Another off topic question, but I totally spaced scheduling my medical this month and can't get an appointment until the 27th. Is that past any deadlines with the company? My last place had to have it submitted by the 25th to keep flying. Thanks.

 

Unfortunately you'll be online and over-flying in November. I just submitted mine on the 28th of last month and no med-vaca

 

Thanks for the info.

 

Good write up.

I just changed to the high plan but I’m having second thoughts. The premium is pretty expensive. The high plan doubles your max weekly to $3000 from $1500 but the premium is more than double. If you make $130k or less then definitely do the core plan. If you are a captain or high grossing FO you’ve got a decision to make.

 

Sure, but it would take you two years to save that much up, wouldn't be able to use it for vacations or sell back and you'd be burning it at straight time if you had a short term disability. Much better to pay for the low plan I think. Then if you break your arm you get to take the season off and come back with the rest of your benefits intact.

 

Amen to that. His point is like saying, 'no sense in having home insurance just save all your money for a few years and just rebuild the house if it burns down.

 

Let me guess then, you’re the kind of guy that buys a $100 extended warranty on a $1000 TV? Ten percent cost of insurance for an item you could replace out of pocket? No, my point is if I’ve got 100 grand sitting around why would I pay for something I don’t need when that money could be drawing returns elsewhere. And if you are the extended warranty guy - on anything - statistically you’re getting ripped off. Grab any consumer reports or research it. But you might also be the guy that thinks he wins in Vegas. Not over the long run. Tire protection plan anyone?

With the money I’ve saved by not buying extended warranties over 30 years I could replace the item ten times over and still come out ahead. But not all of us think like statisticians or (are) psychologists.

Why doesn’t the company pay for short term and offer long term at cost? The probability of an individual pilot under 40 using long term is close to nil.

What I’m saying is those premiums are usurious as compared to other premiums for other occupations.

 

I'd never buy the warranty. You were making it sound like disability insurance was a waste. I agree we pay too much as it stands right now (hopefully contract will change it). Sorry if I misunderstood you.

 

You’re a car accident or a trip down the stairs from needing LTD/STD. Hope that no one needs it. But you can burn through 100k in weeks with the wrong kind of injuries.

IMO. The insurance is worth it. 3k a week nothing would change but my toxicology.

If you’re set to survive 6mo or more without a paycheck. Good on ya. You’re a better planner than me.

Someone asked me one time why I have life insurance on my kids. Because I’m pretty sure I won’t be fit for duty for some time and anyone surviving will still need to eat and have other bills paid.

 

If you’re in a car accident that’s likely covered by another policy. But this is what keeps insurance companies in business and allows agents to garner upper class lifestyles. Some of the richest guys I know are insurance brokers.

You and I are going to open an insurance agency. We need to pay for infrastructure, salaries, losses, then make a profit. It’s the same business model as a gym: you want people to pay and not use the product (if everyone with a membership to LA fitness showed up at the same time they couldn’t get in the door.) So statistically, the payouts have to be far less than what we take it.

The insurance model runs on short-term fear. What if you get a nail in your tire and it needs to be replaced (yeah, what if since 99% of tires can be patched). But it’s only $10 more....

All I was after here was the metric - call it ROI - of what I would get back to what I paid in given other insurance, cash on hand, and the unlikely possibility of being in a horrific slip and fall at Walmart (oh wait, in that case I’ll sue.)

You don’t pay insurance rates of 10% of value on your house - likely the most valuable asset you have - but yet, there’s a willingness to pay premiums of 10% or more everywhere else. Store tried to sell me a $129 plan on a $900 sofa. Does it replace it if my dog eats it? No? Well that’s the more common scenario in my house, not the “my friend got ink on it.”

This is a no win argument. It falls into two camps - those over insured that buy everything and those that refrain. Ultimately it’s chance that decides who wins.

Ever read the disclaimer when renting a car at Enterprise...” This is to inform you that the purchase of additional insurance may be identical to what you already have and may be unnecessary...”