Comparisen of Loss of Licence Insurance products?
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Comparisen of Loss of Licence Insurance products?
Hi All,
I am currently looking at the various loss of licence/income protection insurance policies that are available to jet/rpt pilots.....
Every broker I speak to trys to sell me their policy..... Id be interested to know if anyone has had any experience claiming against any of the big insurance policies or the AFAP MBF ?
My understanding is that the comminsure policy (and most conventional income protection policies) will only pay out on a very specific list of ailments..... Ie if i lose my medical for something trivial the big insurers wont pay.....
Any thoughts/info/opinions/experiences would be most appreciated.
I am currently looking at the various loss of licence/income protection insurance policies that are available to jet/rpt pilots.....
Every broker I speak to trys to sell me their policy..... Id be interested to know if anyone has had any experience claiming against any of the big insurance policies or the AFAP MBF ?
My understanding is that the comminsure policy (and most conventional income protection policies) will only pay out on a very specific list of ailments..... Ie if i lose my medical for something trivial the big insurers wont pay.....
Any thoughts/info/opinions/experiences would be most appreciated.
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I have numerous friends with Qantas and Virgin with Comminsure Pilot Cover.
It pays up to 2 million max by yearly instalments of 75% of your income. I would say it is prob the industry standard after some other players pulled out a few years ago ie Asteron.
I have another friend who had a policy with the MBF. The $550,000 capital benefit is IN ACCORDANCE WITH FUND RULES. Fine print means for Mental illness the payout is only a percentage of that amount. It turns out they didn't even want to pay that when he lost his medical and this is now in the hands of lawyers. He would prob tell you to avoid them like the plague and no doubt his experience will spread through the Virgin pilot community after the matter is finally settled.
Hope this helps.
It pays up to 2 million max by yearly instalments of 75% of your income. I would say it is prob the industry standard after some other players pulled out a few years ago ie Asteron.
I have another friend who had a policy with the MBF. The $550,000 capital benefit is IN ACCORDANCE WITH FUND RULES. Fine print means for Mental illness the payout is only a percentage of that amount. It turns out they didn't even want to pay that when he lost his medical and this is now in the hands of lawyers. He would prob tell you to avoid them like the plague and no doubt his experience will spread through the Virgin pilot community after the matter is finally settled.
Hope this helps.
Last edited by catch18; 23rd Aug 2012 at 09:21.
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Yep.
I know the Virgin Pilot that lost his Class One and is now fighting for a payout from the MBF.
He has a top QLD lawyer on the case and this will end badly for the MBF and when he chooses to spread the word around Virgin it will have an impact.
He is a top bloke and knows people in very high places.
I know the Virgin Pilot that lost his Class One and is now fighting for a payout from the MBF.
He has a top QLD lawyer on the case and this will end badly for the MBF and when he chooses to spread the word around Virgin it will have an impact.
He is a top bloke and knows people in very high places.
Last edited by wilcoleaks; 23rd Aug 2012 at 09:41.
Unfortunately, all Insurance is the same.
They are more than happy to take your money. But when it all goes to sh!t, they fight tooth and nail to avoid paying out!
They are more than happy to take your money. But when it all goes to sh!t, they fight tooth and nail to avoid paying out!
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MBF don't pay until 15 months later
Then they palm you off to the Financial ombudsmen for dispute resolution
Personally - I know a few people that would strongly advise against them.
Check all the fine print, declare everything, ask to see their claim forms, send them your full medical history upfront and beware that you will prob have to fight if you make a claim.
This topic makes great flight deck conversation - ask about and get all the FACTS
Then they palm you off to the Financial ombudsmen for dispute resolution
Personally - I know a few people that would strongly advise against them.
Check all the fine print, declare everything, ask to see their claim forms, send them your full medical history upfront and beware that you will prob have to fight if you make a claim.
This topic makes great flight deck conversation - ask about and get all the FACTS
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Well I will start with by saying that I have had my issues with the way trustees have dealt with claims over the years. But I will say one very clear and absolutely unambiguous outcome I would rather deal with them than an insurance company anytime.
The only cover for LOL that is not an insurance company is the MBF. It is pilots looking after pilots. The alternate is a two bob POM based in London with no interest in the outcome other than the underwriting policy.
Yes there are times when the trustees are required to say no due rules or viewpoint but I would much rather someone that actually knows what you do than the shiny pants in in an insurance office.
What I do know is that the campaign to discredit MBF needs to take into account that two VB pilots have been paid out in last few weeks to the tune of a $1 million show me the track record of the ‘snake’ fund which is underwritten by an insurance office on their payouts???
If the pilots have an issue they can and do approach individual trustees for discussion and at times go through the formal process of the rules. Where is the shock and horror in that??
Give it break boys & girls and look sensibly at what this is about trying to deride something that your predecessors set up in 1961 to look after pilots not an insurance company. I can give you many examples of companies who have denied claims regularly (NJS, QantasLink, etc) as against the MBF who have occasional issues covered under their rules and access to assistance from fellow pilots.
Go to an insurance company and cop the pain but please do not say the MBF is the same as it is not.
As usual happy to put my name to this rather than hide and provide b******t as fact.
Lawrie Cox
Manager – Industrial Relations
Australian Federation of Air Pilots
The only cover for LOL that is not an insurance company is the MBF. It is pilots looking after pilots. The alternate is a two bob POM based in London with no interest in the outcome other than the underwriting policy.
Yes there are times when the trustees are required to say no due rules or viewpoint but I would much rather someone that actually knows what you do than the shiny pants in in an insurance office.
What I do know is that the campaign to discredit MBF needs to take into account that two VB pilots have been paid out in last few weeks to the tune of a $1 million show me the track record of the ‘snake’ fund which is underwritten by an insurance office on their payouts???
If the pilots have an issue they can and do approach individual trustees for discussion and at times go through the formal process of the rules. Where is the shock and horror in that??
Give it break boys & girls and look sensibly at what this is about trying to deride something that your predecessors set up in 1961 to look after pilots not an insurance company. I can give you many examples of companies who have denied claims regularly (NJS, QantasLink, etc) as against the MBF who have occasional issues covered under their rules and access to assistance from fellow pilots.
Go to an insurance company and cop the pain but please do not say the MBF is the same as it is not.
As usual happy to put my name to this rather than hide and provide b******t as fact.
Lawrie Cox
Manager – Industrial Relations
Australian Federation of Air Pilots
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Insurance companies don't avoid paying legitimate claims, they structure their portfolios in order to make a profit do they can do so.
Income Protection Insurance is a high premium, low claim product and formed a large part of their profit base. I was strongly incentivated to ensure penetration of this insurance amongst my agents.
Income Protection Insurance premiums and commissions are the sole insurance product to be subject to legislative reform, that's how good this product is for insurance companies.
As always, read the Product Disclosure Statement to endure the product is right for your needs.
This is General Advice only, your personal position may differ.
Income Protection Insurance is a high premium, low claim product and formed a large part of their profit base. I was strongly incentivated to ensure penetration of this insurance amongst my agents.
Income Protection Insurance premiums and commissions are the sole insurance product to be subject to legislative reform, that's how good this product is for insurance companies.
As always, read the Product Disclosure Statement to endure the product is right for your needs.
This is General Advice only, your personal position may differ.
My premium with Comminsure has just come in and it looks to have gone up by a whopping 46 percent including 3 percent indexation 
from the previous year.
I have registered a complaint with Comminsure and I will be taking this as far as possible.
from the previous year. I have registered a complaint with Comminsure and I will be taking this as far as possible.
