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:
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.
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.
In the above table you can see the options available for an individual pilot aged 40 earning US$15,000 per month. As can be seen, opting for more comprehensive levels of protection will significantly increase the overall policy premium, by over US$4,000 in some cases.
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.
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.
In the above example we’re looking at 30 pilots ranging in age from 30 to 60 (with a median age of 43), with an average salary of US$4,000 per month.
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. Similarly, reducing any one of these variables can have an impact in lowering the overall policy premium.
If you would like a free quote comparing your Pilot’s Loss of License Insurance options in Hong Kong, simply complete the short form at the top of this page. Alternatively, you can arrange a free, no-risk, no-obligation consultation with one of our expert insurance brokers by clicking Contact Us.