Some good news with regard to loadings on Life, Mortgage Protection, and Serious Illness policies.
There has been a significant change in the way certain insurnance companies view PPL's with regard to charging a recreational extra or loading. Until recently insurance companies tended to adopt a blanket approach. Traditionally all insurers automatically imposed a loading to cover private flying. The impact of these loadings would typically increase the premium by either 50% or 100%.
With certain insurance companies significant positive changes have occured.This has arisen due to changes in risk profiling adopted by some insurers of PPL's together with enhanced re-insurance agreements. Competition is an added ingredient. Accordingly PPL's can now get full cover with no loadings subject to flying profile, experience and age. Reductions in loadings can apply to PPL's with existing cover as well as new entrants seeking cover.
We recently reviewed the cover of two PPL's. In both cases we were able to reduce the premiums by 48% and 43% respectively whilst still retaining full cover.
As a consequence of the research we undertook, as part of these reviews, we have acquired an up to date knowledge of precisely how the various insurers underwrite PPL's currently.
Should you require any further information or have any queries in relation to your cover, please feel free to email me at firstname.lastname@example.org
or call (01) 4913131 / 087 2319747
Paul Short QFA. A.J.Short & Associates is regulated by the Central Bank of Ireland.