Loss of flying pay insurance

[abbotyobs]

Hello All, In the light of the current credit squeeze etc, and trying to save a few pennies on needless or excessive insurance I was looking at my current loss of flying pay insurance policy. I think the premiums are far too excessive.

I was going to cancel it, but thought I would post here just in case you chaps know of a cheaper way of doing things.
My policy is with harrrison beaumont=AFFAS and for £30k loss of flying pay insurance, the premium is £33 a month or £391 per annum, for a 37 yr old.
This seems excessive, much more than the old payguard scheme which closed in 2003, anyone else have similar premiums/experience etc

Many thanks

[CirrusF]

That seems expensive. My loss of (civvy) licence insurance costs €10 per month for €120k payout. Not a direct comparison, I know, but nevertheless makes yours seem expensive.

[Op_Twenty]

Bin your flying pay insurance mate, I refused to pay for it and have flown jets for over 2000 hrs now with no snags. If I did lose my flying cat I'd just go do something else, you can do whatever you want mate, you're obviously a talented guy to be flying in the first place. If you're in the services they'll just re-role you into admin where you'll shine, so you'll still get paid, ok - no flying pay but then just leave and travel a bit. Insurance just ties you down.

Saying that, it's only £30 and we tend to drink more than that on a Friday happy hour

[Truckkie]

Are you leaving at 38 or have you been assimilated?

PAS = no flying pay to insure

If you've only one year to do then keep the insurance - if you're staying in on an PAS or promotion I wouldn't bother.

Regards

[abbotyobs]

"Are you leaving at 38 or have you been assimilated?"

Thanks, I am staying in for the moment, career stream, my gut feeling is that I should cancel the flying pay insurance, the premium seems excessively large for the small payout, compared to the civilian loss of licence insurance premiums, for example.
Cheers

[abbotyobs]

Does anyone bother with 'loss of flying pay insurance' or is it just me wasting my money?

Thanks

[Op_Twenty]

I've had kit insurance for 10 years and never claimed once! Might stop it...

[Pontius Navigator]

I sucked about it and in the end didn't.

I was downgraded to A2 at age 38 but the paperwork was 'lost' until I was 45 and well assimilated. By then I was blind as well as deaf. All I needed next was daft.

In short I remained A2 until I retired. There are plenty of jobs that they can shove you into that do not need A1 cat.

You might not like the idea but all the insurance does is save your flying pay whereas without insurance you retain the FP and may fly too.

[Can't Hover]

I thought about getting flying pay insurance, filled in all the forms and then thought "What are the chances of claiming, it can be a lot of money, nah I won't bother".

8 months later I was downgraded and, for a while, was staring down the barrel of permanently losing my med cat . At that point I REALLY wished I had spent the money and got the insurance.

Having been down-graded and gone through all the rigmarole of getting back in the air I have seen how easy it would be to lose out due to highly paid medics covering their arses and not making the tough decisions they are well paid to make. Your Med Cat is a precious thing.....thing long and hard about what you would do if you lost it, particularly in the current economic climate, and how much money you would need to do it. Can you really afford NOT to have the insurance?

[Co-Captain]

£40/month for a £80k payout if you lose your med cat (with PAFS). I've had it 5yrs now I'm afraid to get rid. Sod's law as soon as you do, something may happen. I guess that's why its 'insurance'. Having said that, it'll be the first thing to go if and when I PVR

There are other ways to save cash