Income protection insurance
Join Date: Dec 2002
Location: Australia
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G'day from Oz. Quick question as i'm new to the insurance thing.
Can you get insurance that will cover you in the case you lose you job due to company going under or say you fail a check or something like that?
Does income protection insurance only cover medical related issues?
Any info greatly appreciated.
Can you get insurance that will cover you in the case you lose you job due to company going under or say you fail a check or something like that?
Does income protection insurance only cover medical related issues?
Any info greatly appreciated.
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Join Date: May 2007
Location: The House
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Rod
Thanks for the information re your situation. Havn't quite figured out why you went to the trouble of telling me this? Thanks also for your sympathetic view. I only hope "MATE" that you never have to use your insurance.
Join Date: Apr 2003
Location: Germany
Age: 52
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bondslipper
Your post saying that
"Prefsure which is not a pilot specific own occupation policy, but a generic policy designed for plumbers, dentists and everyone else."
is not correct. My policy states own occupation. If I can't work as a pilot then they pay out. I made sure of this when I signed the paper work.
As a aussie/kiwi the payout is 75% of my total salary. ie Salary + Housing. Which over the next few years will be fantastic. Only drawback is that you have to move to aussie/kiwi land to get the payout. In other countries the payout is not as much as I understand (Could be mistaken here).
Talk to Financial Partners about all that you require. For me it works really well.
Your post saying that
"Prefsure which is not a pilot specific own occupation policy, but a generic policy designed for plumbers, dentists and everyone else."
is not correct. My policy states own occupation. If I can't work as a pilot then they pay out. I made sure of this when I signed the paper work.
As a aussie/kiwi the payout is 75% of my total salary. ie Salary + Housing. Which over the next few years will be fantastic. Only drawback is that you have to move to aussie/kiwi land to get the payout. In other countries the payout is not as much as I understand (Could be mistaken here).
Talk to Financial Partners about all that you require. For me it works really well.
Bondslipper said:
I found these exclusions rather amusing! They seem to cover just about everything...
Rod Von Eddington said:
If they won't pay the basic $2000 to another member, why on earth would anyone pay the premiums on $9,125? More fool me?
I would be a lot more comfortable if TopCover revealed how many CX Pilots had successfully claimed on this type Policy (or otherwise failed) before I threw money again into this type of black hole. Of course, that information would be shrouded in secrecy. Perhaps a few quiet words around the AOA might provide the answers?
The TopCover policy specifically insures you against illnesses / injuries that make you unable to fly. However there are some exclusions; the main ones being certain 'specified illnesses' ( these are mental illnesses) and 'non-specified illnessess'.
Rod Von Eddington said:
The 2000 USD per month that the AOA pays for is nice and a start, but it's peanuts and not going to pay your living expenses anyway....I have personally topped mine up to a 9,125 USD monthly coverage.
I would be a lot more comfortable if TopCover revealed how many CX Pilots had successfully claimed on this type Policy (or otherwise failed) before I threw money again into this type of black hole. Of course, that information would be shrouded in secrecy. Perhaps a few quiet words around the AOA might provide the answers?
Thread Starter
Join Date: May 2007
Location: The House
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Thanks flex for your backup, these sort or flippant uninformed responses(rod and friends) just make me angry. You are kidding yourself Rod if you think "topping up" is going to save you any more grief than what I'm going through. As flex said, "more fool you".
I am pilot. If I suffer from hearing loss in one ear and lose my pilot licence for medical reasons, will this policy pay me income benefits to age 55??
Since that time, it seems that a bunch of crooks and charletons have invaded the pitch and are now intent on stealing pilots' money without any intent of ever paying out a claim against themselves.
Caveat emptor indeed! I say screw the pilot income protection insurance industry and the horse they rode in on.
Join Date: Jan 2005
Location: BNE
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2 Dicks
I think what he means is that the policy is open to many different trades(plumber, shearer, doctor etc), but the payout is supposed to occur if they can't do their own occupation (i.e. plumb, shear, practise medicine).
Join Date: May 2001
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Topcover exclusions
Besides the obvious 5 year restriction, topcover now have exclusions for racing and recreational flying. This means go-karts, and your own cessna.
I do a moderate amount of recreational flying - as do many of us, so bear in mind that you will have no cover for this.
I do a moderate amount of recreational flying - as do many of us, so bear in mind that you will have no cover for this.
Some years ago we had an exceptional explorer and also CX pilot killed in a crash in Antartica on an exploration mission in an ultralight. They wouldn't cover his family for the loss of his life, let alone loss of licence and earnings. Thank heavens the AOA came to the rescue of his family with immediate financial assistance.
Double-screw the insurance industry and the horse they rode into town on.
Double-screw the insurance industry and the horse they rode into town on.
