Life Insurance pays out on your death, offering a cash lump sum to your loved ones to help see them through any financial bumps in the road your absence causes.
Common uses for Life Insurance include protecting outstanding mortgages or other debts, covering funeral costs, leaving a lump sum legacy for loved ones or simply replacing your income.
You can use Life Insurance however you see fit, allowing you to choose the best option for your family.
Opt to include Critical Illness Cover to protect against the risks of illnesses such as heart attack, cancer and stroke.
In most cases, commercial pilots won’t have trouble obtaining Life Insurance. Of course, this will be subject to your medical history and the level of risk you present to the insurer, but for the most part those flying commercially for airlines such as British Airways, Virgin, easyJet etc. won’t have much preventing them from getting cover.
Helicopter pilots can sometimes have more difficulty obtaining Life Insurance depending on the nature of your work. Riskier helicopter pilot jobs such as providing transport to oil rigs or flying for the military could make it trickier to get Life Insurance.
This said, Drewberry has placed risk for hundreds of pilots over the years and has had a great deal of success in matching pilots with Life Insurance, so it always pays to have a conversation about cover regardless of how, when and what you fly.
There are several types of Life Insurance for you to consider as a pilot, such as:
While not something anyone wants to think about, and while the risk of death is fortunately low for the average healthy adult in the UK, the reality is that tragedy could strike when you least expect it and so having protection can be incredibly valuable should the worst happen.
While death may not be likely today or tomorrow, especially as a pilot who needs to be in top shape to pass all the physicals required to retain their licence, the point of most Life Insurance policies is to protect you for the long run e.g. over the term of a mortgage.
It’s here that the risk of death starts to get larger when you consider it over the longer term.
The risk of death for a healthy, 30-year-old man over the next 10 years is 1 in 85. However, when you extend this period to 25 years, which is around the typical length for a mortgage, the risk rises to 1 in 18.
Life Insurance tends to be one of the least expensive insurances on the market, especially if you’re young and healthy. Given this, if you have a family and liabilities such as a mortgage, it tends to make sense to take out Life Insurance as soon as possible rather than delaying until you’re older or have unfortunately developed a health condition that could push up premiums.
It’s difficult to put a figure on how much Life Insurance costs for pilots because each individual is different and will have different policy factors and personal needs from their Life Insurance, all of which will impact the price.
In the table below, we’ve outlined the cost of Life Insurance for a pilot of three different ages, wanting £250,000 of cover for 25 years on a level and on a decreasing term basis.
To get these quotes, we’ve assumed:
As you can see, pilots Life Insurance can be obtained pretty inexpensively if desired, with premiums starting at less than £10 a month for a healthy, non-smoking, 25-year-old pilot. For personalised quotes applicable to your situation, please don’t hesitate to get in touch for fee-free advice.
Aegon’s Scotland-based UK operations are wholly owned and operated by Dutch insurer Aegon N.V.
US insurance giant American International Group, Inc. (AIG) was first founded in 1919 and since then has grown to operate on a global scale. It provides a range of protection products for both individuals and businesses.
Aviva was founded in 1797, but the Aviva brand as it is today was formed in 2000 by the merger of Norwich Union and CGU PLC.
Guardian is a relaunched protection brand with a number of unique features to its policies.
L&G was formed as an insurance company for lawyers, by lawyers in 1836. It has since grown to become one of the country’s best-known financial services companies
LV is the UK’s largest friendly society, with more than 5.8 million customers, 1.1 million of whom are members.
Royal London previously operated Scottish Provident and Bright Grey as separated brands providing Critical Illness Insurance under the Royal London umbrella. From 2016, both were merged into the main Royal London brand.
Founded in 1812, Scottish Widows is today part of Lloyds Banking Group.
Vitality entered the UK market in 2007 with a joint venture with PruHealth and PruProtect, part of the Prudential Group. It has since bought out Prudential and is now branded solely as Vitality.
Zurich is a Swiss-based global insurance giant, operating in more than 170 countries. It employs around 55,000 employees worldwide, including 4,500 in the UK.
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to let us help.
Martyn Coates from Drewberry provided an excellent service with prompt handling of any question that we asked him. I would highly recommend Drewberry for anyone wanting Insurance.