Loss of License Insurance
Corporate and commercial pilots have always had a tough time securing proper insurance. In the past, the majority of insurance companies have told pilots that they are “uninsurable” because there are too many factors that could cause them to lose their medical certificate. Due to strict medical qualifications, many health issues that would allow employees in the traditional workplace to continue working would cost a pilot his or her license.
Corporate aviation is a booming industry. Many corporate aviation companies want to attract the top pilots, but in most cases are unable to provide adequate insurance or offer none at all. While traditional insurance carriers have effectively turned their backs on this occupation, KROST Wealth, in partnership with Lloyds of London, offers a loss of license insurance plan that will cover pilots if they lose their medical certificate and are no longer able to fly. Pilot Loss of License coverage is available on an individual basis as well as on a guaranteed issue basis for groups.
In addition to corporate pilots, our firm can also insure:
- Helicopter pilots
- Charter operators
- Firefighting pilots
- Commercial pilots
- Agricultural aviators
- Stunt pilots, and
- Test pilots
Why Purchase Loss of License Insurance?
A loss of license insurance policy is one of the most crucial parts of a sound financial plan. A loss of license plan makes it possible for a suspended pilot to pay his or her mortgage and utilities bills, buy clothing and cover school costs for his or her children, as well as put food on the table every day. Cash flow is critical when pilots are unable to work for an extended period of time; Lloyds of London’s Pilot Loss of License Plan will allow grounded pilots to maintain their standards of living.
- Loss of license based on the FAA license
- Pilot Loss of License Insurance provides exceptional benefits at affordable rates
- Provides monthly payments to keep world intact until medical certificate is reinstated
- If grounded as a result of an insured sickness or injury, benefits may pay up to 60 months
- Monthly benefit amounts from $500 to $25,000 per month
- Lump sum for permanent loss of license