Group Term Life Insurance

 


THE EAA TERM LIFE INSURANCE PLAN FEATURES SPECIAL AVIATION COVERAGE INCLUDING ULTRALIGHTS AND STUDENT PILOTS...

 

We all know the importance of life insurance.  We also know flying is rarely covered by many of the standard commercial insurance companies.  Those insurance companies that do add coverage for flying activities usually only do so after charging additional premiums.

Good news for EAA members---EAA sponsors a Group Term Life Insurance Plan with SPECIAL AVIATION COVERAGE!!! This plan was created with the varied flying activities of EAA Members in mind, and the affordable premiums aren't sky high.

 


SPECIAL AVIATION COVERAGE INCLUDING ULTRALIGHTS AND STUDENT PILOTS...

 


Other special benefits:

  • Student pilot coverage
  • Aerobatic pilot coverage
  • Ultralight pilot coverage
  • Accelerated Benefits for terminal illness
  • Waiver of premium for disability
  • Non-smokers save up to 33%
  • Special waiver of premium for disability

 

INCLUDES AVIATION
& ULTRALIGHT COVERAGE


OFFICIALLY SPONSORED

 

 

A PLAN FOR AVIATION ENTHUSIASTS AND THEIR FAMILIES

 

CHOOSE YOUR BENEFIT - FROM $10,000 UP TO $300,000

  • Take a good look at your financial needs and responsibilities... assess how much life insurance protection you and your family need.
  • It is widely recommended that you carry FIVE to SEVEN TIMES YOUR ANNUAL INCOME in life insurance protection.
  • The Special Aviation Coverage included provides up to $150,000 for covered aviation activities.

WHO IS ELIGIBLE?

  • You are eligible for an additional $150,000 of coverage (for non-aviation events) for a total benefit of $300,000.
  • Active members under age 65 are eligible to apply for up to $300,000 in $10,000 increments.
  • All of your unmarried, dependent children from 15 days to 19 years (to age 25 if enrolled full-time in an accredited school or college) are also eligible.  Children ages 15 days to 16 months are eligible for $250 of life insurance... children ages 6 months and older are eligible for $2,500 of life insurance.
  • Your spouse can also choose benefits up to $300,000 in $10,000 increments... even if you choose not to apply.

ACCELERATED BENEFITS FEATURE

The Accelerated Benefits provision gives you peace of mind for yourself and your family. If you are diagnosed as terminally ill, you may elect to receive a one-time payment prior to your death. A terminal illness is a condition where your life expectancy is 12 months or less. (Certain exclusions apply and these benefits may be taxable. Consult your tax advisor for details.) The payment is equal to a maximum of one-half of your total Life Insurance Benefit (less a discount for interest). Upon your death, your beneficiary will receive the balance of your life insurance benefit. These benefits are available to insured members and spouses under age 70. Children's coverage does not include Accelerated Benefits.

WAIVER OF PREMIUM FOR DISABILITY

If you become totally disabled before age 60 and remain disabled (as defined in the policy) for 6 consecutive months, insurance will continue without payment of premium until the total disability ends, you reach age 75, or you enter full-time active military duty. Proof of disability is required. 

NON-SMOKERS SAVE UP TO 33%

All non-smokers are eligible for up to 33% savings on the Plan's already affordable rates!  Percentage of savings is affected only by age.  Your good habits are rewarded with big savings!

SPECIAL WAIVER OF PREMIUM FOR PROFESSIONAL PILOTS

If you are a professional pilot and lose your pilot's certification because of an inability to pass the Class I or Class II physical examination, you will be considered disabled and your life insurance will continue without payment of premium (for up to 3 years or until you are recertified, whichever comes first).

A professional pilot is any licensed pilot employed as a pilot for 35 or more hours per week.

SPECIAL AVIATION COVERAGE:

You and/or your covered spouse are eligible for the chosen Life Insurance Benefit - up to $150,000 if death occurs while riding as a pilot or crew member:

  • in an airplane performing (including aerobatics) at an EAA Fly-In or an EAA/International Aerobatics Club sanctioned event; or
  • while flying or riding in an airplane which has a valid and current airworthiness certificate issued by the FAA; or
  • in a scheduled airline.

Benefits up to 50% of the chosen Life Insurance Benefit Amount or $50,000 (whichever is less) are payable for loss of life while riding as a pilot or crew member in an airplane performing (including aerobatics) at a non-EAA sponsored air show held in conformance with FAA regulations.

