Does anyone know of a substitute to L.O.L insurance other than the AFAP MBF?
Separately, I read an article regarding the AFG proposing a flat rate income tax systems with no expense claiming on the tax return! As a G.A pilot I would be ruined if I could not claim tax deductions. It might just be a good reason to take up a different line of work!
U2
There are a couple, but none of them measure up IMHO.
Think upon this -- whomever else you get insurance from, will be looking to make money out of the business. The MBF is run by trustees that do not make money out of it. Whomever else you get, will be in the general insurance business. Hurricane wipes out a major US city, then they need to make more money from you. The MBF is a mutual benefit fund. If you are under 40 years of age and you want LOL plus a bit of salary continuance cover from people who won't try to wriggle out of paying you when you need it... go MBF.
When you buy a car, you want it to start when you turn the key and get you where you want to go comfortably. Tax advantages, colour options, etc don't mean nothing if the car don't start.
If you ever find yourself in the position of NEEDING your LOL insurance, you will be in financial strife, your future uncertain, and with medical and normal bills to pay. The last thing you want is to be dealing with an insurer that sees your claim as something to be minimised or delayed.
Before you eliminate the MBF, think of what you will REALLY need the day after your doc tells you that you have adult onset diabetes/a heart problem/a chronic injury and pulls your medical.