Before enrolling in a flight school, it is important to have all your paperwork in order. In addition to filling out all the school's pre-lesson papers, you should also review your life insurance policy. Flying is a safe activity, but some life insurance policies exclude it from their coverage. If yours does, you will want to find insurance coverage before going up in the air. It is the only way to protect your family in the event of an unlikely tragedy.
Life Insurance Protects Families
Life insurance provides protection for your family in the event of the unthinkable. Should you pass away, your life insurance policy will provide the finances your family needs. For many people, life insurance is the only way to ensure loved ones are cared for following their death. That is why you should have a policy, and it should not exclude any activity you participate in.
Some Insurance Policies Exclude Flying
According to Melcher & Prescott Insurance, some life insurance policies will not cover flying or other "extreme activities." Yours may or may not have an exclusion for flying, so you should check before beginning flight school. Should your policy have an exclusion for flying, you will need to find coverage before enrolling in flight school. It is unlikely that anything tragic would happen while you are up in the air, but you should be prepared for everything.
Find Coverage Before Class Begins
When looking for life insurance coverage, there are three potential sources to consider: a new policy, your current policy or a rider.
First, you may find a new life insurance policy that doesn't preclude flying has lower premiums than your current policy. If you've switched careers or improved your health since signing up for life insurance, you may qualify for a different risk category. Shop around to compare available policies. If you purchase a comparable new one, you could probably terminate your current policy.
Second, you might be able to have the clause excluding recreational flying removed from your current policy. Your insurer may not include this clause in new policies, and they might be willing to take it out of yours for a fee. Depending on how much they ask to take out the clause, this may be your cheapest option.
If your insurer is not willing to remove the clause, they might offer you a rider for flying. Since such a rider would only cover flying, the cost of the rider should be minimal.
Know Your Limits
When selecting a new policy, you should review that policy's specific limits. Whether you end up with a new policy, a modified version of your current policy or a rider, it should provide plenty of coverage. It should be similar to the limits of your primary insurance policy.
If you don't know how much coverage to purchase, CNN Money recommends between five and ten years of your annual income. Those who have young children or debt, according to the article, should purchase a policy that would provide 10 years of income. Those who do not have children or debt need less coverage; usually five to seven years of their income is sufficient.
Review Your Policy
Before your first day of class, review your life insurance policy. The last thing you would want to do is leave your family unprotected. If you need help going over your policy, your life insurance agent will be willing to explain it to you. They can also help you find coverage if you need to purchase it. Accidents are rare. Should the worst happen, however, your life insurance will provide for your family.Share
20 January 2015
Ever since I was a small child, I submersed myself in books. Whenever I started a new work of literature, I was instantly transported to another exciting world. Besides burying myself in books, I also actually enjoyed going to school in order to learn new things. My love affair with learning motivated me to earn four college degrees. As an adult, I still enjoy becoming educated about unfamiliar things. Thankfully, I don’t ever have to stop learning. Many colleges and universities regularly provide continuing education courses for those whose thirst for knowledge is never quenched. Regardless of whether you wish to learn how to sew, dance, or excavate ancient ruins, you can discover your passion in a continuing education class. On this blog, you will find out more about this incredible opportunity to learn for a lifetime. Enjoy!