STUDENT PILOT COVERAGE

If you are riding as a student pilot and die as a result of an accident while at the controls of the aircraft, benefits are payable up to the Life Insurance Benefit Amount or $50,000 (whichever is less).  See Certificate for definition of Student Pilot.

ULTRALIGHT COVERAGE:

50% of the Life Insurance Benefit or $75,000 (whichever is less), is payable for loss of life while piloting an Ultralight per the FAR Part 103 definition.

 

SPECIAL AVIATION COVERAGE

 

TO A MAXIMUM OF $150,000

SEMI-ANNUAL PREMIUMS PER $10,000 BENEFIT

 

Age of member or spouse

under 25

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60-64

65-69*

70-74*

Smoker

$11.90

$12.10

$12.60

$17.70

$28.40

$43.10

$56.50

$84.70

$117.60

$93.20

$74.00

Non-smoker

$9.20

$9.50

$10.00

$12.50

$18.80

$28.70

$40.10

$66.40

$93.20

$74.60

$58.80

 

*For renewal purpose only; only those under age 65 are eligible to apply

SEMI-ANNUAL RATE FOR CHILDREN: $6.00 to cover all your eligible dependent children (See “Who is Eligible” section for amount of insurance). NOTES: 1) All rates are based on the applicant's age when insurance becomes effective and on attained age at renewal dates. Rates increase as the insured enters a new age bracket. You will not be singled out for a rate increase, but the Insurance Company reserves the right to increase rates on a class-wide basis. Benefits reduce to 50% or $50,000, whichever is less, at age 65 and further reduce by 50% at age 70. Coverage terminates at age 75. 2) Non-smoker rates apply to members and/or spouses who have not used tobacco in any form in the past 12 months.

 

UP TO $150,000 ADDITIONAL COVERAGE (WITHOUT AVIATION BENEFITS)
or
UP TO $300,000 LIFE COVERAGE FOR NON-FLYING MEMBERS AND/OR SPOUSES

 

TO A MAXIMUM OF $300,000

SEMI-ANNUAL PREMIUMS PER $10,000 BENEFIT

 

Age of member or spouse

under 25

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60-64

65-69*

70-74*

Smoker

$8.93

$9.08

$9.70

$13.28

$24.14

$36.64

$53.68

$84.70

$105.84

$93.20

$74.00

Non-smoker

$6.90

$7.13

$7.50

$9.38

$14.10

$23.82

$35.29

$58.43

$83.88

$74.60

$58.80

 

*For renewal purpose only; only those under age 65 are eligible to apply

SEMI-ANNUAL RATE FOR CHILDREN: $6.00 to cover all your eligible dependent children (See “Who is Eligible” section for amount of insurance). NOTES: 1) All rates are based on the applicant's age when insurance becomes effective and on attained age at renewal dates. Rates increase as the insured enters a new age bracket. You will not be singled out for a rate increase, but the Insurance Company reserves the right to increase rates on a class-wide basis. Benefits reduce to 50% or $50,000, whichever is less, at age 65 and further reduce by 50% at age 70. Coverage terminates at age 75. 2) Non-smoker rates apply to members and/or spouses who have not used tobacco in any form in the past 12 months.

 

TO FIGURE YOUR PREMIUM:

  1. Find the semi-annual premium for your age and your spouse's (if applying).
  2. Multiply that amount by the number of $10,000 units of coverage you need (maximum of 30 units or $300,000).
  3. Add $6 for all eligible dependent children (optional).
  4. Add a $2 processing fee.

 

FOR EXAMPLE:

If you are 38, don't smoke and need $100,000 of coverage for yourself and coverage for your children: 

SEMI-ANNUAL PREMIUM =
(Non-Smoker/flyer)

$12.50

MULTIPLY by 10 UNITS
(For $100,000 coverage)

X10
$125.00

PLUS CHILDREN
(optional)
Plus Processing Fee

6.00

2.00

TOTAL SEMI-ANNUAL PREMIUM

$133.00

NOTE 1: If combining coverage from both plans, calculate separately, add together and add only one $2.00 processing fee.
NOTE 2: If combining coverage from both plans, maximum combined amount is $300,000 per insured.

SAVE MONEY - If you pay by automatic bank draft, you spread your cost out and you save the processing fee. Just divide the semi-annual cost (without processing fee) by six and complete the enclosed authorization form.

New York Residents Click Here to Apply