I was a pilot long before I took out life insurance and that was no problem, no extra cost. Just no professional competition flying allowed.
Just s an aside: I also have a Visa Corporate credit card and it now comes with a free insurance for medical repatriation, search and rescue, medical assistance abroad (emergency surgery etc). The limits are quite substantial; unlimited medical expenses, 25000€ SAR expenses, 1500€ dentist expenses, etc. This is also valid for spouse and children below 25 years too. The only catch is: it is valid only while abroad. I have read the contract and there is no exclusion for flying.