Loss of License Insurance

[750driver]

I guess turning 40 with twins on the way has me thinking of protecting future assets & income. It's something I always considered even early in my career. I'm interested in hearing from anyone that has dealt with a reputable carrier and can give me some rough idea of how it works, costs, coverages, etc.

As always, your input is appreciated. Thanks

 

[CUEBOAT]

I know AOPA has loss of medical insurance, i'm sure there is info on the aopa website. They may have loss of certificate insur. as well.

Godspeed

 

[shaq]

You only have two option that I know of...

1. AOPA... Must be a member, pretty affordable... I have 2500/mo. payout for around $450.00 per year premium...

2. Harvey Watt (I think that is how it's spelled...)... Must be employed by an NBAA Member Employer... Not sure what the premiums are...

 

[750driver]

Thanks for the feedback folks ... I'll check out those options

 

[Hugh Johnson]

Look into Long Term Disability Insurance. Most above board companies offer it. I work for a food company and when the LTD was offered, we got a written opinion that it would cover loss of medical. Not loss of Pilot Certificate, only medical. Its expensive, I think I pay about $700.00/yr, and I have a 120 day clause, but I pay for extra short term disability to cover that. Ask you're HR person. Good luck!

 

[SabreFlyR]

I have a long term disability policy that specifically states it will pay "if unable to do your job due to medical reasons". It's from Petersen International Underwriters. Fortunately the company pays the premium, $2400/yr.

 

[750driver]

Thanks for all the good info

 

[501261]

We used to have it, I got rid of it. The plan we had with Harvey Watt was rather pricey, this could be way off but I seem to remember $54 a month for a $250K benefit. If you read the fine print you start to realize that basically it’ll only cover you if you lose your medical (since any violations of the FAR’s void the coverage). So basically you are paying a lot of money for long term disability and in our case it was a lot cheaper to simply use the company’s insurance.

 

[h25b]

We used to have it, I got rid of it. The plan we had with Harvey Watt was rather pricey, this could be way off but I seem to remember $54 a month for a $250K benefit. If you read the fine print you start to realize that basically it’ll only cover you if you lose your medical (since any violations of the FAR’s void the coverage). So basically you are paying a lot of money for long term disability and in our case it was a lot cheaper to simply use the company’s insurance.

I would highly recommend taking a VERY hard look at your short/long term disability plans BEFORE taking this course of action. They are all different. Most of these plans don't take in to account things that might keep one from flying but DON'T necessarily preclude you from working in other capacities. Sit down with your Chief Pilot and HR representative to discuss the details of what EXACTLY your company will do for you if you fail to obtain a medical certificate for any reason. Even then your HR and the company that actually underwrites the policy might have a difference of opinion. Remember, most times the company chose these short/long term disability plans without having the issues pertaining to aeromedical certification in mind.

BE VERY, VERY CAREFULL!!!