LOL / Income Protection Insurance

[fuji]

Just wondering about peoples thoughts on the AOA LOL insurance?
My Financial adviser is trying to talk me into a policy with a company named Tower. Obviously they want me to go in that direction so they get there comission, but i would prefer to go with the AOA's if it is comparable.
Would appreciate any thoughts or actual experiances with either of these policies.
Cheers

[fire wall]

check private messages

[EngineOut]

firewall, i would appreciate the opinion/info also

[badairsucker]

me too please. been thinking of joining the AOA for a while and wonder if the LOL is worth it.

Cheers

[simplex]

AOA Insurance - cheap and nasty. Suggest you talk to those who've tried claiming.

[BusyB]

I suggest you read VERY carefully the conditions and restrictions in any policy including AIG before taking it up:hmm:

[fire wall]

A.P.P.N. set up for Air France pilots but we are able to join
best by a long shot
contact Yolande [email protected]

[fuji]

Yeah after a bit of asking around it's not the first time i have heard it refered to as cheap and nasty! Have also been hearing quite a few stories about not getting paid out and even when you do it is an agonizingly long process to get there.

[sanook]

I have been dealing with the income protection scheme from the AOA for just under ten years. I still have to fill in numerous forms every month but I seem to have got the hang of it now. At least I do get paid. Please guys take out income protection !!! You just never know when something might happen. Sport etc I know it's expensive but shop around and at least you'll have peace of mind.
One last thought. Don't take all this headache within too seriously as when you finish and look back at those years, you'll soon realize that it was really insignificant. Go out and enjoy the good bits !!!

[BusyB]

What do you mean?

I,personally, have claimed from AIG under the AOA policy, successfully. If anyone knows a policy that does not have an alcohol impairment condition please advise me as I have not seen one.:confused:

[simplex]

AOA Insurance - cheap and nasty. Ask those who've tried claiming.

[Buzzsaw]

Guys, this is a rumour network. With something as important as insurance you would be better advised to obtain the FACTS.

The HKAOA provides the Group TopCovr insurance because it is the most suitable policy for professional pilots. A huge amount of effort and diligence has gone into this over the years. All the facts are available at the HKAOA office and MEMBERS are advised to seek advice there.

The recent insurance newsletter informed members about our claims experience - which is good. Many members have been paid, and are still receiving monthly benefits. If you think someone has a problem getting paid, then ask the HKAOA office for the facts. All members who are claiming should always advise the office and seek the support of our staff in processing their claims.

[simplex]

Buzzsaw/B&H: the aoa are better suited to giving away our :mad:ing CoS than giving advice on income protection insurance. The aoa offer only one choice - Topcover who they have a deal with. There are many better products out there. See a proper insurance adviser who can explain the strengths and weaknesses of each. Topcover may suit if you're within 5 years of retirement (they only pay for 5 years), not going to have a mental issue (50% of pilot claims are) and have the time to do battle with them for payout...cheap and nasty. Otherwise get an Insurance adviser to run through the proper insurance options.
PM if you want a contact.:)

[jon0908]

It is a highly specialised product with relatively few market players. There are varied products around - some cover psychological issues, others don't. Some have lump sums available to members who need to protect, for example, mortgages or other financial commitments - others don't.

As COS change - particularly with reference to retirement ages - so these insurance arrangements need to change.

For those interested in different alternatives, you can learn quite a bit from BALPA's in-house independent financial advisors website - BALPA Financial Solutions - contact Peter Gilbert the MD.

The main thing is to keep all of these things under periodic review and, where it makes sense, have alternative products available so that members varying needs can be met.

[jon0908]

This is a specialist insurance written by relatively few companies. Few appreciate the way that aviation medical regulations interact with the normal practice of insurers.

The problem is that in the search for cost-savings buyers - usually airlines - look at the cost and not the cover. This can cause serious problems for aircrew with health conditions - benign or serious - because of insufficient scrutiny of proposed changes of insurer or policy conditions.

A simple example is that policy A may cover psychological problems but B may not: CASA permit relicencing in specific circumstances while taking anti-depressives, most authorities do not. Consequently, the impact on the member may be very different.

Most specialist insurers provide lump sums for "permanent" licence denials - this can be difficult to determine because most authorities do not permanently cancel licences now given the dynamic change in medicine generally and human rights legislation. Its therefore important to ensure that any policy has checks and balances to protect members if there is disagreement without recourse to legal proceedings: examples are the medical referee process in BALPA's policies and ALPA's pilots benefit review board.

My experience in this area is that it is important for associations to provide impartial advice - either themselves or via a third party according to domicile and regulation. Its not always in members interest to embed a programme too closely and not offer alternatives - or at the least regularly tender that programme to ensure that the differing needs of members are protected by the Union's umbrella but sufficiently flexible to reflect individuals requirements.

Might be worth a look at BALPA's website and their in-house Independent Financial Advisor, BALPA financial Solutions. Its a different approach but gives a lot of flexibility.

[iflyplanes]

Once again.....

if you dont like it then tell someone - someone who can change things unlike PPRUNE. If you are having issues with Top Cover and they are not paying out send the FACTS to AOA and then they will look at something else in the future. The AOA are not the legal guardians of Top Cover, they just offer it...your not being forced to not take out other insurance if you feel it is not up to standard.

Contrary to popular belief the AOA doesnt offer the cheapest and nastiest, they offer what they have researched and believe to be the best on offer THAT THEY KNOW ABOUT.

If you have another scheme then by all means share with the pilot community instead of keeping it in here....email [email protected] with your suggestion...they are in the process of deciding whether to roll over Top Cover in the coming months so your input will be welcome.

if you dont tell anyone no one will know.


IFP.