Loss of income (licence) insurance

[flyingkiwi]

Hi all

I am just wondering what companies you use for your loss of licence insurance, and what the premiums are like. I have just recieved my bill for the next year from Noall Insurance in Sydney. It is the equivilant to 1/2 a months salary. (housing included) The amount covered is 75% of Salary + Housing.

I am not an AOA member but if maybe a member can give us an idea on how their scheme compares, it may be a useful recruitment tool for the association.

Please no slandering or AOA vs NON AOA etc... just some constructive discussion please, i feel we are all in the same boat re excessive premiums.

Thanks
Flying Kiwi

[404 Titan]

flyingkiwi

Our wonderful income protection has just seen another increase in premiums and a slashing of the benefits. Payout is now limited to 5 years. Personally I am now looking for alternative income protection because the one now through the AOA is a joke.

Oh and please don’t take this the wrong way, but AOA membership is more than just the benefits. It is about housing, rostering, remuneration etc. If you aren’t in the AOA then you can’t have your say in these and other important issues with the company. The more that are in then the more it will be representing of the pilot body.

[flyingkiwi]

Thks Titan,

The Noall loss of income will continue paying till age 55.

Any others out there with thoughts and/or different companies they use?

Re AOA vs NON its off the topic lets keep it about the insurance companys

[B787]

I to am with the AOA insurer. My loss of licence insurance this year has effectively increased by 500%.

There must be something better out there.

[backspace]

I am with Noall/CItigroup and the increase was around 300%.

It's got to the stage that I will just have to risk it and go without, bugger!!

[King Kong]

I am actively researching alternative providers of this insurance. I encourage those out there to do the same and post when you get some good feedback from the suppliers.

We could all do with a better product a reasonable rates. The company that gets it right deserves to get alot of the Cathay pilot's business.

Talk about taking the wind out of your sails!

[flyingkiwi]

I had a meeting a while back with a AIA salesman, basicaly he didnt have much of a clue and from what i gathered they had nothing close to the sort of insurance we need.

any other CX/ or other airline guys out there using other companies??

[backspace]

Concept Benefit Planning in Brisbane are trying to get something up and running at the moment. Should know in the next week or two.

Unfortunately, at the moment they can only offer policies to crew that are employed by Australian companies.

[backspace]

Unfortunately no luck on the previous.

Will have to keep on looking.

[Flying Bagel]

Any updates on this matter? I wonder what the recent outbreak of meteoric premium rises have been due to.

Me thinks going without insurance for the next little while will have to do...

[flyingkiwi]

FPI (friends provident) have been banging on my door sayingthey have something for me, i have just been to busy to organise a meeting with them. Will let you know as soon as im in touch with them

[BMM389EC]

Anyone got any more info on this?

[Tonto Kowalski]

Yes. Contact Kevin McGlynn on 28271199 at Financial Partners International for details of income protection insurance he is co-ordinating. Expect to pay around 50% of Noall's premium, for a similar but not identical policy. Although not cheap, it's the best available.

[Australia2]

Tonto,

That sounds like the best of a bad bunch. Appreciate any more info you have. (as would many others at KA) Is it OK to give him a call ?

Thanks, Oz2

[backspace]

Tonto,

Is that a Hong Kong number?

[Tonto Kowalski]

Yes, that is a HK number. I would recommend giving him a call. He'll explain the differences between the Noall policy and this coverage and you can make an informed decision. As I said there are a number of differences, none of which were too objectionable in my opinion. You're right - it's the best of a decidedly average range of insurance options, but better than none at all!