Insurance while flying training - travel, life. etc.
Join Date: Feb 2003
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I have life cover as part of my mortgage andowment policies. When I started my CPL training, I thought it best to disclose it. I was surprised how relaxed the insurance company (Norwich Union) was about it. The person at the other end of the phone just said something along the lines of, "That's OK, flying's very safe isn't it". No extra premium was required.
Join Date: Jan 2004
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Hi Parris
You are right but Orangesky was talking about a new policy that would need to be underwritten with full disclosure. Existing endowments are unlikely to be changed for a variety of reasons, including the fact that an alteration may reduce the tax benefits of the policy. You did the right thing in letting NU know what you are/were doing but you really should write to them and tell them and ask for a reply confirming receipt of your letter.
You are right but Orangesky was talking about a new policy that would need to be underwritten with full disclosure. Existing endowments are unlikely to be changed for a variety of reasons, including the fact that an alteration may reduce the tax benefits of the policy. You did the right thing in letting NU know what you are/were doing but you really should write to them and tell them and ask for a reply confirming receipt of your letter.
Join Date: Sep 2002
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Orangesky,
I was in a similar position at the start of my training. Whilst my mortgage was protected by an endowment policy, I too would lose death in service benefit by resigning.
I took out a life policy with Skandia Life who were more than happy to insure me during my training and subsequent flying career. Not as cheap as a straightforward policy for the same level of cover, but still very reasonable in my view, and some good additional benefits. My sum assured was based on the benefits I was losing from my employer, the cost of my training and an extra amount to cover loss of income during the training period.
I would suggest you find a good independant financial adviser to get you set up.
I was in a similar position at the start of my training. Whilst my mortgage was protected by an endowment policy, I too would lose death in service benefit by resigning.
I took out a life policy with Skandia Life who were more than happy to insure me during my training and subsequent flying career. Not as cheap as a straightforward policy for the same level of cover, but still very reasonable in my view, and some good additional benefits. My sum assured was based on the benefits I was losing from my employer, the cost of my training and an extra amount to cover loss of income during the training period.
I would suggest you find a good independant financial adviser to get you set up.
Join Date: Feb 2004
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Flight Training Insurance
Hi All,
I’ve been in touch with BALPA regarding flight training insurance. They offer cover for the full amount of training cost in the unfortunate event of death/loss of medical.
I’m due to begin ab-initio fATPL flight training soon and was wondering if the BALPA insurance scheme was the best/safest on the market.
Any info much appreciated.
K2
I’ve been in touch with BALPA regarding flight training insurance. They offer cover for the full amount of training cost in the unfortunate event of death/loss of medical.
I’m due to begin ab-initio fATPL flight training soon and was wondering if the BALPA insurance scheme was the best/safest on the market.
Any info much appreciated.
K2
Join Date: Feb 2004
Location: Manchester, UK
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Hi K2, could you send me the details of that cover? I've got to see the bank in the morning about a loan to cover training, might make them happier to know it's insured for that.
Cheers mate
Cheers mate
Join Date: Aug 2003
Location: Great Britian
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life insurance cover
Hi guys and girls.
Have got to the stage where I am looking for life insurance cover for my CPL and IR training, but also If i have a horrible accident do not want to leave my mother with the £30k loan I got to pay for my training!
Any recommendations on life insurance companies and what to look out for?
Thanx you all
Have got to the stage where I am looking for life insurance cover for my CPL and IR training, but also If i have a horrible accident do not want to leave my mother with the £30k loan I got to pay for my training!
Any recommendations on life insurance companies and what to look out for?
Thanx you all
Join Date: Feb 2004
Location: Ireland
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You ask some very good questions. I'd like some info on this also. I've rang several insurance brokers in teh past week looking for that kind of coverage but they just wont do it (this is in Ireland). I'll have to look towards the UK now.
Join Date: Jan 2004
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I am with Standard Life and took out the cover for just the same reason as you. Make absolutely sure when filling in any proposal form that they understand that you are doing flight training.
A lot of insurance companies seem to have an exclusion clause for flying unless as a passenger on a commercial flight, also make sure that any of your hobbies are covered if you are into diving or base jumping or anything considered slightly risky!! You should be ok if you take up knitting though!!
It costs me about £27 per month for a higher amount than you possibly want covered.
Hi5
A lot of insurance companies seem to have an exclusion clause for flying unless as a passenger on a commercial flight, also make sure that any of your hobbies are covered if you are into diving or base jumping or anything considered slightly risky!! You should be ok if you take up knitting though!!
It costs me about £27 per month for a higher amount than you possibly want covered.
