Gday guys,
This came up at work today and seeing as I didn't see anything on here thought I'd draw peoples attention to it.
The Mutual Benefit Fund's Loss of licence cover have introduced new rules which we are meant to vote on from tomorrow (friday 6 March).
They have changed a rule to say that if you are receiving work cover payments you will not get any payments from MBF, for either temporary or permanent loss of licence.
Read the amended rule 6c and see what you think.
6c) The Fund shall not be liable to make payment of Benefits to a Member where the Member’s Class 1 Medical Certificate has been suspended or Permanently Lost for any disability in respect of which, in the Trustee’s reasonable opinion, the Member either is currently or would be entitled to receive any periodical or other payments (including, but not limited to workers’ compensation) under state or federal legislation, unless the disability has been specifically accepted by the Trustee
Looking at workersComp it looks like your monthly payments could be as low as 75% of your normal income and I believe the total is capped at a fraction of what you'd be entitled to from the MBF.
Looking at the MBF website and all their claims of not reducing their payments due to other income I'd say they're trying to change a rather significant part of their cover.