The Pacific: General Aviation & Questions The place for students, instructors and charter guys in Oz, NZ and the rest of Oceania.

Income Protection Insurance

Old 6th Feb 2019, 11:19
  #1 (permalink)  
Thread Starter
 
Join Date: Nov 2005
Location: Oz
Posts: 15
Income Protection Insurance

Hi all,

Just wonderering who you are all using for income protection insurance these days.

i have had a policy with Asteron for nearly 16 years. I was doing a review of my direct debits and noticed Asteron hiked my premium by nearly $100 a month back in September last year.

Time for a review I think. Can anyone recommend a good policy that will cover 75% of an airline pilotís salary?

Thanks guys.
bashedcrab is offline  
Old 6th Feb 2019, 11:31
  #2 (permalink)  
 
Join Date: Oct 2009
Location: Australia the Awesome
Posts: 153
Stick with who youíve got

Itís a minefield, and the insurance companies donít like us.

The reason being there is a small group of contributors, ie pilots, and the payouts are big, so the risk for the company isnít worth it.

Comminsureís not taking any new policies, TAL (formerly Tower) arenít either, and either are your guys, Asteron.

Our options are limited, they know that, so they can up the premiums without any care because you have nowhere else to go..

The AFAP MBF, or AIPA if your eligibile are the only other alternatives for Loss of License, which is a reasonable option.
Roj approved is offline  
Old 7th Feb 2019, 00:20
  #3 (permalink)  
 
Join Date: Feb 2001
Location: Australia
Age: 48
Posts: 66
AFAP - MBF if you can, you wonít getting anything better in OZ
Bell Man is offline  
Old 7th Feb 2019, 00:49
  #4 (permalink)  
 
Join Date: Jul 2003
Location: woop woop
Posts: 221
Not completely on topic, but I was with the afap for years, as an associate member most of the time working in Singapore,Kuwait and New Guinea.
I paid my own loss of licence policy during that time for something like 30 years, when I retired the mbf paid out everything I contributed during that time.
Quite simply they are unbelievably good, I never had income protection insurance with them,but if they do something similar to their loss of licence policy you cannot go wrong with them.
faheel is offline  
Old 7th Feb 2019, 01:03
  #5 (permalink)  
 
Join Date: Apr 1999
Location: Brisbane
Posts: 430
Agreed.

AFAP MBF or AIPA (if eligible) otherwise you’re probably stuck being gouged with your current insurer.

PG
Popgun is offline  
Old 7th Feb 2019, 01:43
  #6 (permalink)  
 
Join Date: Jun 2006
Location: Brisbane
Posts: 853
I havenít heard of an AIPA policy. What do they offer?
Derfred is offline  
Old 7th Feb 2019, 02:24
  #7 (permalink)  
 
Join Date: Mar 2013
Location: Doomagee
Age: 6
Posts: 563
My financial advisor queried the increases in fees across the various options and was told that there is a spike in claims related depression amongst pilots. Apparently there are some pretty big numbers of pilots involved. I can't remember how the different union loss of licence handle claims for this I think MBF still cover it but worth checking.
Berealgetreal is offline  
Old 7th Feb 2019, 03:30
  #8 (permalink)  
 
Join Date: Nov 2012
Location: 3rd Rock
Posts: 72
There is a 3rd party LOL insurance product underwritten by Llyods and accessed via TWU membership.
There is also an international French based LOL scheme that I have read good reviews about on prune but I don't know of anyone down under who has held or claimed on it. It was discussed in the ME forums I think. There was one or two others but I dont remember the names of any of them.
Be aware there is a significant difference in protections between MBF schemes and insurance companies however.
Lapon is offline  
Old 7th Feb 2019, 06:38
  #9 (permalink)  
 
Join Date: Feb 2001
Location: Australia
Age: 48
Posts: 66
If the French LOL is related to Air France Pilots itís probably also pretty good. Donít know anything about it however I do know that AF pilots wouldnít tolerate rubbish.

Bell Man is offline  
Old 7th Feb 2019, 08:20
  #10 (permalink)  
 
Join Date: Apr 2010
Location: home
Posts: 322
Also, be careful LOL TPD and income protection are all very different animals You don't want a policy that will only pay if you are almost a vegetable eg you lose your licence but they won't pay out because you are capable of stacking shelves at Coles
airdualbleedfault is offline  
Old 7th Feb 2019, 09:39
  #11 (permalink)  
 
Join Date: Sep 2018
Location: Pergatory
Posts: 16
Iím told of some MBF cases where they have refused payment despite overwhelming medical advice that the claim was valid. It took several months and a legal battle before they would cough up.

The MBF is only an option if you are content with the AFAP as your union. Ask to see a code of ethics before you purchase too (donít hold your breath).
GWhizz is offline  
Old 7th Feb 2019, 09:53
  #12 (permalink)  
 
Join Date: Apr 2002
Location: Oz
Posts: 233
"Iím told of some MBF cases where they have refused payment despite......"



I KNOW of some MBF cases were the claimants been treated professionally and payment paid.

"I'm TOLD" does fit the definition of a RUMOUR network though.
Square Bear is offline  
Old 7th Feb 2019, 10:04
  #13 (permalink)  
 
Join Date: Sep 2018
Location: Pergatory
Posts: 16
Ok, there are cases. I used the term ďIím toldĒ as I was not directly involved, rest assured itís not a rumour.
GWhizz is offline  
Old 8th Feb 2019, 03:54
  #14 (permalink)  
 
Join Date: Apr 2008
Location: Australia
Posts: 10
Loss of licence

As someone considering rejoining the AAPMBF, are there other options for loss of licence insurance within Australia?
Dukeunlimited is offline  
Old 8th Feb 2019, 11:34
  #15 (permalink)  
601
 
Join Date: Mar 1999
Location: Brisbane, Qld, Australia
Age: 72
Posts: 958
AFAP - MBF .... when I retired the mbf paid out everything I contributed during that time.
Must have been a different MBF to the one I paid into for about the same amount of time.
601 is offline  
Old 8th Feb 2019, 20:34
  #16 (permalink)  
 
Join Date: Jun 2007
Location: Australia
Posts: 119
According to their "books" the MBF refunds in the order of $1 million per annum to retiring members who qualify, 601 did you qualify under the rules and did you ask??
Don Diego is offline  
Old 8th Feb 2019, 21:15
  #17 (permalink)  
 
Join Date: Aug 2006
Location: Asia
Posts: 169
Thumbs up

Originally Posted by 601 View Post
Must have been a different MBF to the one I paid into for about the same amount of time.
I got paid out my entire contributions from the MBF after being a member for 40 years.
fl610 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.