Smash312

Not sure if this belongs here, but figured that folks in this forum may have made provisions for this type of thing.

I've recently moved away from the US regional system to a gig in the Middle East. With an increase in income and increasing family size, I really need to look at loss of license provisions and/or other provisions such as disability/death etc. I know it's a boring subject, but just want to make sure should something happen tomorrow, my family would be protected. Can someone please point me in the right direction. I know ALPA have a scheme (I'm no longer an ALPA member) but am sure there are other providers out there that may have comparable products at more competitive rates. 32, Male, Non-Smoker, Good Health history.

Howgozit

Take a look at Harvey. Watt and co. They have specific loss of license coverage.

30west

I would recommend them also( I have a small amount with them and ALPA). They have retired FAA docs and people that worked at oak city in FAA HQ so they know the system and people. They have the reputation of not wanting to pay out, so they really fight the FAA tooth and nail to get your medical back to you ASAP so they can quit paying you. If that's what you want , if your looking for a bunch of cash for sitting around go somewhere else.

30west

GW258

Harvey Watt. Go max + extended. This is MEL for every pilot. No other way to protect your family/self.

Smash312

Will drop them a line as soon as Monday rolls around. Y'just never know.

jtf560

Pay close attention to the terms of the policy- especially the Harvey Watt offerings. If you are looking for true loss of license, pay attention because many of the policies don't really cover for loss of license unless you are so messed up that you meet the Social Security definition of disabled. Many of the plans out there use the SS definition which only covers you if you can't physically do any sort of work- not just something smaller that leaves you unable to hold an FAA medical but able to do other stuff. Also watch out for language in the terms that takes away the money they are supposed to pay you if you are doing some other form of work. It will be hard to find something that won't reduce the money they are paying out if you are doing other work. I guess what I am trying to say here is to look at all the fine details and how they will affect you in case you try to collect. Good luck.

Jetjok

Loss of license insurance is usually a short term, stop gap measure, designed to compensate you the difference between what your company will be paying you, usually on short term disability, and what you would normally be making, if you were still flying for your company. I'm thinking that loss of license ins. pays out for perhaps up to two years, and it can be bought in blocks, to bring your "monthly pay" up to 100% of your "before disability" pay check.

Disability Insurance on the other hand, will pay you for however long your policy states, usually starting after some short period of time, like 30 or 60 days, and going until you either go back to work, in the profession/job that you had, or you turn a certain age, like 60 or 65, again, depending on your policy. If you buy an individual DI policy and pay the premiums, anything that your policy pays you is tax-free. If your company supplies a DI policy and pays either the whole premium, or partially, with you paying some, than the money you receive is taxable.

Remember that insurance companies would prefer not to pay out, so if you've bought a DI policy and go out on disability, expect them to be looking over your shoulder, to make sure that you're not scamming their system. I don't believe that a personal DI policy, will look at you the same way that social security looks at folks who apply for social security disability. Usually, an individual policy will state that it will pay if you can't perform the job that you listed as your primary job when you signed up for the policy. Individual DI policies usually allow one to "work" to a small degree, in another field, without expecting reimbursement. However, if you earn over their threshold, they will want you to repay that amount.

In conclusion, lol insurance is short term while a private DI policy is more a long-term guarantee of money coming in.

JJ

jtf560

Loss of license can be whatever the policy says it is. Disability is whatever the individual policy says it is. I currently have short term disability for 6 months at 60 percent salary, long term disability for 6 months to age 65 at 60 percent, and loss of license for 3 years at 60 percent if I just lose my license and can do other work. I am about to get loss of license that goes to 65 percent from the end of the current plan I have at 3 years that lasts until age 65. I actually never heard of loss of license defined as you have it, but I have heard of that sort of insurance and all the ads for it feature a talking duck. I believe it is just called supplemental insurance and is offered by Afflac and probably other insurance companies also.

rogerwilcoout

jtf,

Who do you have LOL insurance through?

jtf560

My current LOL is supplied by NetJets and I believe it is self administered and funded by NetJets also. They also supply and administer the Long and Short Term Disability. I went through the available documents and couldn't find any mention of anything other than NetJets as the plan administrator. The LOL I will be adding soon is getting finalized by the union at NetJets- NJASAP and should be available in February. They haven't announced all the details and I'm not sure what insurer they found for the new plan. I don't believe it will be available to anyone outside of the union, but I guess it is possible the company that offers it may offer a similar plan to other pilots once it is finalized.