Trainee Pilots Life Insurance & 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 for trainee pilots.
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 i.e. cancer, heart attack or loss of limbs, major head trauma and total permanent disability.
It is also possible to combine life insurance with critical illness cover in one policy and it is usually cheaper to do this.
Trainee pilots seeking life insurance may fear they will have to pay more because of the risks involved with their choice of vocation but this is not always the case.
In fact, there are insurance companies who will not charge any extra to trainee commercial airline pilots.
Even private pilots can benefit from shopping around because different insurers view flying in different ways.
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
Because insurers view flying slightly differently from one another, some will charge more regardless of the circumstances while others will allow a set number of flying hours per year without increasing the cost of cover provided the applicant is a member of a club.
Shopping around to find the best cover takes time so it makes sense to get in touch with a specialist.
Many banks and building societies offer life insurance but they are quite often more expensive than life insurance companies themselves and in many cases the cover is also not as good.
E.g. some banks offer critical illness cover but only cover about 5 illnesses whereas most insurance companies cover over 30 illnesses.
Trainee pilots, commercial pilots and private pilots can all benefit by shopping around or using the services of a specialist life insurance adviser.
