Overview
Loss of License Premium Explanation
The most important part of Pilot’s loss of license insurance for individual pilots and groups (including airlines and unions) is going to be the premium, or the cost of the policy.
There are many variables used to calculated the premium of a Pilot’s loss of license insurance plan including things like:
- The Pilot’s Age
- The Pilot’s Salary
- The Pilot’s Location
- Benefits being received under the plan
In some cases Aviation focused insurance providers will used additional factors to calculate the overall cost of a Pilot’s loss of license insurance policy, which may even include the pilot’s previous medical history or flight experience. All of these variables come together to result in the premium you will pay for the coverage you receive under the insurance policy.
Premiums
Individual Pilot Loss of License Insurance Premiums
The major considerations for the premium of an individual pilot with regards to their loss of license coverage is going to be the pilot’s age and their salary.
Options are available for individual pilots earning a wide monthly salary range.
Opting for more comprehensive levels of protection will significantly increase the overall policy premium, by over US$4,000 in some cases. However, the peace of mind in knowing that your income stream is protected even in a worst-case scenario can prove invaluable.
Individual Pilot’s loss of license insurance plans can be tailored to meet your specific needs; if you do not need pre-existing medical condition cover, or if you are not partaking in hazardous activities or amateur sports, then opting to purchase a policy which does not include these benefits can significantly lower your overall cost of cover.
Premiums
Group Pilots Loss of License Insurance Premiums
Similarly to individual pilots, group loss of license premiums also takes into account a pilot’s age and salary as the core factors in determining the cost of the plan. However, with group coverage there will be more than 1 single pilot receiving coverage which can significantly inflate the expected premium.
Including more pilots in the policy, increasing the median age of the group, or increasing the average monthly salary, will increase the overall cost the policy.
Reducing any one of these variables can have an impact in lowering the overall policy premium.
Quotation
Free Pilot’s Loss of License Insurance Quotes
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