Malaysia Flight MH370 Pilot Had No Life Insurance
by: Jessica Bosari
May 19th, 2014
In the midst of ongoing conspiracy theories surrounding flight MH370 that mysteriously disappeared on March 8, one heartbreaking fact was revealed: Pilot Captain Zaharie Ahmad Shah had no life insurance, leaving behind a wife and daughter.
As a pilot, Shah made good money, but now his family must adjust to life not only without a husband and father, but also without the income the family depended upon. It’s hard to understand why he did not have insurance, given that life insurance rates for pilots are generally no more expensive than rates for anyone else.
Life Insurance Rates Come Down for Pilots
There was a time when pilots would pay 50 to 100 percent more than the average person for a term policy, but mortality rates in aviation have dropped sharply over the last 10 years, now at the lowest rate ever. Although some insurance companies still charge pilots more, that is changing.
As a group, pilots have low life insurance risks. They usually have a college education, earn high incomes and undergo health exams twice a year as part of their licensing.
How Pilots Can Find Affordable Life Insurance
According to AVWeb, a news website for aviators, pilots should look at their current life insurance policies and see if they can now get better rates. This is especially true for policies that are 10 or more years old.
Those without life insurance should begin looking immediately, as rates are becoming increasingly normalized. Finding a policy that does not increase rates because you fly is getting easier every day.
Photo credit: Aero Icarus