Aviation and House Mortgage, Life Insurance etc.
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Join Date: Jan 2005
Location: Scotland
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Aviation and House Mortgage, Life Insurance etc.
Hi All
Not sure if this is the right place to ask or not I have a PPL and would
like to take it futher I currently have a Mortgage not a large one but
was trying to organise Insurance for if I take ill or death etc. Now have
been told by my Bank that they cannot cover me because I hold a PPL
and if I were to crash or Die from Flying my Mortgage would not be
covered How do other people get Mortgage protection ? How do
Commercial Pilots get Mortgages or are they covered as they are
Professionals as apposed to Private Pilots ? Any advice would be
Appreaciated
Thanks JB
Not sure if this is the right place to ask or not I have a PPL and would
like to take it futher I currently have a Mortgage not a large one but
was trying to organise Insurance for if I take ill or death etc. Now have
been told by my Bank that they cannot cover me because I hold a PPL
and if I were to crash or Die from Flying my Mortgage would not be
covered How do other people get Mortgage protection ? How do
Commercial Pilots get Mortgages or are they covered as they are
Professionals as apposed to Private Pilots ? Any advice would be
Appreaciated
Thanks JB
Join Date: May 2001
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I am surprised at this, my experience in the past has always been that the insurer will ask you to fill in an aviation questionnaire and then decide whether to increase the premium. I have never had a problem obtaining insurance, even when I informed my life insurance company that I flew, skydived and bobsleighed!- they still insured me but simply increased the premium. There are some specialist insurance brokers who advertise in the back of some of the flying mags – might be worth having a word with them.
Join Date: Mar 2005
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I echo Legalapproach's words there. Your bank may well have its own policy of not covering private pilots for life assurance/critical illness etc, but they usually just market the products of a single insurance company anyway - just take your business elsewhere, go to a broker instead who has access to the whole of the life assurance market, you shouldn't have a problem.
Join Date: May 2005
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Now have
been told by my Bank that they cannot cover me because I hold a PPL
and if I were to crash or Die from Flying my Mortgage would not be
covered How do other people get Mortgage protection ?
been told by my Bank that they cannot cover me because I hold a PPL
and if I were to crash or Die from Flying my Mortgage would not be
covered How do other people get Mortgage protection ?
Banks promote their products only. Bypass the banks and get the advisor to look up his database.
I've had no problems - told the insurance company I held a PPL and they said I was covered - no worries.
Join Date: Aug 2003
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If you're tied into the bank's mortgage for some reason (e.g.. the mortgate is conditional on you having insurance with them too) then ask them to verify with their underwriter that they definitely won't cover you. Quite often banks and brokers will cite whatever theyr'e first told and won't question stuff like this. If that doesn't work see if they'll underwrite your insurance with an exclusion for PPL flying and then take out a seperate policy specifically to cover that activity. Much better to go find another deal though!
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Life Insurance
Anyone know of a contact that i can talk about life insurance? having grief from my insurance company as aparently my hobby (flying) is so dangerous that i have to basicly sign a document that says if i die from a flying related incident then i am not covered! i need to tell them to stick it but want to get something in place first
Cheers
Cheers
Whole Life or Term Assurance/Insurance
Ask your broker or IFA (Independent Financial advisor) for one of the above products, which is the cheapest form of insurance. Also can be found on any of the comparison sites. I used NU whcih now has another name, for term insurance and informed of PPL status ( and I am a lot ) still have life insurance. I believe that a bank cannot tie you to an insurance product of their choice, = restrictive practice, (though I stand to be corrected).