Loss-Of-License Insurance Advice...
12-10-2016, 05:03 AM
#42
Line Holder
Joined APC: Dec 2014
Position: A320
Posts: 74
Originally Posted by The Juice
ALPA has 2 main plans, Loss of License and Loss of License Plus
Loss of License pays 48 months beginning after the 12 month, up to $4800 a month. Does not offset against other LTD payments. This pays if you can not fly a plane again. Doesnt matter if you can work another job, it pays the 48 month.
Loss of License PLus is the above and the "plus" portion begins after the 48th payment, so after 5 years with the first year disqualification period. It pays half of your monthly payment from the 49th payment on. So if you were getting $4800 a month for the Loss of License portion, you will get $2400 a month for the plus.
The Plus is only if youre disabled. So yes, its not going to be as if you got diabetes and think you're going to collect the $2400 a month until 65.
I got the regular Loss of License. Its a no brainer for me and will pay me $4800 a month for 48 months, helping me bridge myself until my next career. Im in my 30s and dont need a policy to take me to retirement, I need something to bridge me to another career and allow me to get retrained/schooled in something while taking in the $4800 a month for those 48 months. The $45 I pay a month for this policy helps me sleep better knowing im not destined for financial ruin if something were to happen.
Loss of License pays 48 months beginning after the 12 month, up to $4800 a month. Does not offset against other LTD payments. This pays if you can not fly a plane again. Doesnt matter if you can work another job, it pays the 48 month.
Loss of License PLus is the above and the "plus" portion begins after the 48th payment, so after 5 years with the first year disqualification period. It pays half of your monthly payment from the 49th payment on. So if you were getting $4800 a month for the Loss of License portion, you will get $2400 a month for the plus.
The Plus is only if youre disabled. So yes, its not going to be as if you got diabetes and think you're going to collect the $2400 a month until 65.
I got the regular Loss of License. Its a no brainer for me and will pay me $4800 a month for 48 months, helping me bridge myself until my next career. Im in my 30s and dont need a policy to take me to retirement, I need something to bridge me to another career and allow me to get retrained/schooled in something while taking in the $4800 a month for those 48 months. The $45 I pay a month for this policy helps me sleep better knowing im not destined for financial ruin if something were to happen.
12-12-2016, 12:00 PM
#45
ULTP-Ultra Low Tier Pilot
Joined APC: Dec 2007
Posts: 3,228
Originally Posted by duece12345
Oh nice. I will be signing up for that.
Do they go up every year or are you locked in at that rate forever?
Do they go up every year or are you locked in at that rate forever?
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