Pilots Disability loss of license insurance should be a very important consideration for all professional pilots as it provides income protection in case of unexpected.
A pilot has a job with tremendous amount of responsibility and with such great responsibility comes much stress, as many lives are in a pilot's hands. Therefore, pilots licensing authorities maintain very strict standards; these standards make it hard for pilots to keep their license. E.g., whereas a person with average employment would have no problems working and would not be considered disabled if they had hypertension, however if a pilot's blood pressure is not within the acceptable standards then they could lose their license to fly or be suspended due to medical issues. Similarly, a minor injury in an average job would still allow a person to continue working, however, under the Federal Aviation Administration (FAA)'s strict medical standards, a pilot may no longer qualify and therefore become ineligible to fly. For these reasons, pilots have several different types of risks that could affect their ability to retain and renew their medical certificate whcih is required in order to continue working.
Due to such high risks, many traditional disability insurance companies refuse to provide disability insurance at all to pilots or severely limit their coverage.
Many corporate aviation companies desire to attract top quality pilots. However, even they are unable to provide adequate disability insurance, if any.
For pilots, it is just not enough to get "own occupation" disability insurance.
Pilots really need loss of license insurance that includes disability and other medical reasons, which could cause the loss of their medical certificate.
Loss of license insurance is available to commercial pilots, corporate pilots, cargo pilots, aerial applicators, agricultural pilots, firefighter pilots, air show pilots, test pilots, powerline inspection pilots and air ambulance pilots.
Many commercial and corporate pilots don't have loss of license insurance because they were turned away from traditional carriers and could not find the adequate coverage they were looking for. In case of disability, it could be devastating to try to continue to meet their daily expenses.
After an elimination period ranging from 30 days to 365 days, loss of license insurance can provide a monthly benefit for a benefit period ranging from 12 months to 60 months. In case of permanent disability, it can also provide a lump sum benefit amount.
Premium can be paid monthly, quarterly, semi-annual, annual or even multi-year prepay.
Once you enroll into the insurance, as long as you keep paying the premiums and your policy has not terminated, you will not be asked health questions in the future.
Pilot's loss of license insurance, including due to loss of medical certificate, is available on an individual, as well as group basis.
Additional Benefits Include
Recurrent loss of license:
Some disabilities can go into remission temporarily and come back. The elimination period is usually waived after the first occurrence.
Waiver of premium:
It allows your disability insurance premiums to cease for a limited period of time.
If you die as a result of the covered disability, your surviving spouse can continue to receive a portion of your disability benefits under certain circumstances.
Pilot's loss of license insurance coverage coordinates with an employer's licensing authority within the U.S. and international aviation regulatory agencies.