Northern1 provide insurance for Individuals, Families, Corporates mainly distributing through Insurance Brokers in the European Union.
THIS PAGE IS BEEN UPDATED AND IS READY 1 SEPTEMBER 2023
Loss of Licence
Northern1 operates under the principle of ‘service first’, so you can count on receiving a quality service designed to make your life easier.
INTRODUCTION TO LOSS OF LICENCE INSURANCE
Definition: Insurance policy designed to protect professionals against the financial impacts of losing their professional license.
Importance: Provides a safety net for those whose livelihood depends on a professional license.
WHO NEEXDS IT ?
Professionals in various industries: Pilots, doctors, lawyers, etc.
Situations: Medical reasons, regulatory issues, etc.
BENEFITS OF LOSS OF LICENCE INSURANCE
Financial Security: Helps replace lost income.
Peace of Mind: Know you’re covered if the unexpected happens.
Flexibility: Allows professionals time to transition to a new career, if necessary.
COMMON REASON FOR THE LOSS OF LICENCE
Medical grounds (e.g., vision issues for pilots)
Regulatory or legal issues
Professional misconduct
Mental health issues
FEATURES OF A TYPICAL POLICY
Lump-sum payout vs. monthly benefits
Waiting period before benefits begin
Duration of coverage
Possible exclusions
FACTORS AFFECTING PREMIUMS
Professional’s age and health
Risks associated with the specific profession
Amount of coverage desired
Policy terms and conditions
CLAIMING PROCESS
Notify the insurer ASAP
Provide necessary documentation (e.g., medical reports)
Work with a claims adjuster
Await decision and potential payout
KEY CONSIDERATIONS BEWFORE BUYING
Understand the policy terms and exclusions
Determine appropriate coverage amount based on living expenses and other factors
Compare prices and features from different providers
Seek advice from industry peers or professionals
CASE STUDY
Pilot Liam O’Connor
Background: Liam O’Connor, 35 years old, has been a commercial pilot for 12 years. He’s known for his dedication and loves his job flying passengers across continents.
The Incident: During an annual medical examination, Liam was diagnosed with a sudden hearing impairment, affecting his ability to clearly discern communication over aircraft radios.
Immediate Impact: Liam was temporarily grounded due to this impairment, resulting in a halt in his income and placing his flying career in jeopardy.
Role of Loss of Licence Insurance: Fortunately, Liam had taken out Loss of Licence insurance early in his career. Upon confirming the diagnosis and its implications, the insurance provided a financial payout, allowing Liam to:
- Seek specialist medical treatment without financial strain.
- Support himself and his family during the period of unemployment.
Outcome: Though Liam had to transition to a ground role in the aviation industry, the insurance ensured he did so without facing immediate financial hardships.