Swass

Is there any interest in a disability insurance product that protects pilots when/if they lose their FAA medical?

I am trying to gauge interest level for such a product. If it were available would you guys buy it, assuming the cost was reasonable?

Also, does your legacy carrier provide you with some sort of protection against losing your medical?

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What Would Kelly Leak Do?

AAflyer

American has a disability plan negotiated through APA.

It entitles the pilot to receive a benefit of %55 of their past 12 months (salary) with a cap up to $6000.00. a month.

The union has a program called PMA which can be purchased for approximately $22 a month which will pay out $1800 a month (tax free) as it is a purchased insurance.

I have been out for the past 8 months, should be returning in about 6 weeks.

I have been making $5600 + 1800 PMA = $7400. For doing nothing! I have been working full time as a simulator instructor for a a leading business aviation training center ( extra cash)

All in all pretty happy. As I mentioned I do not pay any premium for my Disability as it is a contractual item for me.

I would be curious to know what it would cost and what benefits would be available.

Thanks

AAflyer

Swass

There's a possibility that I can get pilots disability that you would personally own (meaning you take it with you job to job etc.) that would pay 60% of your salary in the event you cannot pass your medical for whatever reason. This policy would not cap out, there is no ceiling to income potential. If you make 300k, they would pay 60% of that amount. The premiums would vary as to age but typically between 150 to 275 a month for benefits that would be in line with pay scales. The elimination period can be as low as 30 days, then you start drawing disability.

The beauty is that you would own the policy and can take it with you, there is nothing more than a medical questionaire, no physicals or other such nonsense.

Tell me what you think....

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What Would Kelly Leak Do?

jonnyjetprop

Like this:

http://www.harveywatt.com/

Swass

Yes, except the products I have seen are way richer in benefits and waiting periods are shorter.

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What Would Kelly Leak Do?

Spaceman Spliff

I'll take a look. Is there a website?

Swass

Not yet, I will be working on it. The insurer has a basic website but nothing on these particular products. PM me if you want more details.

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What Would Kelly Leak Do?