AOPA Pilot Magazine - August 2016 - 122

NEWS & NOTES
INSURANCE SERVICES

PRODUCTS AND SERVICES

Do you have enough?
Life insurance is a top priority for pilots
UNDERWRITING A PILOT may give many insurance actuaries heartburn; many life insurance policies do not provide aviation coverage
at all. Fortunately, AOPA has negotiated a plan that provides aviation coverage with comparable group rates.
DOES YOUR FAMILY HAVE ENOUGH?

Most financial experts agree that life insurance is an important
part of financial planning. However, the latest study on Americans
and their life insurance coverage shows that many do not have
enough to protect their families (Life Insurance Awareness Month,
September 2015). While most people see the value in owning life
insurance, 30 percent know they need more and 25 percent wish
their spouse or partner would purchase some or more.
WHY MOST DON'T HAVE ENOUGH

The number-one reason most Americans haven't purchased
sufficient amounts of life insurance is that they believe it's too
expensive. On average, people think life insurance costs twice as
much as it actually does. Two-thirds of Americans say that costof-living expenses (mortgage, groceries, and their electric bill) are
keeping them from buying insurance. Additional expenses such as
internet, cable, and cellphone service are preventing 50 percent
of Americans from purchasing life insurance.
A FINANCIAL DISCONNECT

Many people say they are worried about paying for living expenses
and saving for retirement. They say they are less concerned with

how their spouse or loved ones will get by financially after they
are gone. Yet, in fact, half of households say they'd feel the financial impact of the primary income earner's death within a year
or less. More than 40 percent would feel the impact within six
months, including nearly 40 percent of households with annual
income of $100,000 or more.
AN AFFORDABLE SOLUTION FOR AOPA MEMBERS

If you have loved ones who count on your income and support,
you need to make sure you have enough life insurance coverage
to help pay for your family's everyday living expenses and keep
their financial goals attainable. Although you may have coverage
provided by an employer, it may not cover you while you are flying. It's important to have supplemental coverage to protect your
family. Without enough coverage, surviving loved ones may have
to sell the family home, forego college education, take out loans,
or work longer into retirement to offset the lost income.
The bottom line: Find an affordable, stable, and trustworthy
resource you can rely on. Remember that your loved ones depend
on you and your support-so make it a top priority to make sure
you have enough life insurance. There are many resources you can
turn to for help: You can ask insurance sales agents, ask trusted
friends or family, or go online to find and compare plans. As an
AOPA member, you have another resource: AOPA Insurance
Services. For more information, visit aopainsurance.org/life or
call Mercer Consumer, the plan administrator, toll-free at 844304-AOPA (2672).

AOPA PREMIER MEMBERSHIP
HAS ITS BENEFITS
Experience a higher level of benefits, services, and savings with an
AOPA Premier membership.
* Priority access to the AOPA Pilot Information Center specialists
* One-on-one concierge services
* Complimentary digital subscription to AOPA magazines
* Advanced screening of AOPA Air Safety Institute courses
* 10-percent savings on AOPA Pilot Protection Services
* 20-percent savings on AOPA Pilot Gear merchandise

WEB www.aopa.org/aopapremier

122 | AOPA PILOT August 2016

AOPA FINANCE

ADAM MEREDITH ON
SALES/PURCHASE AGREEMENTS

"When you agree on
a deposit to make an
agreement binding, use a
third party or well-known
escrow agent to hold it."
AOPA Aviation Finance President
Adam Meredith offers more tips online
(www.aopa.org/purchaseagreement).

http://www.aopainsurance.org/life http://www.aopa.org/aopapremier http://www.aopa.org/purchaseagreement

Table of Contents for the Digital Edition of AOPA Pilot Magazine - August 2016