There are very few occupations that are as demanding as that of a professional pilot. There are even fewer that impose the stringent health requirements demanded of every pilot.
A slight medical deficiency can cause indefinite grounding, causing a loss of income and financial hardship. We provide Loss of License disability insurance to assist in providing an adequate disability estate for pilots.
Temporary Loss of License
Temporary Total Disability protects Pilots against the inability to fly due to injury or illness for a short period of time. Benefits are payable up to 60 months.
A 45 year old helicopter pilot earning $85,00/year loses his medical for four and a half years due to injuries sustained while coaching his son’s little league team. The pilot collected on a policy provided by International Specialty Insurance with a $4,600/month benefit which paid out for 53 months.
Permanent Loss of License
Permanent Loss of License coverage protects Pilots against career ending injuries or illnesses (or permanent loss of license). Before benefits are payable, a physician must certify that the injury or illness is career ending after a certain waiting period such as twelve months.
International Specialty Insurance’s Permanent Loss of License benefit can be coupled with a Temporary Loss of License policy, to be payable after the monthly benefit ceases.
35 year old captain employed with a major air carrier earning $200,000/year, suffers a heart attack, loses and never regains his medical. International Specialty Insurance provided a policy with a $10,800/month benefit which paid out for 60 months, followed by an $800,000 lump-sum permanent disability benefit.