Qantas Staff: Income Protection Insurance

[bondslipper]

The TopCover insurance scheme that was designed exclusively for aircrew as an OWN OCCUPATION policy is available for all pilots in Oz that fly for QF, Jetstar and Qantaslink. The scheme was introduced by AIPA in 2003, but now it is open to all pilots.


AIPA do not arrange cover for Members, but there is some information available, and there are sometimes adverts in Altitude.

The cover is not available through brokers or advisors at the moment, only direct from the insurance company, AIA Life in Melbourne. Saves money for pilots. Worth a look.

[bondslipper]

for contact details you can ask AIPA, or ask AIA directly:
TopCover Administration
AIA Australia Group Operations
Level 4, 553 St Kilda Road
MELBOURNE VIC 3004
PO Box 6111 St Kilda Road Central VIC 8008
Telephone 03 9009 4111
Fax 03 9009 4680
Website Address: https://aia.com.au/topcover
Email:[email protected]

I know this seems like an advert, but it's not. It's just that this scheme is not advertised to pilots other than indirectly by AIPA.

This is just for you to have a look, then you can make a good decision if you are comparing. This policy seems to be the only one that pays benefits if you cannot fly, but could work in some other job.

Also, it is not affected by any Loss of Licence insurance that we may have as individuals, or through QF or other company.

Hope it is helpful.

[aussie027]

Sorry bondslipper but the info you provided is not correct.
I just spoke to Kathy at AIA on the number you provided and this insurance is only available to pilots flying for Qantas , Jetstar and Q link. :{

[nitpicker330]

I just rang AIPA and they don't know what your talking about either???

[multime]

Have coverage through ING, covers loss of licience, sickness, loss of medical, loss of work through injury, and if you make the ultimate mistake, death.
Little on the exxy side but with the mortgage and a bit more for the relatives to plant you, think it,s worth it.?

[bondslipper]

Aussie 027 - sorry if my initial post wasn't clear: "The TopCover insurance scheme that was designed exclusively for aircrew as an OWN OCCUPATION policy is available for all pilots in Oz that fly for QF, Jetstar and Qantaslink. The scheme was introduced by AIPA in 2003, but now it is open to all pilots.

By all pilots I meant all pilots in these airlines. It used to be exclusively for AIPA members. Sorry for the confusion.

[bondslipper]

Nitpicker 330: I have spoken with AIPA and they certainly do know all about it, so not sure who you asked? Try asking for the Membership Coordinator?

[bondslipper]

Multime, glad you do have cover. However, do please read the policy carefully about the Income Protection and check it is really OWN occupation. Most generic polices say something like:

if, in the opinion of the insurer, you are able to work in another occupation for which you are suited by education, training or experience' then the policy will not pay. What that means is, you have to be basically totally incapacitated. So if you lose your licence for being deaf in one ear, or having diabetes etc. you are unlikely to have a successful claim. it has happened to a lot of pilots in the past.

My own view is that unless the income protection is very specifically protecting your earnings as a professional pilot, then it isn't really worth much to you. In the event of a totally disabling accident, Personal Accident insurance would provide more cash at much lower premiums. And if an illness is so severe that you are totally unable to work in any capacity, then it is likely to be life threatening, in which case Life Insurance is much better value ( for your heirs!).

The devil is always in the details!!

Have a look at the AIPA/ Topcover rates and policy and compare with ING.

Insurance seems exxy until you claim! Seems very exxy when you claim and you find you weren't covered in the way you thought.

Better still, stay well

[tail wheel]

As this is a Qantas Group internal matter, why not post on a Qantas staff bulletin board - why PPRuNe, which is not the exclusive domain of QF staff?

:confused: :confused:

[PaulDamian]

"if, in the opinion of the insurer, you are able to work in another occupation for which you are suited by education, training or experience' then the policy will not pay. What that means is, you have to be basically totally incapacitated. So if you lose your licence for being deaf in one ear, or having diabetes etc. you are unlikely to have a successful claim. it has happened to a lot of pilots in the past."

Bondslipper, your pretty much on the point. Most insurance policies reflect the common law position that a party must 'mitigate' their losses as far as reasonably practicable. If you lose your medical, you generally don't automatically get a massive windfall payout. The insurer will perhaps 'make up the difference' until you get trained in another job. Jobs like ground instructing, sim instructing and other teaching and training jobs in aviation would be expected job roles. Unless you are rendered near totally useless from a nasty accident or a stroke.

As pointed out above, you need to very carefully read the terms and conditions of the policy.

Most insurance tends to cover your lost income having regard to your current and future capacity to generate income.

I made some inquiries with AFAP scheme ages ago, and as I'm also a lawyer, they indicated that there would not be much of a payment if I lost my medical, as I have current and prospective source of employment and incomne. CPL is only ever going to be a hobby for me.

More generic accident and income protection insurance schemes might be more economical and beneficial.

[bondslipper]

Hi,

some good points well made. And I hope, underscoring the value of a policy that is written for, and designed exclusively, to protect the income of professional pilots if they cannot carry out their own occupation = pilot. Even more than that, it protects the current income, so if you lost a job as a Jetstar 330 captain due to health, and 2 years later got a CASA licence back but could only get hired as a VB FO on the 737, the policy would still supplement your original lost income.

As far as I am aware, the product is unique in the market, but unfortunately, not enough guys are doing their due diligence.

[bondslipper]

I gather AIA have extended the enrolment into TopCover until June 30th.

A bit of research also shows that Tower Life and other Aussie based insurers have withdrawn their products. Pilots who still have these other polices might want to review the exclusions that limit the payout of benefits.

[Cartich]

Your existing Tower (Asteron, or other company) policy can never be taken away from me if I keep paying the premiums. All but one major company has left the market for pilots however own occupation is still available if you work for one of the major airlines. I recommend that you speak with Life Shield.

[Fortitude]

Cartich is correct that there is only one provider of Income Protection left in the Australian marketplace for commercial pilots, however be aware that the "own occupation" definition ceases at age 55, following which it reverts to "any occupation". Having said that, it's still a very comprehensive contract.

The reason Life and Accident policies are cheaper options is that they rarely if ever have to pay out. The vast majority of claims are paid for illnesses that stop pilots working for between 3 an 12 months. They don't get LOL in this instance and they don't get Accident or Life payouts. Thats what comprehensive Income Protetion is designed to protect you against.

I cannot stress enough the importance of doing your due dilligence regarding your insurance. The difficulty is usually in establishing whether you have cover through your employer and what that cover actually pays for. Virgin, Qantas and JetStar all have completely different Loss of Licence policies, some include income protection, some don't and some are automatic and some require you to "Opt In". Once you know what you have, you can then look at what else you may need.

To be clear, I'm a Financial Planner based in Melbourne who works in this space. I was referred here by an existing client who felt that the information they were getting from colleagues was raising more questions than it answered. I haven't had a response from the mods regarding the forum rules on providing information in posts, where it may be seen to be advertising, so to avoid any issues, I've prepared a 1 page information sheet on the Income Protection cover available with details of who's eligible to apply for it which I'm happy to send to anyone who pm's me. No sales pitch, no catch, just obligation free information.