I looked at term life insurance about 12 years ago, for £175,000, and was quoted £175 pm. That was only via a broker - it wasn't available on the high street - so your premium looks quite reasonable by comparison. I also looked at critical illness cover (a few years before that,) and frankly for a pilot it didn't seem worth it because as long as you could use one finger the schemes seemed to exclude payments, and certainly not for the type of typical loss of licence causes (asthma, tinitus, diabetes etc.) Mind you that was a long time ago, so maybe things have changed?