Life Assurance

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Pearse1983
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Life Assurance

Post by Pearse1983 » Wed Aug 05, 2009 6:28 pm

Does anyone know what restrictions (if any) are applied by insurers to pilot's life assurance policies?
I tried to ask about it today - did not get much sense out of them to be honest.

Thanks in advance,
Pearse
Last edited by Pearse1983 on Thu Aug 06, 2009 10:41 pm, edited 1 time in total.

willo
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Post by willo » Thu Aug 06, 2009 8:39 am

Dont think there are any restrictions, they will just extract more cash.

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Post by Pilot » Thu Aug 06, 2009 1:40 pm

My experience has been that for life assurance, they want to increase the premium (typically 100% loading..ie the policy costs twice what it would otherwise cost).

For Permanent Health Insurance, they have generally tried to exclude covering the risk of an aviation accident. Ie they say they will cover you for all risks, except an aviation accident. Sometimes can be pursuaded to cover the risk for an additional premium.

Pearse1983
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Post by Pearse1983 » Thu Aug 06, 2009 10:40 pm

Thanks for the help guys

AndyMax
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Post by AndyMax » Sun Aug 16, 2009 12:59 pm

Weird how it is actually more dangerous for a pilot to drive to work yet they load a the premium when you are in the safest mode of transport there is.

Insurance in this country makes no sense whether it be car or life etc etc

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Post by Pilot » Sun Aug 16, 2009 4:12 pm

AndyMax wrote:Weird how it is actually more dangerous for a pilot to drive to work yet they load a the premium when you are in the safest mode of transport there is.

Insurance in this country makes no sense whether it be car or life etc etc
Andy,

That is simply not true.

You are mixing up commerical air travel, which is incredibly safe, and private general aviation, which is not near as safe as commerical travel, and not as safe as driving a car.

P

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Nanolight
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Post by Nanolight » Mon Aug 17, 2009 2:33 am

Was just thinking about this lately. A private pilot would pay at least 50% more for a mortgage cover policy.

Apparently this is simply because we're far more likely to die. These stats are worked out by actuarial scientists who simply take the number of aviation deaths per number of licences issued in the country to get their figures.

This system apparently takes no account of the fact that people fly (and die) while unlicenced, unrated, or out of medical.

It makes a joke of the whole licencing system doesn't it, if we're lumped in with them for statistical purposes? We spend a lot of time and money getting a decent level of training so we're safe to fly, yet get shafted with these premia because some people choose to flout rules set for their safety and go flying anyway, and ultimately end up using their face to absorb the impact of a 2000ft freefall.

Having said all that, karma will probably have me ending up plummeting to an ironic demise myself, but at least then I wont have to worry about being ripped off.
Smoke me a kipper, I'll be back for breakfast.

Pearse1983
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Post by Pearse1983 » Tue Aug 18, 2009 12:23 am

Well thats the wonder of risk management I suppose, but, Nanolight - im sure you dont mean scientists?
Also, I hope your not right about that Karma... blue skies and safe landings!

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