Frequently asked questions

 

Answers

Is there an advantage to submitting a premium payment with my application?

Yes. Many people don't realize that coverage does not begin until the first premium has been paid. It's unfortunate, but we have seen many untimely deaths happen when people were in the midst of the application process. Most companies will provide some temporary conditional coverage during the application process if certain conditions are met and the first premium is paid. A full refund during the application process is always your choice. Since there is absolutely no risk to you by doing this when the insurance company allows, making that first payment with your application will get your loved ones protected sooner.

When does my coverage begin?

Your coverage does not begin until your policy is approved and your first premium has been paid. Most companies provide some temporary conditional coverage during the application process (assuming certain conditions are met). This temporary coverage is limited in time and amount. The availability, amount and conditions are described in the application and vary from company to company.
 
Important! If you are replacing existing coverage, you should never drop your existing coverage until your new policy has been approved, and your first premium has been paid.

What do I need to do after someone dies?

The death of a loved one is a difficult subject for almost everyone. Making all of the necessary arrangements include notifying key people, and making many important financial and legal decisions. We have prepared a very useful checklist of things that need to be done when someone dies, and we hope that you will take the time to read through it now so that when the time comes you will be more prepared. You may also wish to print the page and place it with your important papers for future reference.

I've heard term insurance rates have fallen dramatically in the past few years. Why?

First, you're right. Many carrier's term rates have never been lower. In fact, rates have fallen approximately 50% since 1995! That's a big drop, and a big savings. It is, however, very explainable.
 
Today, life insurance companies obtain more information and better information about you before they accept you at their lowest rates. In the past, exams and blood tests were performed for only the larger face amounts and older ages. Now, virtually everyone must submit to a paramedical exam, including blood and urine tests.
 
The age of computers and the internet has made it possible for new rates and plans to make it to the market faster than ever. The moment a new plan is introduced, the whole world can know about it almost immediately. Years ago, it would take months or years for agents to find out about, and notice new products. As a result of the quick dissemination of information, each round of competition happens faster than in the past.
 
Advances in medical care have made it possible for people to live longer than ever before. This means that life insurance companies don't have to pay the death benefits as soon. The savings have been passed on to the consumer in the form of lower rates.
 
And lastly, these new lower rates require stricter health criteria to qualify than ever before. Some companies demand a set of health and lifestyle requirements that only a small percentage (e.g. 5%) of the applicants will meet.
 
Rates are so low right now that if you own term life insurance, you should compare your existing policy's rates, features, and guarantees to those currently available. Even if you bought your policy as recently as 1 year ago, it's very likely that, if you're still healthy, you could find a new policy that will provide:

  • the same death benefit, yet cost significantly less, or
  • the same death benefit, won't cost any more, yet may give you a longer guaranteed rate, or
  • more death benefit, and cost less, or
  • more death benefit, cost less, and provide longer guarantees!

Since you have nothing to lose by submitting the free e-mail quote request form, why not find out whether you can get more for your money?

How much life insurance is enough?

Many experts, as a "rule of thumb", recommend an amount equal to 10 times your salary. As part of our service, we can provide a much more accurate and personalized needs analysis for you, right over the phone. We also encourage you to try our life insurance needs calculator.

What if I smoke cigarettes?

Rates for smokers are higher than for non-smokers. In order to qualify for
non-smoker rates, some life insurance companies require that you be smoke-free for at least one year; most require longer periods. Through our extensive research of the market, we have found that certain insurance companies treat smokers much more favourably than others. Just give us the details of your tobacco use through our Pilots Insurance quote request form, and we'll find the right company for you.

What about coverage on my spouse and/or children?

Most families have coverage on both husband and wife. There are many financial pressures on a family after the loss of either parent. Beyond the obvious final expenses, the financial strain on a family after the loss of a spouse can be significant, even if the deceased spouse wasn't working. Often the surviving spouse will take time off work, or change jobs in order to spend more time with the children.
 
Coverage for children is also available to cover final expenses and/or to guarantee insurability for the child's future.

I'm considering replacing my existing life insurance. Are there any risks in doing so?

