

His private plane is only for personal use. I believe it is a little Cessna or similar. I don't know how much he uses that. Not too much, I don't think. I do know he is not into aerobatics or experimental craft.

You fellows have given me a lot, and I will look at your suggestions. Thanks!
 
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I'm a pilot and I live in FL so I am familiar with getting life insurance for pilots here. As a commercial pilot he has all the ratings he needs to qual for best UW class. The only issues regarding the private aviation is if he does aerobatics, performs in airshows or if he flies more than 200 hours/mo. If he only flies in the US and Canada he can get best class. If he goes to Mexico, Bahamas, etc. carriers may view that differently. You'll have to gather more info to complete the Aviation Questionnaire. I'd go with American General, but there are several others that would work too.
 
Try Principal too. We got Preferred Best on a commercial pilot that also flew privately. I forget how many hours...Also they only count deaths prior to age 65 for family hx.
 
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