Aviators Life Assurance and Critical Illness for Mortgage Protection

[bumpfich]

Hello,

I apologise in advance for this thread, which is more than likely in the wrong forum - I'm not sure where best to ask this question.

Can anyone provide me a contact(s) who provide Mortgage Protection (Life and Critical Illness) cover for pilots (for private flying, commercial training and as a commercial pilot)?

I'm moving house and thus getting an additional mortgage. My "high street bank" mortgage provider's Life and Critical Illness cover (which I already have to cover my existing mortgage without conditions attached for aviation) has a wonderful new "Special Condition", which essentially states that my new policy would not cover me if I become totally or/and permanently disabled either directly (i.e. car accident) or indirectly (i.e. though some form of illness). In essence the Total and Permanent Disability (TPD) clause has been removed from my cover. So, if I were to be run over by a bus tomorrow, assuming I survive but with permanent disability, I will not be covered! :{
n.b. The policy does still cover Life Assurance (with a "loaded" premium).

In addition, any tips and advice from seasoned "home-owners" & "pilots" would be greatly appreciated!

I do not intend for this to become a post for "advertisers" of insurance products - so please PM me if you prefer.

Many Thanks

Bumpfich

[Daysleeper]

if your in BALPA then talk to BFS they have lots of pilot specific deals. If you are just starting out then you could get student membership of BALPA.
They got me a life policy that was less than half the cost of one I had been quoted from a non aviation advisor.


PS
This might have been better in questions forum.

[bumpfich]

Thanks Daysleeper! I've applied for BALPA membership (Trainee) as I start commercial training in January. I'll take a look at BFS too!

Hopefully a kind moderator will move my post ;)

[montster]

I went through the same process myself recently and ended up with a Norwich Union policy with a £10 per month extra premium for private flying (for life and critical illness for both me and my husband). They do cover commercial flying, but I've no idea what the premium is. They have a standard aviation form to fill in.

In the process I discovered it's a complete minefield! Different companies have different items that class as critical illness for a start. My cover will pay out if I loose a limb in a flying accident - others won't. The other thing to watch out for is renewable policies where the premium is reviewed every few years - they may not renew the flying bit, or may increase the premium a lot, so I went for a 25 year guaranteed policy, which costs a little more, but won't change until the mortage is paid.

I didn't use him in the end, but David Draper at AISA Direct was really helpful. Tel: 01672 569111. I would have used him if my mortgage advisor hadn't been even more helpful!

[1POB]

You might also try Sovereign. I had the same problem recently with a high street bank's insurance and got in tried them instead.

They do Legal and General Policies for Aviators at 'normal' rates. Don't know if they cover up to Commerical but probably worth a look. www.sovair.co.uk.

[BIG//40/FL260]

I am a professional flier in a GA environment. I have a mortgage protection policy with Norwich Union and a life policy with Royal & SunAlliance and at the outset both companies offered quite substantial occupational loading. A letter describing the exact nature of my flying and training (along with the offer to take my business elsewhere) caused both companies to drop the occupational loading without further question. R&SA did insert a clause excluding flying in private light aircraft.

[Genghis the Engineer]

Like Big, I did have a mortgage and life policy with Royal and Sun alliance. The loading was considerable (about +80%). However the financial damage was even more considerable due to the endowment they miss-sold me, so I parted company there.

I now have this cover with CIS (Co-operative Insurance Services), who are somewhat shambolic to deal with, but a lot more reasonable and a very good record of not fighting legitimate payouts (at-least with the household insurance that I've also got with them). They are worth a go; CIS work through local agents, but if you look them up on the net, they should be able to send somebody over to talk to you.

My cover includes pretty much everything from military to microlight test flying + PPL + training, so you can certainly get affordable cover. But be aware that these things are usually done on a case-by-case basis, so there isn't (in my experience anyhow) standard package (and thus price) for aviators life insurance. Given that it is based upon individual assessments, be prepared to be a bit argumentative to get a good deal - it's not set in stone.

G

[bumpfich]

Thanks everyone for your input. I'm sure this thread will be useful for others :D

I've managed to sort out cover using AISA Direct, the policy is with Friends Provident and less than 50% of what the "high street bank" quoted (with the reduced cover).

Thanks Again...
bumpfich.