Airline Pilot Central Forums - FedEx/ALPA LOL/Life Insurance Benefits

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Quote:

Originally Posted by FredEx (Post 251482)

A little sharp on my reply? Excuse me, sir, I was just responding with the same sarcasm I received. May I not respond to sarcasm with sarcasm?

For those of you that responded with some advice, I appreciate your time and effort. I'm not asking you to solve my problems for me, I'm just asking what FedEx/ALPA insurance products you use and what you think the advantages and disadvantages are. Nothing more. Just like if I asked you what graphite driver you use or what size shot you prefer for mallards.

This brings to mind something I've noticed at this company in the past year; the lack of mentorship by captains towards their first and second officers. At American, captains took pride in mentoring their FOs/SOs. They made sure they knew the contract, knew why things were in the contract and explained the sacrifices that were made to get things in the contract. They made sure you knew how to bid, how to fill out an expense report, and how to get a limo in EWR in the middle of the night. In short, how to be a better pilot and union member. Here, most of the time, it's an old indian ritual.

I'm sure someone will say something really helpful like, "Why don't you just go back to American?"

The truth is, I like it here. This is a great company. I just wish we looked out for each other a little better.

FWIW, I spent all day yesterday making phone calls and doing the research on what insurance programs are best for me and my family. I'll make sure and share that knowledge if a new guy asks me someday.

Fred

Just curious - none of that (the latter items) was covered during your IOE? We use to have a laundry list of items to cover with new hires that had nothing to do with the operation of the aircraft, but everything to do with comfortably fitting into the FedEx system.

Maybe things have changed - but don't know why they would.

Fred,

I thought you had a good question. Take a look at what it would take to make your family financially secure if you bought the farm tomorrow. I added up our mortgage, living expenses, COLA, tuitions, cars, inflation, etc. for x years for my wife and family. I ended up with the all the FedEx basic stuff (800k, etc.) plus 300k optional. I still have the LTD and 300k with Harvey Watt. You don't want to overdo it either based on costs and taxes. When my kids are on their own I'll readjust. My simplistic plan.

Quote:

Originally Posted by FredEx (Post 251107)

Purple Bros/Sisters:

How about the additional ALPA 10-year level term life insurance, group term, extended disability, short-term disability, long-term care, and AD&D? It looks like you can spend your entire check on insurance.

FredEx -

That was my thoughts on the ALPA insurance as well...I reexamine it periodically, but always seem to come up with that conclusion. Wish I had more info to share concerning alternatives to ALPA insurance, but am just starting to do that research myself (again). I will post what I find out. Thanks and fly safe.

Herk

P.S. On a slightly related subject...Has anybody looked into Long Term Disability Insurance options? (Not to be confused with LOL; I'm talking TOTALLY unable to work kind of situation...)

Fred--was given this piece of gouge: After selecting LOL insurance (I went with Harvey Watt), make sure your standing bid at some point includes WB Capt. (Insert standard FDA caution here) In addition to professional progression, it will bump your reimbursement should a calamity occur. If I'm off heading, somebody correct me.

Quote:

Originally Posted by Dadof6 (Post 251565)

''

I think this is an urban legend....

Quote:

Originally Posted by Dadof6 (Post 251565)

Actually I believe any "potential " ALPA supplemental disability pay outs are based on the Pilot's last 12 months of income. It isn't based on your standing bid, or what you could have held.

For all new guys wanting advice, my recommendation is to max out everything on the intial enrollment period, where there is no Proof of insurabilty requirement.

You can always reduce coverage without a problem, but if you want to increase coverage at a later date, you will have to have proof of insurability which often requires an insurance physical and thorough questionaire.

Quote:

Originally Posted by HerkDriver (Post 251545)

On a slightly related subject...Has anybody looked into Long Term Disability Insurance options? (Not to be confused with LOL; I'm talking TOTALLY unable to work kind of situation...)

Long Term Disability Insurance, if purchased by the individual (not provided by a company) usually starts to pay one month after you become disabled. The pay is some prearranged percentage of your current (just before going on disability) rate of pay. As well, it's TAX FREE. It usually pays to Age 65. You need to make sure that it pays if you cannot fly, ie, loss of license, loss of medical, etc. The reason for this as an example would be if you lose your medical for some reason, and cannot get it back, but you are basically healthy and could do other kinds of work. Some LTD insurances would require you to go back to work, doing anything that earns you a living, while other insurances specifically state that you must be able to return to your previous job. In the second case you would be eligible to receive benefits for the term of your insurance contract. Another beautiful thing with private long term disability is that there is usually an annual cost of living allowance that will increase your monthly checks by some (pre-defined) rate, like 4% a year, until the end of your contract. All in all, private LTDI is a very good deal, but only if you end up using it.:eek:

Jetjok -

Thanks very much for the info! I will post the info that I find concerning LTD insurance. for all to check out. Fly Safe.

Herk

what's the decision?

just wondering what FredEx and Herk came up with....I'm in very nearly the same boat as Fred as far as background, kids, etc. Equally undecided and not sure whether LOL, lump sum LOL, LTD, etc with ALPA, Watt or someone else would best augment what I have here. Lots of factors to consider...what did y'all come up with?
Thanks!

As has been said before, there really is no "one plan fits all" set of insurance policies. There is no getting around the fact that you have to do your own research, regardless of what someone else has "found out." Perhaps if you start with discussing all these types of insurances with a professional independent insurance agent (as well as with your wife), they could help you decide what's right for you and your family. It's a daunting task, so don't get discouraged. And Good Luck!