Loss of Training Expenses (Medical) Insurance

First thing to note... It's known by many names!

First thing I'll say about this insurance policy in particular is that it's referred to by different names depending on which insurer you look at. Using the two insurers I'm familiar with, BALPA refer to this insurance policy as Loss of Medical whereas Paul Jones Finch Commercial refer to it as Loss of Training Expenses.

So, what is it?

While Life Insurance policies are designed to pay a lump sum to your beneficiaries in the event of your death,  the Loss of Training Expenses (Medical) type of policies are designed to payout in the event you were to ever lose your CAA Class One Medical during your training. You may think the chances of that happening are slim, but given that a valid medical is a mandatory requirement for not only pilot training but airline flying you'd be silly to not insure the sum you are spending for such an event. You just can't be too careful, especially if such funds come from a bank such as BBVA.

This type of insurance policy also cover you for a lot of eventualities considered accidents such as losing your eyesight or even a limb. CTC Aviation deem it mandatory to have this type of insurance in order to train with them.

Which insurance company did I choose?

In many cases, the insurers that offer you Life Insurance as a trainee pilot often offer the Loss of Training Expenses (Medical) insurance with it. You can of course buy one from one insurer and one from another should you wish to but in my case I decided to keep all of my eggs in one basket. I decided to opt for the former. You can read the reasons behind my choice of insurer in my Life Insurance post.

How much does it cost?

Based on the application questionnaire I completed I was quoted a total of £418 for the full duration of my course at CTC Aviation but to help me better manage my expenses and cash flow whilst training I opted to pay for this insurance policy monthly. The total cost was split over 10 monthly instalments of £41.80 and I was charged me 8% for such a privilege therefore making the total cost £451.44. 

What about post-training?

This varies by insurer but my insurer, Paul Jones Finch Commercial, offers you the ability to extend your coverage for Type Rating training and then allows you to convert the policy to a loss of licence insurance when needed. As your licence itself is tied to your class one medical anyway the products are pretty much one and the same with some additional benefits. But it's not worth worrying about that until the time eh!

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.