Aircrewcare Loss of License insurance is the lowest cost option for younger pilots and often provides the largest benefits for pilots on lower salaries.
Aircrewcare Loss of License is available in a choice of three currencies with maximum benefits as follows:
1. USD $400,000
2. EUR €350,000
3. GBP £300,000
Temporary Loss of License benefit pays 2% of the sum assured per month, commencing 90 days and eroding the eventual lump-sum. Comprehensive benefits of Loss of Licence insurance include full sum insured against psychological and classified illness* as standard, both of which are normally restricted on most other Loss of License policies.
Loss of License insurance rates follow typical historical patterns which were designed in times when pilots tended to retire much younger. Typical LOL rates favour younger pilots and increase incrementally each year, significantly so beyond age 40 and exponentially after age 50. Hence there is Fitness to Fly insurance for high earners and older ages but Loss of License insurance continues to fulfill a purpose for younger pilots!
Key Features of Aircrewcare Loss of Licence cover include:
- Lowest cost option for younger pilots.
- Largest benefit option for those on lower salaries.
- Monthly Income up to 2% of sum assured in the event of temporary loss of license.
- Monthly benefits commence after 90 days.
- Permanent Loss of Licence lump sum payable after 180 days.
- Full benefits payable upon psychological and classified illness.
- Unique Specified Degenerative Illness cover included**
- Loss of License Benefit reduces to accident only benefit from age 60.
- Optional Stand-alone short-term disability policy with monthly benefits from 28 to 90 days.
- Payment options & surcharge: Annual +0% Semi-annual +2% Quarterly +4% Monthly +6%.
Important Terms & Conditions and Exclusions are as follows:
Permanent Total Disablement means the Insured Person is totally unable to perform the essential duties of their own previous occupation as a licence holder and which lasts 180 days and at the end of that period is beyond hope of improvement.
Temporary Total Disability means the Insured Person being entirely and temporarily prevented from acting in the capacity for which he or she holds a Licence due to Bodily Injury, General Illness, Classified Illness or Psychological Illness.
*A Classified Illness is an illness which is directly or indirectly caused by alcohol, drugs or narcotics.
A Psychological Illness is defined as when an Insured Person is suffering directly or indirectly from stress, anxiety, depression, mental anguish, neurosis or the like and which is diagnosed by a medically or other appropriately qualified practitioner. Such an illness shall imply severe and lasting impairment in personal performance and capable of being diagnosed under the internationally recognized classification system DMS-IV-TR (the Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, 2000).
**Specified degenerative illnesses covered under this policy are expressly stated and limited to Parkinson’s Disease, Multiple System atrophy, Progressive supranuclear palsy, Cancer, Heart disease, Prostatitis, Osteoarthritis, Osteoporosis, Rheumatoid Arthritis, Huntington’s disease, Chronic encephalopathy, Chronic Obstructive Pulmonary Disease (COPD), Marfan’s Syndrome.
Actively at work condition: The Insured Person must be actively at work and mentally and physically capable of conducting the regular duties of their employment at the inception date of this insurance, provided not having been absent for more than 10 consecutive days in the preceding 3 months.
Pre-existing illness exclusion: No benefit shall become payable in the event of any claim arising from, or attributable to any disability, condition or illness for which an Insured Person has received or required medical or psychiatric treatment or counseling in the 12 months prior to the effective date of an Insured Person’s insurance, until a period of 24 months has elapsed during which time an Insured Person has neither received nor required any medical or psychiatric treatment or counseling for the said disability, condition or illness.
Travel to any war zones not declared to, and accepted by underwriters; War (whether declared or not), terrorism, hostilities or any act of war or civil war; Nuclear, Chemical and Biological (NCB) weapons, or warfare; Nuclear reaction, nuclear radiation or radioactive contamination; The Insured Person engaging in or taking part in armed forces service or operations; The Insured Person’s deliberate exposure to exceptional danger (except in an attempt to save human life); The Insured Person ‘s own criminal act; The Insured Person’s suicide or attempted suicide or intentional self-injury or the Insured Person being in a state of insanity; Regularly and/or extensively practiced professional or hazardous sports or pursuits, unless agreed by underwriters; Loss directly or indirectly by Kidnap; Venereal disease or Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or Human Immuno-deficiency Virus (HIV) howsoever these have been acquired or may be named.