Hi5
Join Date: Apr 2004
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Fools
Hi
I'd have a scout round The Motley Fool's website:- www.fool.co.uk
They always have useful tips on the current best products, and the forums are brilliant for all things debt and money related.
I'd have a scout round The Motley Fool's website:- www.fool.co.uk
They always have useful tips on the current best products, and the forums are brilliant for all things debt and money related.
Join Date: Aug 2002
Location: UK
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Yes, call Sovereign. They do know what they're talking about and I was offered a choice of two companies that offered life insurance for flight training. My policy is with Legal & General.
BALPA might be a good source of information too.
BALPA might be a good source of information too.
Join Date: Apr 2004
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I echo the www.fool.co.uk site, £21 per month for £500k no increase when I told them of my flying intentions (not that I have carried on that route ).
So it does not look as if you have to accept an increase just because of flying. There was a specific question that asked about aerobatics though, I ticked no to that one, so not sure if that would have caused an increase,
Good Luck
PB
So it does not look as if you have to accept an increase just because of flying. There was a specific question that asked about aerobatics though, I ticked no to that one, so not sure if that would have caused an increase,
Good Luck
PB
Join Date: Oct 2002
Location: Dublin, Ireland
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Insurance
Hi all,
Just thought i'd bring this topic to light and see if anyone had any experiences with insurance brokers over in Ireland.
Are there any companies that cater for Commercial Training Life assurance, if not will companies in the UK be able to help out?
Many thanks!
John
Just thought i'd bring this topic to light and see if anyone had any experiences with insurance brokers over in Ireland.
Are there any companies that cater for Commercial Training Life assurance, if not will companies in the UK be able to help out?
Many thanks!
John
Join Date: Feb 2002
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Life Insurance
I would be very carefull when choosing a life insurance provider, as there is a lot more to it that a low monthly price.
By no means am I an expert in life insurance, but over the past 2 years, I have learnt a lot about this. There are various policies, some of which have a cash-in values at the end of the term if nothing has been claimed aswell as other differences that I won't go into now.
The biggest catch that I have found so far, is the degree of illness/type of illnesses that are covered. For instance, some companies would only payout for certain types of illnesses whereas others would cover every type of life threatening illness /disability.
Some companies would also require the policy holder to have had the illness for a longer time span (say 12 months as opposed to 6 months) before a payout is to be made. Quite a big cost in the long run, all for the saving of £5-£10 per month.
All this said, I am also looking at changing insurance policies to one that would cover my ATPL training in the states, aswell as loss of medical insurance. Has anybody looked into this in great detail? Are there any aviation insurance experts out there?
Cheerio
ADRH
By no means am I an expert in life insurance, but over the past 2 years, I have learnt a lot about this. There are various policies, some of which have a cash-in values at the end of the term if nothing has been claimed aswell as other differences that I won't go into now.
The biggest catch that I have found so far, is the degree of illness/type of illnesses that are covered. For instance, some companies would only payout for certain types of illnesses whereas others would cover every type of life threatening illness /disability.
Some companies would also require the policy holder to have had the illness for a longer time span (say 12 months as opposed to 6 months) before a payout is to be made. Quite a big cost in the long run, all for the saving of £5-£10 per month.
All this said, I am also looking at changing insurance policies to one that would cover my ATPL training in the states, aswell as loss of medical insurance. Has anybody looked into this in great detail? Are there any aviation insurance experts out there?
Cheerio
ADRH
Join Date: May 2004
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Life Insurance for HSBC loans
Does anyone know of a cheaper insurance policy than the one HSBC currently offers to people taking loans? The figure quoted is £20 per month but I am sure I've heard of policies costing much less. Can anyone point me in the right direction?
Thanks
Thanks
Dancing with the devil, going with the flow... it's all a game to me.
Join Date: May 2000
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If you accept the loan with HSBC I think you'll find it one of their provisions that you open a policy with them and nowhere else. Another requirement was that I took their serious illness policy out too so now I pay back £36/month in insurance/assurance on top of the hefty loan repayment.
Not complaining as I knew the score when I accepted but next time I have "a good idea" like becoming a pilot someone please slap me!
VFE.
Not complaining as I knew the score when I accepted but next time I have "a good idea" like becoming a pilot someone please slap me!
VFE.
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When I took out my HSBC loan in May, there was no restrictions on who I took my life & critical illness cover from, as long as I had some and it covered the value of the loan. I went with Legal and General (via Sovereign, who often advertise in Pilot) and pay less than £20pm.
Hope that helps,
Al
Hope that helps,
Al