Life insurance Issues
Thread Starter
Joined: Mar 2007
Posts: 114
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From: Europe
Life insurance Issues
I am fairly new to the piloting world so I wonder if this sounds normal to anyone.
I tried to take out a life insurance policy the other day and after many questions about what and where I fly (or will fly, like I know in advance) they decided to double my monthly premium and say that they would not cover any serious injurys sustained while being in control of an aircraft. The whole thing makes very litte sense to me as I am apparently fully covered if I am a passenger in any kind of aircraft, even GA.
So that means that If I go on a XC with another pilot and they are flying (assuming single pilot a/c) I am covered but not if I am flying. So I can only assume that my insurance company is implying that I am a terrible pilot who is far more at risk than anyone else
Anyway. I am aware that if you had a standing policy and then changed your occupation you would not need to declare it and cover would continue, but has anyone else encountered this and can you reccomend a course of action, or even better the details of some insurance companies who do not levy these aditional premiums on pilots. I did ask and it is not just a GA thing, even airline work is considered to be a hazardous occupation. We have all heard the stats about how much safer flying is than driving or a number of other regular activities, and maybe I just need to suck it up and pay but would appreciate any opinions.
Thanks
I tried to take out a life insurance policy the other day and after many questions about what and where I fly (or will fly, like I know in advance) they decided to double my monthly premium and say that they would not cover any serious injurys sustained while being in control of an aircraft. The whole thing makes very litte sense to me as I am apparently fully covered if I am a passenger in any kind of aircraft, even GA.
So that means that If I go on a XC with another pilot and they are flying (assuming single pilot a/c) I am covered but not if I am flying. So I can only assume that my insurance company is implying that I am a terrible pilot who is far more at risk than anyone else
Anyway. I am aware that if you had a standing policy and then changed your occupation you would not need to declare it and cover would continue, but has anyone else encountered this and can you reccomend a course of action, or even better the details of some insurance companies who do not levy these aditional premiums on pilots. I did ask and it is not just a GA thing, even airline work is considered to be a hazardous occupation. We have all heard the stats about how much safer flying is than driving or a number of other regular activities, and maybe I just need to suck it up and pay but would appreciate any opinions.
Thanks
Joined: Feb 2006
Posts: 352
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From: Daventry
Life cover
When I took up flying,I informed my insurance companies and, as you have said,they said it would have no effect on my current policies BUT if I was a new customer they would not cover me at any price (must have seen my flying
)
This subject has been covered more than once on PPRuNe,have you tried a search as you may find a company with a more enlightened view about flying?Amazing when you think about it-generally to be able to fly usually infers that the person has a glimmer of intelligence and responsibility.There are always exceptions but you could say that about all sections of the community.
Just another way to wring money out of us playboy,debonair,affluent sky gods
MM
)This subject has been covered more than once on PPRuNe,have you tried a search as you may find a company with a more enlightened view about flying?Amazing when you think about it-generally to be able to fly usually infers that the person has a glimmer of intelligence and responsibility.There are always exceptions but you could say that about all sections of the community.
Just another way to wring money out of us playboy,debonair,affluent sky gods
MM
Joined: May 2002
Posts: 981
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From: In a nice house
I would suggest trying:-
Legal and General (they didn't load the premium for me, albeit many years ago)
BALPA Financial Services - they will know the best deals available for pro pilots which might give you guidance
Traffords - they specialise in aviation insurance policies of every description and are very helpful
Legal and General (they didn't load the premium for me, albeit many years ago)
BALPA Financial Services - they will know the best deals available for pro pilots which might give you guidance
Traffords - they specialise in aviation insurance policies of every description and are very helpful
Joined: Jul 2008
Posts: 207
Likes: 0
From: scotland
I gave up trying to get life cover.
My work took me offshore worlwide and apparantly my job was high risk not to mention getting in a helicopter every month and heading out into the North Sea. Add to that hobbies including flying, motorcycling on & offroad and mountaineering the policy would be so expensive that I would have no funds left to pursue my hobbies.
If I could not purse the hobbies I would no longer need the policy
I think Yossarian himself would find trouble working out that catch 22.
My work took me offshore worlwide and apparantly my job was high risk not to mention getting in a helicopter every month and heading out into the North Sea. Add to that hobbies including flying, motorcycling on & offroad and mountaineering the policy would be so expensive that I would have no funds left to pursue my hobbies.
If I could not purse the hobbies I would no longer need the policy
I think Yossarian himself would find trouble working out that catch 22.
Joined: Apr 2002
Posts: 45
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From: Hampshire, UK
I went through this a couple of years ago, and I too ended up with Legal & General - used a brokerage called Lifesearch, and would happily use them again. I recall that there was some surcharge for aviation, but they were happy to cover that (and sailing and gliding) at rates that didn't seem too extortionate.
