Joins Pilot Insurance Center To Offer Term Life Policies
Avemco Insurance
Company, the only direct writer of property and casualty
insurance for general aviation in the US, regularly receives
requests from its customers for information on life insurance for
pilots. Over time, it became obvious to Avemco that the
flying public wanted life insurance that did not penalize them for
being pilots, from a source that shared Avemco’s passion for
customer service.
Avemco researched the market and discovered that there already
exists an excellent source for pilot-friendly life insurance, the
Pilot Insurance Center. Avemco has now announced that it has
entered into a collaborative effort with PIC to make life insurance
more widely available to pilots.
Jim Lauerman, Avemco’s Chief Underwriting Officer,
explained that, “PIC confirmed to us that most life insurance
carriers charge a steep extra surcharge for general aviation flight
activity or exclude it from their policies. We discovered that this
situation is caused by a lack of knowledge and understanding of
general aviation in the life insurance industry.”
“We believe that
these practices represent a disservice to pilots,” Lauerman,
a pilot himself, continued, “that’s why we contacted
PIC. They’ve done their homework by negotiating with
some of the country’s top life insurance companies for the
best life insurance for pilots. We will bring our experience,
expertise, and passion to serve the GA public to the relationship.
It will be a winning combination for the flying public.
Avemco will be sponsoring term life policies underwritten by
well respected insurance companies that have products tailored to
GA pilots. Building on Avemco’s relationship with the pilot
community, as well as its reputation in helping pilots be safer,
makes Avemco the natural vehicle for such a term life insurance
product.
Bill Fanning, President of PIC, put it this way: “We were
able to get some special considerations built into these policies,
so we can write for a pilot, at a non-pilot rate.” Fanning,
who is also a pilot, explained how this was possible. “Most
insurance carriers were surcharging pilots. We presented them
with new data about GA flying that they had not previously
considered in their underwriting. Using PIC's unique criteria
they were able to give us exclusive pilot-friendly rates that offer
truly preferred premiums for most pilots.”
The Avemco-Sponsored Term Life Insurance Program is administered
by the Pilot Insurance Center. Avemco Insurance Company will
not be underwriting the term life product. Term life products
offered through this program are underwritten by A.M. Best
“A+” (Superior) or better rated carriers who specialize
in life insurance products.