Yes. Be careful. Before replacing an existing contract, closely compare the two policies in the following categories:

  • Price
  • Guarantee periods
  • Convertibility
  • Financial strength of the insurance companies
  • Available riders, if applicable

Understand that a new contestability period starts (usually for the first two years). You should also be aware that suicide is not covered under a new contract(usually for the first two years).
 
Most importantly, DO NOT cancel any existing coverage until the new policy has been approved, paid for, and delivered to you. Before an existing policy is replaced, it should always be clearly determined that such a decision is in your best interest. Will my policy ever be cancelled because of health reasons?

No. Your policy will never be cancelled because of a change in your health, and you will not be asked to provide evidence of good health in order to renew your policy each year. However, YOU have the right to cancel your policy at anytime.

What is "waiver of premium"?

Most insurance companies offer an optional feature called "waiver of premium". This typically provides that in the event you become totally disabled for a period of six months or longer, the insurance company will pay your premium until you are no longer disabled. This feature is optional, available at an extra cost, and must be chosen at the time of your application.

How do I apply?

Generally, we handle the entire process right over the phone. Our service representatives will ask you the questions from the appropriate application form. Then, the completed forms are sent to you for review and signature. We even provide you with a pre-addressed, postage-paid return envelope.

Does it cost me anything to apply?

No. The insurance company pays for all of the underwriting expenses. You are under no obligation. Your only commitment is your time to take the exam.

Do I need to send a cheque with the application?

If you remit the first premium along with your application, most insurance coimpanies will provide limited temporary conditional coverage during the application/underwriting process. However, there is no requirement that you submit a cheque with your application. The premium can be paid once the polcy has been approved.

Will I need a medical exam to qualify?

In most cases, an exam is required. If so, it will be done at the expense of the insurance company, at a time and place convenient for you -- usually right in your home. The exam is usually conducted by a licensed paramedic or medical doctor, and generally involves a blood test, urine specimen, blood pressure reading, height and weight measurement, sometimes an EKG, and a series of questions about your health history. The whole process takes about 20-30 minutes.

What happens after I mail my application back and my exam has been completed?

At this time, the insurance company will begin to evaluate your case. This evaluation is called "underwriting." The answers to the questions on your application, along with the results of your medical exam, are initially reviewed by an "underwriter".
 
This process generally takes 3-8 weeks, depending on the amount of information which the insurance company must gather in order to make their decision.
 
Once all required information has been received, the insurance company will make their decision regarding whether, and at what rate, you qualify for the insurance.

Our service is free, and there is no obligation to buy anything. So, how do we make money?

If you find our information valuable, we hope you'll choose to buy your insurance through us. If you do, we are paid a commission by the Insurance Company and will be out lined in our Statement of Advice.

Is there a money-back guarantee?

Yes. If, at any time during the application process, you change your mind for any reason whatsoever, you will receive a full refund, no questions asked. This guarantee continues until fourteen full days after your policy is delivered to you.

Why trust the Pilots Insurance Group for your broker of choice for your personal insurance needs?

  • We save you time and money. Life insurance premiums vary widely between companies for exactly the same benefits. So with our computerised research system and with our years of insurance industry experience we find you the most competitive personal insurance rates for the Australian Pilot.
  • We guarantee interim coverage. From the time the insurer receives your application you will be provided with an interim cover giving you peace of mind that you have immediate cover while your application is being processed. Click here to see example of interim coverage certificate.
  • You will be covered for all your present and future aviation activities. The Pilots insurance Group has researched Australia’s insurance providers market and we recommend to our clients only A+ rated companies that 100% cover individuals participating in aviation activities as both a career and leisure.
  • Your personal information remains absolutely confidential and private. We will not release your personal data to any other party other than for the purpose of obtaining your life insurance coverage. Click here to view our privacy policy.
  • We make insurance easier for you. Simply complete the online quote form and we will compare rates between life insurance companies for you (providing you with a detailed report of five insurers and their comparisons). We will complete the application over the phone with you and if required also arrange your medicals.

Name (First and Last)

Email

Date of Birth
Submit