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Life Insurance for Pilots 101

Term Life Insurance Policies:

The most common life insurance product purchased, Term life insurance is affordable and generally provides the most life insurance for the least amount of premium.   Term life insurance can often be converted to a permanent Universal Life or Whole life policy later during the policy term.  This allows many people to start with term coverage and then convert later in the term to a permanent product if they choose to do so.  When you convert a term policy to a permanent policy you do so based on your current attained age and at the original health classification you qualified for when you purchased the policy.  This can be very useful if you are no longer able to get insurance and would like coverage to continue.

Universal Life Insurance Policies:

These are flexible premium permanent policies.  Universal Life can be written to provide a “Guaranteed Death benefit” which means that as long as you pay the premium at the quoted rate the policy will remain in force as long as you live and is guaranteed at the face amount of the policy

Whole Life Insurance Policies

Whole life insurance provides the best overall coverage for an individual.  The policy grows over time and pays a dividend each year that can be used to do a variety of things including but not limited to reducing the premium, increasing the cash value of the policy, increasing the face amount of the policy, or supplement retirement income.

Return of Premium Policies

A blend of permanent and term coverage, a return of premium policy provides a return of premiums paid into the policy at the end of the term length.  In most cases the return is dollar for dollar which means that at the end of the term you get all of your money back.  The return of premium policy is becoming more and more popular because it is straightforward and easy to understand.  Return of premium policies provide a great benefit if you outlive your policy; you will get all of your money back.