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Life insurance in case you die in a private plane crash

I did a search on life insurance but nothing came up so I am interested in your views.

Anyone on here that does NOT know anybody that died in a plane crash?

In the last 13 years I have personally known two people (a former airline pilot colleague) and a friend of my father who died while flying and ufn crashing their private planes.

Another one who crashed I only knew from my extended acquaintances at my local airport – not personally.

With a young family to support and knowing that statistically flying private planes isn’t the safest hobby I switched to renting the (expensive) Cirrus at my local field because of CAPS. With a bit of luck CAPS does it’s job and saves lives, I hope.

Nevertheless, I thought about getting life insurance if I continue this hobby which I really enjoy!

A million € policy would be around 1000-2000€ yearly. If I survive the money is lost. If I quit flying I can cancel it. Maybe investing the money in a yearly two day refresher training with a competent instructor would be a more effective solution?

Do any of you have life insurance specifically because you fly privately?

has a Beagle...
LOWG Graz Austria

Yes, though I put a lower price on my life than you.

More training will be much more effective from your perspective, but may not be that effective from your family’s perspective. Even very competent people get caught out sometimes.

Last Edited by kwlf at 09 Jan 00:30
EGCW

I personally do not believe in the promises of insurance companies. Apart from 3rd party liability none of my life and flying risks is insured.
These companies became rich because they have the nasty habit of not paying when something happens.
The fine print in their contracts is full of exceptions. They employ huge departments where people are actively searching for reasons NOT to pay in case the insured event happens.
For example if you crash and die they will suggest that you commited suicide which obviously is not insured. The beneficiaries will be forced to drag the insurance company to court for the next decade while their lives fall apart.

My 2 cents:
Buy your own aircraft. Maintain it properly. Fly responsibly.

United Kingdom

Just buy a life insurance if you want one. The ordinary GA flying is no additional risk to insure at almost all of the policies. So, read your offer carefully, but probability is high it is not even mentioning GA – changes if you want to do aerobatics, which is a "sports risk’!

Last Edited by dejwu at 09 Jan 08:15

dejwu wrote:

Just buy a life insurance if you want one. The ordinary GA flying is no additional risk to insure at almost all of the policies. So, read your offer carefully, but probability is high it is not even mentioning GA – changes if you want to do aerobatics, which is a "sports risk’!

I’m not sure that’s correct. GA Private flying is a hobby which requires declaring. I specifically asked this because although in case of the worst case scenario I won’t be around to argue with the insurers, at the end of the day if it’s a risk not typically covered by your average life insurance policy, why insure your life?

I have a 200k policy which includes risks associated with hobby flying, the risk surcharge is 0.2% of the value – so in this case, costs me 400€ per annum. At least if anything happens and I am not negligent, then there can be no quibbling about payout.

cessnatraveller wrote:

These companies became rich because they have the nasty habit of not paying when something happens.

No, they make money because the events they insure are very rare (so they on average “win”) but have high impact for the individual in you happen to be affected (so you have an incentive to insure). You wouldn’t want to insure against getting went in the rain, but against getting struck by lightning would make sense.

…and unless you’ve been negligent, they’ll pay and in my experience they often also pay where they probably could have claimed negligence. It’s a trust based business that is heavily regulated for good reason.

EKRK

Eveyone I know uses Russ Stein

http://www.flyingcover.co.uk/

He is a pilot and the policy I have is basically a high street one but it does cover loss of life due to GA as well as the other run of the mill reasons. This offers the advantages that the primium isn’t silly. Unlike the price for the car alternator thats fitted to my aircraft.

I don’t know anyone that has died in a plane crash, but do recognise it’s a possibility.

I use Russ Stein too (UK based). He was friendly and knowledgeable on the phone, and has done the type of flying that fits the EuroGA profile rather than maintaining currency / burger run profile. The premium is low, and is essentially to pay off the mortgage in the event of death, so my widow won’t have the house repossessed.

EGHP-LFQF-KCLW, United Kingdom

As a member of the team FFA (Federation francaise aeronautique) I get a certain amount of life assurance and disability and benefits as part of the process basic membership fee. I can increase the sums insured by subscribing for added plans.
I would be surprised if IAOPA does not offer similar membership to benefits.

France

Insurance law will vary around Europe but in the UK you definitely need to declare GA flying.

However, AIUI, if you are insured and then start flying, your cover will remain valid, and this applies to any other activity unless specifically excluded in the Policy.

Regarding knowing someone who got killed in GA, the thread is here. I know more than one but only the one I knew well.

Administrator
Shoreham EGKA, United Kingdom
24 Posts
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