Life insurance (including aviation)

pardal51

Hi all,

Need an expert advise on how to take out a life insurance policy.

Basically I do not know how to fly yet, but I intend in the near future to take lessons and get my PPL (Private Pilot Licence) - recreational (cannot take commercial as I am colour blind).

I want to take a life insurance now (perpetual cover) which means that it won't be revised after taking lessons/getting licence.

I have been told that when taking a life insurance you answer that you don't fly (i.e., true answer) and if I take a perpetual cover this will not reflect in a preminum increase.

Any suggestions/thoughts/advice are very much appreciated

dunstonh

applications are a snapshot of now and what is knowingly happening in the future. If you have already applied for lessons or undertaken any activity towards flying, then you have to declare it. If it is just an intention that may happen and you have done nothing towards it, then it doesnt need to be declared.

pardal51

dunstonh,

thanks for your reply.

Which products/providers should I look at to "lock" a perpetual policy, i.e., one that will not have the premium increased by taking av. lessons?

PS: I haven't applied nor taken lessons yet

dunstonh

Which products/providers should I look at to "lock" a perpetual policy, i.e., one that will not have the premium increased by taking av. lessons?

The type of policy I assume you are referring to is whole of life. However, you may not need a whole of life but a level term assurance to age 65 (or upto 68 depending on your retirement age).

I'm afraid I cannot recommend any providers as it doesnt work like that. Different age groups, sex, occupation, smoker status and type of life cover will mean that different providers come out all the time. There is no one constant.

pardal51

Whole of life, I think this is what I had in mind. However I believe that is going to be an expensive option for me....I@m off to do some product research now....

many thanks for your help dunstonh

jasonking

The question on most life insurance company applications is:

"Do you, or are you likely, to take part in...flying (other than as a fare paying passenger)'

It seems to me that you do intend to start flying (the fact that you havent applied for your licence/lessons is irrelevant) therefore if asked this question you should answer yes and expect to have to pay a higher premium. Read all the questions on the application carefully as failure to answer all questions fully and truthfully could result in a claim being rejected and your policy cancelled.