Originally Posted by
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?
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