How we helped our client…
Our client was a helicopter pilot looking to arrange £2,000,000 life insurance cover, as he was soon to be married. He was referred to us as he was struggling to find life insurance at an affordable Premium.
Being a commercial pilot, the client was in perfect health, so his only barrier to finding a suitable solution was his occupation. He was mainly doing charters across Europe, however, also did flying for Films and TV, which further complicated matters.
Insurance providers charge what is known as a per ml of cover loading for either medical condition, leisure activity, or occupation they deem to be too dangerous or risky.
The per ml loading is usually between £1 and £5 and is added to your standard premium for every £1,000 of cover you apply for. This can mean if you are looking at large sums of cover, it can make for a very expensive policy. The other issue is every provider has a slightly different calculation for their per ml loading.
To source you the right solutions, your financial adviser will need to know:
- Nature of your flying: is it commercial or hobbyist
- Type of plane(s) or Helicopter(s) you fly
- Solo flying hours in total
- Average flying hours per year- based on the last two years
- The licenses you hold
- If you do acrobatics or test flying
The table below represents our research of the different insurers willing to look at a large sum assured for a commercial helicopter pilot:
|Insurer/reference for call||Standard premium||Extra charge for occupation – helicopter pilot||Total monthly premium expected once underwriting is complete|
|Provider 1||£264.49||£5/ml of cover or £1,125 extra||£1,389.49|
|Provider 2||£252.22||£2/ml of cover or £520 extra||£772.22|
|Provider 3||£260.85||£1/ml of cover or £240 extra||£500.85|
|Provider 4||£297.73||£2.4/ml of cover or £480 extra||£777.73|
|Provider 5||£259.26||£5/ml of cover or £1,125 extra||£1,384.26|
|Provider 6||£263.40||Standard rates||£263.40|
|Provider 7||£260.92||£5/ml or £833.33 extra||£1,094.25|
|Provider 8||£301.10||£6/per ml or £1,350 extra||£1,651.10|
After extensive research and multiple calls with each insurer, we were able to secure a standard rate with no extra charge for our client’s occupation as a helicopter pilot.
Though the insurer initially come back in an attempt to charge our client a £1 per ml loading, as we knew the criteria, we demanded an explanation and the insurer apologised and offered the policy at standard rates.
The client was very pleased with the result, and he has peace of mind knowing his wife will be taken care of should he suffer a tragic helicopter accident.
Please note: that the premiums provided 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.