Life Insurance exclusions

[Ozfergie]

Hello all,

 

Now completed my third hour at the Oaks (NSW) - we were flying there last Thursday when the Jabiru had to make the emergency landing. Unfortunately my wife saw the TV reports and has now moved from tacid acceptance of the lessons to....get some insurance.

 

So, to keep her happy, I will investigate life insurance this week - to give me a headstart can anyone recommend a provider that accepts recreational flying - either unconditionally or with a premium loading?

 

 

[nickduncs84]

I'm with TAL and I'm covered. No idea if I pay a loading or not. I'm guessing I do. I only disclosed GA at this point as I'm not flying Ra Aus at the moment. I noticed that in the interview there were a few things I said I didn't do which I'm guessing would have complicated things. They included ultralights, experimental and landing at a non conforming strip. Seeing as I plan on doing the last two in the next year or so I'll have to cross that bridge when I get to it, but for now flying a certified Ga plane I'm covered

 

 

[facthunter]

Full disclosure is the only way . IF you don't you will be paying for nothing, with insurance.

 

Keeping the wife happy that way seems to me to be second best option. I'd like to think I was more than money. Come to think of it , there isn't any money. Perhaps I'm on borrowed time if she pays no interest. Nev

 

 

[shags_j]

Look for group life insurance that may be in your superfund. Group life will come with little or no exclusions. For personalised insurance you can either expect exclusions for flying or paying a lot in premiums.

 

EDIT: There are downsides to group life as well (ie. may have limited benefits etc). Check the PDS for more information.

 

 

[Jaba-who]

Get a broker to do the work.

 

I use Bill Owen in cairns. He is a pilot himself and gets insurance for lots of pilots and aircraft owners. He advertises in a lot of aviation journals etc and has a website.

 

He got me insurance when I was a flight physician in a rescue helicpter service, then extended it when I learned to fly helicopters and then continued to hunt for better deals over the last 15 or so years from other insurers. A number of times he was able to get better deals and lower premiums with different companies.

 

It's important to remember that insurance is like maintenance. You can't just buy it and set & forget. You have to review it regularly and be ready to change when situation dictates. Too much work for a typical person.

 

 

[2tonne]

Having looked into this recently, the super funds seem to offer a certain amount of life/tpd insurance with no questions asked (e.g., around $500K depending on your age) and anything above that you have to go through the full application/disclosure process. My bank (Westpac) also offered insurance that was pretty relaxed with regard to the types of recreational activities you pursue, but the policy came with a hefty premium compared to what you would pay with your super fund. I have decided to go through the additional application process with the super fund.

 

 

[SDQDI]

I worked for someone different (not he family farm) for six months and accrued a couple of thousand dollars in a different super account to my main one but when looking to bring it into my main account I noticed the life and accident insurance was a lot cheaper than I could get through any broker and at the time they had refused my cover on health grounds so I couldn't get cover without paying a fortune, so I left that couple of thousand there (slowly getting less as the years go on but still enough to last for a while) just to cover my life and accident insurance.

 

So it's definitely worth looking at what the different super funds offer.

 

 

[mnewbery]

Google "Puddle to Pond"

 

 

[Ozfergie]

Thanks all - FYI, TAL (Tower Life) have no restrictions on LSA for up to 100 hrs flight time per. year. ATM, I would only dream of being able to do 100 hrs per. year - so their premiums were quite competetive.

 

 

[jetjr]

Declare everything

 

Rec flying less than 100 hrs per year no loading w AMP

 

 

[Geoff13]

I have a couple of policies. The best one I took out over 20 years ago and covers anything that I do except motor racing. I declared that at the time. Any new pursuits taken up more than 2 years after the policy commenced are included at no extra cost.