Securing life insurance doesn’t have to be confusing. Read…
Life insurance is a necessity for those in hazardous occupations and the life of a pilot could be considered dangerous.
However, you can still secure affordable life insurance to protect your loved ones.
Life insurance for commercial pilots and life insurance for helicopter pilots can be attained with manageable premiums in most circumstances. This is providing the flying routes are considered safe and flights are over an acceptable number of hours within a year.
The more risk that is involved will be reflected with higher premiums. It means while life insurance for private pilots or life insurance for glider pilots is accessible, it may be deemed more of a risk to the insurer. This also applies to military pilots who are in active service.
Reassured can offer fee-free quotes for life insurance.
Life insurance for pilots is designed to financially safeguard your family’s future if you were to pass away.
While there isn’t a specific life insurance product for pilots, there are many options available for those in aviation occupations.
If you were to pass away within your life insurance term, your beneficiaries could utilise the pay out to cover the following:
As a pilot, your occupation won’t prevent you from taking out cover but your life insurance premiums will be increased to reflect any dangers that would be prevalent (for example, if you fly in high risk-areas).
If you fly or hang glide regularly as a hobby, your premiums will also be increased, due to this being a high-risk activity but, rest assured, it shouldn’t affect your chance of securing life insurance.
It’s important that you’re open and honest about your occupation and/or hobbies during the application process.
Failure to do so could lead to a pay out being withheld when the time comes (not telling the truth is known as non-disclosure and this is a form of insurance fraud).
It’s also worth noting that many life insurance companies will have an aviation exclusion. Essentially, this means a policyholder won’t be covered in a private plane crash, as opposed to a commercial plane crash.
In these circumstances, beneficiaries may not be able to make a claim if a private plane crash is fatal to the policyholder.
If hang gliding is a hobby, a hang gliding accident resulting in the policyholder’s death is another common exclusion for life insurance policies.
Specific policies may also exclude parachuting from an aircraft or travelling as a student pilot or aircraft crew member.
If you don’t know whether a certain scenario is covered, it’s best to check the terms and conditions with your provider.
If you’re unsure how much life insurance cover you need, you can enter your financial commitments below:
Alternatively, you can contact our team, who offer fee-free, no-obligation quotes, to help secure you the right policy.
Life insurance has more of a purpose than financial coverage if you pass away. One of the main incentives is peace of mind.
Knowing your loved ones and family will be able to continue financially can alleviate the stress and anxiety you may have around this subject.
For those who are entitled to a death in service benefit or have savings, life insurance can help increase the amount of money your family would have if you pass away.
This could be a cheaper option than trying to accrue additional savings for your family, although it's possible to pay more into a life insurance policy than the pay out amount (sum assured) or live past the term length on certain policies.
There are a varied range of life insurance policies available for every pilot’s personal and financial circumstances.
Policies can either last for a specified period of time (term life insurance) or last for life (whole of life insurance) and it can be possible to secure more than one policy simultaneously to cover your needs.
Certain policies can also include terminal illness or critical illness cover, ensuring that additional protection is provided.
If you were to pass away after a policy term has been reached, however, any claims by beneficiaries would be unsuccessful.
The best life insurance a pilot can take out is subjective. One policy is not better than another, but one may be more aligned to your requirements.
The most suitable policies will have the necessary coverage for your financial commitments and will last for the specified period you're concerned about. They’ll also be at the lowest, affordable price the policy holder can manage.
The type of flying you do, whether commercial or private, as well as the type of vehicle flown could affect your premiums. Similarly, whether you fly as an occupation, hobby or both will have an impact.
Regardless of the policy you decide upon, it’s important to provide accurate information to ensure your cover is valid.
The types of life insurance that can be arranged for pilots through Reassured include:
You can take life insurance out through Reassured. Our award-winning service provides over 10 years of industry knowledge, meaning we'll find the quote which is right for you.
Commercial and private pilots can sometimes pay more due to their occupation.
Occupation is one of multiple factors which can affect your premium cost, however. Most insurers will check a number of personal features to calculate your premium.
These factors that can affect your premiums are:
Regardless of your circumstances, Reassured can help find affordable life insurance for pilots, with fee-free no obligation quotes.
There’s no universal answer for the amount of life insurance a pilot should have.
Instead, you would need to look at your individual circumstances, your savings, any death in service or occupational benefits you have with your employer, and your reasons for requiring life insurance.
Life insurance needs to be affordable to you but also have the necessary amount of cover you require.
You may want to take out a policy to cover a mortgage or ensure your children’s futures are financially stable. It may be an amount to cover your funeral costs or to help your loved ones with day-to-day expenses.
Whatever your reason may be, ensure you choose an amount that could cover these costs and bear in mind any potential additional costs, like a possible increase in inflation.
Whichever policy you take, it’s important to review your life insurance if you reach a new life milestone. Your marriage status changing, a new child and whether you have a new mortgage can all mean you require a different assured sum on your life insurance.
It’s possible to invoke a special events clause in this scenario, which would change your policy’s level of cover, but this isn’t offered by all insurance providers.
This essentially means you would be able to amend your policy as opposed to taking out a brand new one. A brand new policy is an option but requires new medical underwriting and it could potentially have higher premiums.
It’s best to check the terms and conditions of your policy before purchasing to ensure you have the necessary coverage. You can also ask one of our friendly team about this option.
It can be beneficial to write your life insurance in trust. This can detach your policy from your estate and leave a trustee in charge of your funds, who can distribute them as per your specific requests.
By specifying exactly how you’d like the funds to be divided, a trustee can ensure it is allocated as you’ve requested. They can also look after funds for children under 18 years old and distribute funds to young beneficiaries once they have reached the designated age the policy holder has chosen.
Policies written in trust help avoid, or minimise, inheritance tax. Inheritance tax is charged at 40% on estates valued over £325,000 and comprise of your property, possessions, jewellery and money.
Life insurance pay outs are classified as part of your estate unless written in trust.
Writing your life insurance policy in trust detaches it from your estate, allowing your beneficiaries to receive your full sum assured.
The final key reason is to avoid a lengthy probate process. The probate process is the administration of your estate once you’ve passed away and can often take up to 9 months.
Claims on the policy can't be made until probate has been granted. Writing your policy in trust can circumvent this, meaning a pay out is quicker.
There are some additional policies that pilots may want to take out alongside a life insurance policy.
These policies can be taken out simultaneously with life insurance or can be included. These can provide a more comprehensive cover solution:
Reassured can help find the most suitable and affordable life insurance quotes for pilots.
We can save you time and money by providing information on all your available options. We can then help compare quotes from some of the UK’s leading providers.
Our fee-free, no-obligation quotes are clearly explained, allowing you to make an informed decision about a policy that’s best for you and your loved ones.
Get in touch with our friendly team to start your life insurance journey.
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Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry