Life Insurance
 

Hi everyone

I start with an established airline in the next few weeks as a SO. I know that loss of licence cover will be provided as part of the T's & C's. However I was wondering whether life insurance is provided as part of the joining conditions.

Basically I took out a huge loan as you do to get qualified. I'm not expecting it to happen whilst flying (!!!) but should I die in normal circumstances do employers' life insurance cover everyday life as well or are you best off buying a normal separate policy to cover you when out of work.

I know that Traffords do some kind of aviation insurance for Private Flying but this question is aimed in a more professional capacity.

Any help you can give would be appreciated.

Ask26

The only way to find out is to read your contract, or ask someone in the company!

CC

My lot have two types on offer. One is 'Death in Service' benefit, which means they will pay a lump sum on my death whilst in employment by the company (FWIW about £140,000)

The other is 'Accidental Death' insurance, which I take to mean that if I die on duty, will be paid out (in addtion to above).

It depends on your personal situation. If you have no depenants, there should be no real need to get life insurance. After all no one is going to weep too much if the banks doesn't get paid back if you die.

However with wife and children, it really does make sense to get it. General figures are to be covered for upto 10x salary (which is muchmore than the company will provide). It's worth pointing out that if you die on duty and it's your fault (i.e you ingored the 'whoop, whoop, pull up'), the underwriters will come after your estate to get the money back. Having a policy in trust should keep the family safe.

In my situation, the company Death in Service will pay off the mortgage, but I have extra insurance to provide a lump sum for the family.

If you do take out your own life assurance policy, don't let them load you. I've recently declined a policy from Norwich Union as they wanted to apply a loading due to my job. I pointed out that other companies are happy to accept airline pilots on normal terms (I have policies with other companies). They wouldn't budge so I used Nationwide instead who gave normal terms. Some insurance companies don't seem to understand aviation has moved on from the days of the Wright brothers!