Life Insurance for Trainee & Student Pilots + Critical Illness Cover

There is usually a cost associated with learning to fly and, if the training forms part of a career path towards flying for a living then, the cost can be in excess of £50,000 – £100,000.

This is usually repaid over a period of time from proceeds of future employment as a fully qualified pilot.

Being responsible for this debt and insuring against the unexpected, before it is paid off, is often a concern.

Life insurance has been around for hundreds of years and can provide a lump sum payment to clear the debt in the event of death.

Critical Illness Cover can provide a lump sum in the event of a serious illness such as cancer, heart attack or stroke (usually about 40 different illnesses are covered).

Recreational student pilots may also have a need for life or critical illness cover to protect family and mortgages and even if existing cover is in place it may not include flying (other than as a fare paying passenger).

To ensure adequate protection is in place it may be necessary to review existing cover to find a policy which does include flying however some insurance companies will increase the cost.

Fortunately this is not always the case.

Many insurance companies will not charge any extra to cover trainee commercial airline pilots and at least one mainstream UK insurer is happy to take on fixed wing recreational student pilots with no price increase or exclusion.

Certain types of aircraft are likely to attract an increase in price while learning to fly such as helicopters and microlights but once the necessary basic qualifications have been achieved this increase can often be removed or the policy can be replaced for a cheaper one.

The main things that could affect the price of cover for a private pilot are:

1/ Qualifications

2/ Club Membership

3/ Type of aircraft

4/ Number of flying hours per year

5/ Number of hours logged

6/ Participation in stunt flying and competitions

Once a pilot is qualified most insurers use the number of hours flown per year to determine if an increase in price is warranted. Some allow more hours than others so with the usual constraints of work, weather and family most recreational pilots should be able to find cover at competitive rates.

Finding competitively priced cover can take time so it makes sense to get in touch with an experienced adviser who knows which companies to approach.

Not only will an adviser have previous knowledge and experience they will also be able to speak to insurance underwriters about specific circumstances to find out what options are available before any applications are submitted.

Do you really need to tell the insurance company you fly?

YES! – No question! You MUST tell them.

If you don’t the policy probably wont pay out when you die and your family will be left with all the financial burdens and hardship the policy was supposed to prevent.

There is always a question about aviation or hazardous pursuits where you can disclose the details.

Never withhold important information from a life insurance application. You might as well flush your money down the toilet.