Windrusher
Windrusher
Joined: Jan 2008
Posts: 74
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From: Kent, UK
Every time I complete anything which may ask about risky things like private flying, I put in the same paragraph that seemed to satisfy most companies. I would just state that I flew light aircraft, stated my pilot qualifications, and stated that I expected to fly no more than a certain number of hours a year.
Sometimes they would exclude benefits when I was actually flying myself, and once I asked if I was covered if I fell off the wing as I exited the plane or broke my leg tripping on the walk to the plane and they said yes! Go Figure!
I figured if I was dead then I didn't care about insurance!
Sometimes they would exclude benefits when I was actually flying myself, and once I asked if I was covered if I fell off the wing as I exited the plane or broke my leg tripping on the walk to the plane and they said yes! Go Figure!
I figured if I was dead then I didn't care about insurance!
Fleet Manager
Joined: Aug 2006
Aviation Qualifications: CPL
Posts: 7,090
Likes: 2,952
From: Ontario, Canada
Shop insurance companies and brokers. Pilots are generally very poorly treated by each, but a few companies are just fine. I was insured no problem for life 12 years ago. The premium was less than an otherwise equal land going person who smoked (though a bit higher than a very safe home maker).
When another broker tried to take over the policy two years ago, he was stonewalled by the underwriters. It was impossible for another company to take up this insurance, so the original company happily insured me just a little longer than the rest of my life, for the same premium, knowing that I test fly both fixed and rotor wing. No restrictions, no additional premiums.
Funny enough, as I am also a volunteer firefighter, I am separately insured for that. That insurer will not cover me at all for flying. The agent just about fell over when he was told by the Chief that I fly my plane for the fire department (searches). Even though I was acting as a firefighter while flying, no insurance! That comapny thinks that flying is more dangerous than walking into burning buildings. I told all of my fellow firefighters in his presence, that if I was killed in my plane, to pull be out, and drive a fire truck over me!
I guess they have the stats, I don't!
Shop around, good luck. What you're asking for is reasonable...
Pilot DAR
When another broker tried to take over the policy two years ago, he was stonewalled by the underwriters. It was impossible for another company to take up this insurance, so the original company happily insured me just a little longer than the rest of my life, for the same premium, knowing that I test fly both fixed and rotor wing. No restrictions, no additional premiums.
Funny enough, as I am also a volunteer firefighter, I am separately insured for that. That insurer will not cover me at all for flying. The agent just about fell over when he was told by the Chief that I fly my plane for the fire department (searches). Even though I was acting as a firefighter while flying, no insurance! That comapny thinks that flying is more dangerous than walking into burning buildings. I told all of my fellow firefighters in his presence, that if I was killed in my plane, to pull be out, and drive a fire truck over me!
I guess they have the stats, I don't!
Shop around, good luck. What you're asking for is reasonable...
Pilot DAR
Joined: Jul 2008
Posts: 13
Likes: 0
From: North Hertfordshire
Try Legal and General
I have just taken out a policy with them via a comparison website (£2 cheaper than the price I found myself) and when I told them I was a student pilot likely to fly less than 100 hours this year they didn't increase the premium or impose special terms.
Thread Starter
Joined: Mar 2007
Posts: 114
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From: Europe
Thanks for all the advice, have a few leads to follow up now so that is great. Legal and general are unfortunatly not going to be one of them as they are the company I got the quote from.
Thanks again
Thanks again
Joined: Feb 2001
Aviation Qualifications: ATPL
Posts: 539
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From: one dot low as usual
Be very careful with this, many insurers might not load the premium but even those that do may still not cover you whilst flying "other than as a fare paying passenger on commercial air transport". Just because they say it's "no problem" does not mean that you'll be covered if your demise is in a light airplane accident.
It's the same with travel insurance. Almost nobody will cover you for flying on holiday (eg 172 rental). You will be covered by the aircraft insurance whilst your own policy is suspended during your "hazardous activity".
It's the same with travel insurance. Almost nobody will cover you for flying on holiday (eg 172 rental). You will be covered by the aircraft insurance whilst your own policy is suspended during your "hazardous activity".
Joined: Jan 2008
Posts: 52
Likes: 5
From: Nottingham
Health insurance is also a problem
I have had no problems with life insurance but the big gotcha with this is health insurance whilst abroad in a country such as the USA which has no universal health service. Bear in mind the single biggest cause of bankruptcies in the US (may be different now in view of the banking crisis but this used to be true) is affording health care. When I went to the USA as many people do to enjoy cheap flying, I was totally unable to find anyone to insure me - private flying counts as an extremely dangerous activity even though many more folk are killed and injured skiing than aviating. I took a chance on the insurance (OK, the gamble paid off as I am still here) but in retrospect this was extremely foolish, and if I had had even a minor accident resulting in injury I would still be paying off the costs of treatment.
There was also an article recently in one of the flying magazines that claimed many flying schools/rental outfits insurance excludes foreign nationals from benefit. So read the small print carefully.
There was also an article recently in one of the flying magazines that claimed many flying schools/rental outfits insurance excludes foreign nationals from benefit. So read the small print carefully.
