Income Protection Insurance
 

Stick with who you’ve got
 

It’s a minefield, and the insurance companies don’t 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 isn’t worth it.

Comminsure’s not taking any new policies, TAL (formerly Tower) aren’t 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.

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.

I haven’t heard of an AIPA policy. What do they offer?

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.

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.

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

"I’m 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.

Loss of licence
 

As someone considering rejoining the AAPMBF, are there other options for loss of licence insurance within Australia?

Must have been a different MBF to the one I paid into for about the same amount of time.

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??