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We understand that the aviation industry is unique. As a pilot you may already have a Loss of Licence insurance but do you know how the different industry or union funds work and how they fit with other types of income protection and life insurances? How much, if any additional insurances do you need and what type? To answer these questions, you will need expert advice to ensure that you are not left out of pocket should the time come that you may need some help. Av Insure Pty Ltd is a Financial Planning company and we can arrange Income Protection for pilots via a major banking and insurance company CommInsure. They are currently the only insurer who still provide Income Protection for Pilots and offer the following:
A good strategy is to view loss of licence insurance as a form of Total and Permanent Disability Cover as this can pay a lump sum if the pilot has a permanent total disablement resulting in loss of licence. This can be used to pay off debts and if necessary make modifications to your lifestyle and home to assist with your injury or illness. Income protection can then be used as a complementary insurance cover that may replace up to 75% of your salary up to the age of 60 (subject to maximum limits). There are a number of industry funds and insurers within Australia currently offering a form of Loss of Licence cover. We can help you understand the key features of your cover and what you may need to top this up for the long term. Eligibility:
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