February 26, 2021

Can I get Life Insurance on standard rates if I fly light aircraft?

Can I get Life Insurance on standard rates if I fly light aircraft?

Light aircraft

Light aircraft is defined as an aircraft which has a maximum gross takeoff weight of 12,500 lb (5,670 kg) or less.*

This type of aircraft are used commercially, for passengers and to transport freight – also for sightseeing and photography trips, and other personal uses.

Our client

We were approached by a couple in their 30’s who were looking for a new life policy.  They had recently moved house and increased their mortgage to around £196,000.

Neither of them had any health issues, however, the husband flies light aircraft ( fixed-wing ) for recreational purposes, and holds a student license.

He had applied directly to an Insurer before approaching Future Proof, but that particular insurer increased his monthly premium from £15.90 to around £62, due to his high-risk hobby.

Our Process and advice

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.

Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition, or hobby?

Might they decline the application? We want to avoid wasting time by making applications which may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

The Outcome

After an initial fact-find with the client, our adviser carried out extensive research of the market and found that all insurers apart from one would add a rating to their premiums.   This meant that their monthly premium would be over £45 at least.  The adviser went on to apply to the most sympathetic insurer and obtained standard rates for our customer.

We secured a decreasing term life policy for our clients which had a sum assured of £196,000, over a term of 28 years for a monthly premium of £16.21.  This will save them £15,385 over the lifetime of the policy.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

All our case studies are based on actual client scenarios, many of which pre-date 2020.  We are confident that the acceptance decision made by the insurers would still be offered. Although it is likely that the rates will have changed, your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

*Crane, Dale: Dictionary of Aeronautical Terms, third edition, page 308. Aviation Supplies & Academics, 1997.

Client ID: 116339308

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

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Please feel free to read our Independent client reviews, or read about the team at Future Proof

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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