I have the loss of licence insurance from Cereberos. It is underwritten by Lloyds of London.
Dont know how it compares like for like with the AFAP MBF fund because I'm not AFAP but if anyone want me to answer any specifics feel free to ask.
The agent I dealt with Innes Stafford is excellent and seems to understand pilots.
Maximum you can insure is greater of $500,000 or 4 times your salary (for 30-39yr olds) and for that I paid $1559/p.a.
Extras include
Loss of licence due to:
1. Accident or illness (100%)
2. Undiagnosed or substance illness (upto lesser of 25% or $50,000)
3. Temporary disablement (monthly payout varies depending on reason but from 0.5% to 2% per month limited to max 75% of gross monthly salary)
4. Death by accident ($100,000)
Give some thought to income protection. I think sometimes it can be better value and offers 75% of your nominated salary until you are 60 or 65 (cant remember which). My policy pays if I cant be a pilot. Most only pay if you cant work at all.