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Income Protection for Commercial Pilots

Insurers in Australia that offer income protection for commercial pilots are offering these professionals various benefits if they opt for an income insurance policy. Listed below are some perks, benefits and features of income protection insurance plans for pilots especially for commercial pilots.

Buyers who want to purchase an income protection insurance plan meant for commercial pilots have to meet a few criteria that are set by insurers. These criteria include being a permanent resident of Australia, having an Australian Airline Transport License, being employed by a fixed schedule commercial fare paying airline for passengers operating within Australia and having a copy of the current Civil Aviation Safety Association medical examination certificate along with a few other required certificates. Some insurers require commercial pilots who are applying for specialized insurance plans to be a minimum age of 20 and a maximum age of 55. The insurance policies offered to commercial pilots are only valid until they are 60 years old.

Depending on the insurance company opted for, the buyer may be offered one or more features such as a 30 day waiting period, a choice between agreed value or indemnity contracts and a flexible benefit period. In addition, many insurers offer a guaranteed monthly benefit amount of $10,000 – $30,000 and partial disability benefits for up to 2 years.

Some of the benefits offered by income insurance policies for commercial pilots include automatic indexation benefits, worldwide cover and premium waiver benefit. In addition some insurers offer other perks such as guaranteed insurability benefit, recurring disability benefit, reward cover benefit and rehabilitation benefit. Some commercial pilots may also be eligible to get other income protection benefits such as waiver of income insurance premiums if unemployed, waiver of income protection premiums if on maternity leave and waiver of the waiting period for a few selected conditions. Commercial pilots that opt for premium plans may also be offered a few other benefits such as bed confinement benefit, overseas assist benefit, transport benefit, family support benefit and accommodation benefit.

Since majority of the insurers that offer income protection for commercial pilots, offer these professionals flexible plans, while purchasing the policy the buyer can decide if he wants to wait for 30 days or more or if he wants to enjoy the given benefits for 2 years, 5 years. In addition, pilots who are applying for income insurance plans can decide before hand if they want to pay stepped premiums and enjoy low premiums for the first 1-5 years or if they want to pay leveled premiums and enjoy the benefit of paying a pre decided amount for the tenure of the policy. Pilots who opt for income protection plans from reputed insurers may also be given an option to manage some of their policy details online by visiting the insurer’s website.


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