Life Insurance 2016-08-04 16:01:00 2018-06-17 14:47:40
Pilot George
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Life Insurance

04 August 2016

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What is life insurance?

I'd imagine you already know the answer to this to be honest, but if you don't it's an insurance policy you take out against your death. In such event your agreed payout sum is then paid to your designated beneficiary.

Why is it required?

If for whatever reason you were to pass away then the payout from your life insurance would cover any outstanding CTC Aviation fees and also settle any loan balance should you have one. In many ways it makes perfect sense to me and takes any financial strain away from your family members. I know I certainly wouldn't want them being responsible for my debt if I died!

BBVA Bank, who are funding part of my course, required I took out life insurance to a minimum of 105% of the amount I borrowed. CTC only required cover for the total course cost. So in this case I covered my life to BBVA's amount which was the higher. BBVA have assigned the payout to them through their solicitors as part of the loan application process.

Which insurance company did I choose?

Thankfully existing cadets came to the rescue and told me of a few providers they themselves had used and from their recommendations it seems the following are the best bet:

Personally I found Paul Jones's approach much more open and transparent but that's not to say BALPA hid the prices and terms from me. It was on the contrary in fact with it all being out in the open, but something about Paul Jones's consultative manner assisting me as an applicant provided me the much needed confidence to apply. When comparing prices with my peers however, it does seem BALPA are a tad bit cheaper!

How much does it cost?

For £95,000ish worth of life insurance I am paying £5 per month with Paul Jones. As my loan is for 12 years I will be paying this for the duration of the loan so the total cost is £720. The monthly cost is entirely based on your individual circumstances and you have to answer a health questionnaire to find out your quotation. 

Any Questions?

If you have any questions about the insurance required for CTC Aviation use the contact form below or leave a comment and I'll get back to you as soon as possible.

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