What happens in troubled times for Crew

[ozskipper]

Hey all...

It would seem that there is a light at the end of the tunnel for the aviation industry.... things appear to be picking up and compulsory redundancies averted (hopefully).

Given the volatility of the industry, is there insurance crew to take out to protect your income in case of troubled times or is it case that you just have to rely solely on your savings?

From what I've seen over the years, aviation / travel is the first industry to be affected in troubled times and usually the last to recover - is there anything you can do to protect your income?

Cheers

[Bandit_70]

Savings? I don't know any crew members that have any savings....Oops we must be spending to much flight pay on beer and duty free's....

On a serious note.You can take out an income protection plan with various financial companies and they vary in price....I've got one with a company called Paymentshield(i think its just been taken over by another company and called something else) and in the likely event that i get made redundant i'll be paid a sum of cash for 12months.Its not a fortune but enough to cover the mortgage and other essentials like sky tv,lap dancing club membership and monthly payment on the ferrari etc..

I think its about £12.00 a month so it wont break the bank and well worth having..


Laters....

[ozskipper]

Are there any similar insurance schemes in Australia or companies overseas that offer coverage in Australia?

[AndrewDima]

Hello Oz,

There are a few companies in Australia who offer an Income Protection Paln. Eg. Tower Life, AXA, Colonial Mutual. I think out of those 3 the Colonial policy would have to be the most impressive.

They pay up to 75% of your monthly income depending on your health, how secure your job is and they also look at how safe your job is in terms of injury.

All these factors also determine the price of your premium each month, which i estimate to be approx $70 -$90 per month taking into consideration that your job is based in the skies. :cool:

Hope that helps buddy!

Andrew!