LOL and Life Insurance - YOUR benefit or your EMPLOYERS?
Having lost a (Bristow/Bond/CHC) career recently due loss of medical, some notes of the experience may be of interest to those still aviating.
The employer at time of LOL had amended the LOL insurance policies without notifying the pilots, with various 'downgradings' over the years, leading to the most 'interesting' - they now insure THEMSELVES against LOL, NOT the pilot. Check the policy document - if you can get one out of your employer - and also your contract of employment to see if it allows such an amendment.
Had I returned to flying, I would have been 'locked into' working for the same employer for life if I wished to retain LOL cover for the ailment/illness already encountered (and most likely to finish my career). The LOL insurers will not cover previously existing ailments/illnesses (and why would they?) when arriving at a new employer. Likewise the life cover that your employer provides.
I chose to withdraw my 'pot' from the company pension, to find that they - quite legally it seems - decided to lop 25% off MY money because the fund was undervalued. Has YOUR employer had a 'pensions holiday' in recent years? A final salary 'promise' is worth nothing if they havent' got the money!
The broad issue arising from this experience is just how much of a 'benefit' these 'perks' provided by your employer are? I suggest giving thought to providing your own LOL/Life cover and/or pension, which would be entirely mobile. Each to their own, but think it over NOW, don't wait for the day you need it.
Good Health and Good Flying!