Loss of liscence insurance - for airline pilots
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Join Date: Sep 2002
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Loss of liscence insurance - for airline pilots
Hi, I need some information regarding the details of your loss of liscence insurance. I am not referring to accidental death god forbid, but rather to loss of class 1 for a medical reasons or physcological reason or other. If capatins or f/o's flying in Europe can answer me so much the better.
Some policies for example cover your basic pay till retirement age, others its a percentage of what your basic pay was when one lost his liscence. I would also like details regarding any exceptions there are, who the company insuring you is (or broker) and approximate cost per year.
Thanks for any help.
Some policies for example cover your basic pay till retirement age, others its a percentage of what your basic pay was when one lost his liscence. I would also like details regarding any exceptions there are, who the company insuring you is (or broker) and approximate cost per year.
Thanks for any help.
Join Date: May 2000
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Costs and terms vary widely, and also increase with age.
In the US, ALPA sponsors 2 plans, and IFALPA used to offer a plan. You may want to check with your union or pilot group, if you have one.
In the US, ALPA sponsors 2 plans, and IFALPA used to offer a plan. You may want to check with your union or pilot group, if you have one.
Join Date: Jun 2001
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Our plan pays unrestricted 60% of base pay until age 65. Base pay is defined as the minimum hourly guarantee pay per month according to the latest collective bargaining (Union) agreement. Premiums are typically USD $25-70 per month, depending upon the pilot's age. Payout begins 6 months after the reported medical disability. A separate "short term" disability option is also available and it would include immediate coverage for those first six months of disability.
