Life insurance for pilots
Life as a pilot offers a unique and rewarding career. But how do you prevent those life insurance costs from soaring?
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Life insurance for commercial pilots
There are more than 10,000 commercial pilots in the UK, according to the British Airline Pilots’ Association. And just like any other adults with financial dependants, pilots can benefit from the financial certainty of taking out a life insurance policy.
But given that flying a plane is – rightly or wrongly – associated with certain risks, what does this mean for pilots’ life insurance cover?
Yes, you can get life insurance as a pilot. L&G offers life insurance to pilots – often at standard rates – on a case-by-case basis. For example:
- Commercial pilots can often access life insurance without having to pay higher premiums. While historically, some insurers classified piloting as a dangerous job, today’s aviation industry is highly regulated and many airlines have a strong safety record.
- However, private and recreational pilots often face higher life insurance costs or policy exclusions as the risks are perceived to be greater.
- Similarly, military pilots are considered a high risk occupation and may face restrictions on their access to life insurance.
When you apply for life insurance as a pilot, it's likely you'll be asked various questions and the cost of a policy can be decided. Here are some factors that will influence an insurers decision.
Life insurance for pilots – what to consider
- What type of pilot license do you hold?
- What is your level of experience as a pilot?
- How many hours do you fly?
- What type of aircraft do you fly?
- What is your specific role? For example, flight crew or flight instructor.
- What is your airline’s safety record?
- Where are your flying routes?
- Have you experienced any aviation accidents?
- Do you participate in activities such as stunt flying?
As a pilot, you may be able to get life insurance at standard rates depending on the factors we’ve covered, such as your flying experience, typical routes and hours. But it’s important to remember that the amount you pay for life insurance is calculated based on a variety of criteria, not just your occupation. These factors include:
- Your age
- Smoker status
- Medical history
- Alcohol consumption
- Hobbies and activities
- Weight (BMI).
Life insurance for helicopter pilots
It’s possible to get life insurance as a helicopter pilot, but these policies can be harder to access and may be more expensive. That’s because piloting a commercial plane is usually deemed less risky; in fact, there has not been a fatal commercial airline incident in the UK since 1989. In contrast, accidents involving helicopters have been relatively more common in recent times.
Life insurance for recreational flyers
If you’re a glider pilot, perform stunts, or fly for recreational purposes, life insurance may be harder to obtain or result in paying higher premiums. However, L&G will assess your application fairly and take a range of risk factors into consideration.
If you’re a thrill seeker, read our guide to life insurance for those who enjoy activities at height – from paragliding and skydiving to extreme sport.
The benefits of life insurance for pilots
Regardless of whether you’re a pilot, life insurance can be a smart idea for any adult whose death would have financial consequences for their loved ones.
If you were to die and a valid claim is made on your life insurance policy, the cash sum could be used to pay off the mortgage or used for paying the rent and keep your family in the home. It could also be used to help towards other activities from childcare and tutoring to hobbies and activities.
For more inspiration, read our guide on when you might need life insurance.
Types of life insurance for pilots
When choosing life insurance, this is one occasion when pilots need their feet firmly on the ground.
If you’re a pilot, flight crew or other aviation professional, here are some of the types of life insurance you could consider:
Life insurance
A ‘level term’ policy where the amount you pay each month and the payout are fixed regardless of when you pass away during the policy term.
Decreasing life insurance
Any payout reduces approximately in line with how your repayment mortgage decreases, while the amount you pay remains fixed.
Critical illness cover
With critical illness cover you could receive a cash sum if you're diagnosed with a condition which meets our definition and you make a valid claim. It can be added for an extra cost when taking out life insurance or decreasing life insurance.
