Loss of License Insurance

[T-DOGGIN]

Does anyone carry or have info on where to get this type of insurance for corporate pilots. I had it at the airlines and am looking for rates and or companies who offer this type of coverage to add to our benefit package.

 

[h25b]

Does anyone carry or have info on where to get this type of insurance for corporate pilots. I had it at the airlines and am looking for rates and or companies who offer this type of coverage to add to our benefit package.

Run a search, I think I have posted about this topic before...

The only reputable coverages I have been aware off is the plan offered through AOPA and the plan offered through NBAA. The AOPA plan is underwritten by Seabury & Smith while the NBAA plan is underwritten by Harvey Watt. I have had the AOPA coverage for about 5 years now and my coverage is the maximum with a 2500/mo. payout for 3 years. This would be a tax free income since it's purchased with after tax dollars. I found the NBAA plan to be more expensive but they did offer a somewhat higher benefit plan. My premium is $122/qtr. ($488/yr.)...

I pay for my own although I have worked for a couple companies that supposedly had "plans" for such situations. Most companies confuse loss of medical with their own disability/loss of income plans they have already set-up for the masses. These have nothing to do with loss of medical due to the fact that many medical issues can keep you from holding a medical but keep you in perfect shape to sit behind a desk or push a broom. Don't let the talking heads in HR lead you to believe you're covered. Call the underwriter of whatever plan you have and know exactly where the threshold lies for coverage to kick in...

One other thing I will add is that both NBAA and AOPA's plans have wait periods from the time you lose your medical to when you actually start receiving your benefit. Mine is a 180 day wait for example. During that period they will actually pay to help you try to get your medical back. (Obviously it's in their best interest at that point...)