What are trying to cover? For NZ residents in NZ accident cover is provided by ACC. For travel I use IHI for medical cover or Omega for comprehensive insurance. Both cover PG.
Yep ACC is not such a bad system compared to a lot of other countries I suppose. Never have claimed from it so don't really know - touch wood!
Life insurance (should really be called "Death" insurance but that's probably a bit morbid) is for when you cark it, depending on how you set it up, all those gambling debts, loans for new wings, vario's, reserves etc get covered. And hopefully the guy from the bank lets the better half keep the house.
Thanks for the tips on IHI & Omega - planning a few trips soon (if the weather co-operates), so that may well come in handy.
Sorry I can't recommend any life(death) cover as I don't have any need for it. No debt, good super, lucky me.
Have you tried insuring things separately? ie separate credit card cover, mortgage insurance, an income top up ( above what ACC pays) etc.
ACC does cover accidental death and pays earnings related compensation to dependent partner/children and grants for funeral expenses etc.
We as pilots should be fighting the current amendment bill as much as motorcyclists are. As soon as the bean counters figure out a way to target funding at other perceived "high risk" activities they will be on to us. How about $750 ACC fee to get a pilot rating from the NZHGPA? The whole thing goes completely against the principles under which ACC was established. That is a no fault system where the costs are shared equally.
Handing over business cards at flying site helps, right.
Till about two years back things were pretty good for air sports until an NZ insurance company had to pay $1.5million death claim for a light wing aircraft accident and there have been a few more claims of lesser amount which has made most insurance companies take a blind decision that if you are a Pilot of any sort, flying 100 ft above ground, straight away avoid or exclude that activity from your policy. At same time underwriters have also been given freedom to consider case to case basis.
The person who decides to offer or decline life insurance for you is a called “Underwriter” in a insurance company. If substantial information is provided to prove that you are not a instructor and PG is a recreational hobby and threshold in my view is flying less than say 15hrs a year and have had no accidents till date, than you should be able to get life insurance other related insurances.
The person who does the talking and negotiation on your behalf with an insurance company is called a risk adviser and it is important you deal with an adviser who has a good relationship with insurance company, knows the underwriter, so that he can use his experience, presentation and communication skill to get your case through.
The other advantage of using a independent risk adviser is they have access to all major insurance companies and they can provide you a quote/present your case to each company if required, get the best terms and dicuss specific to suit your needs.
The challenge you face is to select a experienced risk adviser and to ensure he understands the purpose of your approaching him right at the inception.
If you get cover standard rates great, but the fact is if your flying hours are more and underwriter perceives a risk, the insurance company will possible charge an extra premium, for sporting activity, which is called loading per mile. It will be appx $1 or more per thousand of cover which on a $300000 cover will work out to additional $300 per year. The loading per mile is used for scuba diving, motorcross, Hanggliding, PG is considered HG.
Life Insurance is the most profitable product for an insurance company because people just don’t drop dead.According to Dr John Tickell from his secrets of long life seminar, 10% will die because of bad luck, 10% will die peacefully in their sleep, and 80% will die slowly as a result of their genes, lifestyle, behavior and habits.PG can definitely fall under “habit or behaviour” category.
So consider a situation you get crippled by a PG accident, the Life Cover policy you have will not serve the purpose and your wife would wish you were better dead to claim the money, than to live with a cripple who got crippled because of his decision to fly. So our decision to fly comes with a responsibility, particular to a family man who has dependents. If you cover yourself with adequate mortgage repayment insuranceproduct, Trauma Cover, Income Protection etc. probably your lifestyle could be far better crippled than when you were physically fit. So it is advisable to look at other products available in the market.
I am not an adviser so cant offer the advise. But my job is to train advisers to offer our risk products in the market. Hope the above information helps you to get started.
What are trying to cover? For
What are trying to cover? For NZ residents in NZ accident cover is provided by ACC. For travel I use IHI for medical cover or Omega for comprehensive insurance. Both cover PG.
Yep ACC is not such a bad
Yep ACC is not such a bad system compared to a lot of other countries I suppose. Never have claimed from it so don't really know - touch wood!
