If you’re looking for a new disability insurance market, you might want to look toward the sky. Pilots have a definite need for disability insurance. The industry is also experiencing growth, making this a great opportunity for disability insurance agents.
Getting to Know Pilots
According to the Bureau of Labor Statistics, the median pay for airline and commercial pilots is $115,6440 as of 2018. Between 2018 and 2028, jobs for pilots are expected to increase at a rate of 6 percent.
In order to become a pilot, training is required. Commercial pilots need a pilot’s license from the Federal Aviation Administration. Airline pilots must have an Airline Transport Pilot (ATP) certificate issued from the Federal Aviation Administration.
Like other professionals who require formal training, many pilots are burdened with student loan debt. They rely on their income to pay off their debts and to maintain their standard of living, but a disability could prevent them from working.
How Disability Impacts Pilots
A pilot is responsible for the lives of all the passengers onboard. Pilots must meet medical standards to prove that they are capable of performing their duties. According to the Federal Aviation Administration, medical standards cover vision, hearing, blood pressure, mental health and more. Potentially disqualifying conditions include diabetes, heart disease, bipolar disorder, substance dependence and other mental and physical health issues.
For a pilot, a disability can be career-ending. If a pilot loses his license or is otherwise no longer able to work due to disability, the lack of income will make the situation go from bad to worse. For pilots with student loans, mortgages and other expenses, the financial situation could quickly become untenable.
This is why pilots need disability insurance. While pilots may have access to long-term disability insurance through their employer, they may not have sufficient protection. For one thing, high-earning pilots may not have enough coverage to protect their substantial incomes.
At the same time, strict licensing requirements can mean that pilots may be out of a job for health issues that are not normally considered disabilities. To protect against this possibility, disability insurance with loss of license coverage is essential.
Breaking into the Pilot Market
Pilots may work for large commercial airlines, or they may fly private planes and helicopters. They may also work in other industries, such as cargo services. Before being licensed to fly, pilots will need to attend a flight training school.
Experienced pilots may already have suitable disability insurance coverage, but pilots who are just entering the field may not have secured a policy yet. Most pilots will know other pilots, as well, as referrals are helpful in this market.
Watch the video below to learn more and reach out to your closest Regional Brokerage Manager for further assistance. Also, be sure to visit the Markets section of our site for ideas about other great disability insurance markets.