Income Protection for Pilots

[chickenman]

Just been gouged a whopping 43% increase in premiums for income protection by a 'big four' bank. Along with a nice letter advising that I get a 3.5% increase in the value of the policy for CPI!

That is monthly cost from $410.00 up to $590.00. (for 11,900 p.m. cover)

Is this typical? Their excuse is that pilots are costing them more than they anticipated.

Would appreciate any suggestions of more reasonably priced alternatives.....

[Stiff Under Carriage]

Surprised you got some. I cant, though have underlying medical condition that makes me even more risker! I'm assuming this is with Comminsure? $410 per month seems an extreme amount though to be paying for it?

[Ultralights]

Open a separate account, and deposite $500 a month into it, and don't touch it until you loose employment, 10 or so years later, with compounding interest, it willbe quite substantial, better your money earning you interest than them.

[rmcdonal]

Australian Air Pilots Mutual Benefit Fund - Home Page
Same thing as dropping money into an account as well, they give you all your money back after 20 years if you don't claim.

[Ollie Onion]

Last time I asked the MBF was still closed to new members, is this still the case??

[FokkerInYour12]

You could always change to a desk job, get the insurance, then have a change of heart and go back to piloting duties.

FYI I used lifebroker.com.au recently and upped my cover from 1.25M to 2M for the same price with the same insurer.

[rmcdonal]

The MBF is open to new members and has been for a few years now.

[leffe]

AV Insure | Financial Planning & Insurance

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