Life insurance (should really be called "Death" insurance but that's probably a bit morbid) is for when you cark it, depending on how you set it up, all those gambling debts, loans for new wings, vario's, reserves etc get covered. And hopefully the guy from the bank lets the better half keep the house.
Thanks for the tips on IHI & Omega - planning a few trips soon (if the weather co-operates), so that may well come in handy.
-N
Protect ACC from rape and pillage.
Sorry I can't recommend any life(death) cover as I don't have any need for it. No debt, good super, lucky me.
Have you tried insuring things separately? ie separate credit card cover, mortgage insurance, an income top up ( above what ACC pays) etc.
ACC does cover accidental death and pays earnings related compensation to dependent partner/children and grants for funeral expenses etc.
We as pilots should be fighting the current amendment bill as much as motorcyclists are. As soon as the bean counters figure out a way to target funding at other perceived "high risk" activities they will be on to us. How about $750 ACC fee to get a pilot rating from the NZHGPA? The whole thing goes completely against the principles under which ACC was established. That is a no fault system where the costs are shared equally.
Check out http://blog.greens.org.nz/2009/11/23/gutting-acc-only-three-days-to-go-for-submissions/ . Make a submission.
Enough of a rave.
Cheers,
Evan.
life insurance
Which company do you use for life/death cover? Tower will not cover me currently. Mark
Isn't Anand in the insurance
Isn't Anand in the insurance business? The email address I have for him is anand.srinivasan@aig.com
Insurance
Handing over business cards at flying site helps, right.
Till about two years back things were pretty good for air sports until an NZ insurance company had to pay $1.5million death claim for a light wing aircraft accident and there have been a few more claims of lesser amount which has made most insurance companies take a blind decision that if you are a Pilot of any sort, flying 100 ft above ground, straight away avoid or exclude that activity from your policy. At same time underwriters have also been given freedom to consider case to case basis.
The person who decides to offer or decline life insurance for you is a called “Underwriter” in a insurance company. If substantial information is provided to prove that you are not a instructor and PG is a recreational hobby and threshold in my view is flying less than say 15hrs a year and have had no accidents till date, than you should be able to get life insurance other related insurances.
The person who does the talking and negotiation on your behalf with an insurance company is called a risk adviser and it is important you deal with an adviser who has a good relationship with insurance company, knows the underwriter, so that he can use his experience, presentation and communication skill to get your case through.
The other advantage of using a independent risk adviser is they have access to all major insurance companies and they can provide you a quote/present your case to each company if required, get the best terms and dicuss specific to suit your needs.
The challenge you face is to select a experienced risk adviser and to ensure he understands the purpose of your approaching him right at the inception.
If you get cover standard rates great, but the fact is if your flying hours are more and underwriter perceives a risk, the insurance company will possible charge an extra premium, for sporting activity, which is called loading per mile. It will be appx $1 or more per thousand of cover which on a $300000 cover will work out to additional $300 per year. The loading per mile is used for scuba diving, motorcross, Hanggliding, PG is considered HG.
Life Insurance is the most profitable product for an insurance company because people just don’t drop dead. According to Dr John Tickell from his secrets of long life seminar, 10% will die because of bad luck, 10% will die peacefully in their sleep, and 80% will die slowly as a result of their genes, lifestyle, behavior and habits.PG can definitely fall under “habit or behaviour” category.
So consider a situation you get crippled by a PG accident, the Life Cover policy you have will not serve the purpose and your wife would wish you were better dead to claim the money, than to live with a cripple who got crippled because of his decision to fly. So our decision to fly comes with a responsibility, particular to a family man who has dependents. If you cover yourself with adequate mortgage repayment insuranceproduct, Trauma Cover, Income Protection etc. probably your lifestyle could be far better crippled than when you were physically fit. So it is advisable to look at other products available in the market.
I am in insurance field, specific to sales of risk insurance, and I work for AIA, email: anand.srinivasan@aia.com, visit website www.aia.co.nz .
I am not an adviser so cant offer the advise. But my job is to train advisers to offer our risk products in the market. Hope the above information helps you to get started.