- Income protection insurance can provide a monthly benefit payment of up to 75% when you are ill or injured, and unable to work for a prolonged period of time.
- Due to the nature of aviation work, there may be certain restrictions imposed on income cover policies for flight attendants.
Why should flight attendants and other airline workers consider income protection?
Working in the airline industry can be very exciting and rewarding, with many enjoying long and lucrative careers. From working above ground as flight attendants, engineers, or pilot, to working on the ground in dispatch, on the check-in desks, or various other roles, you play an important role as staff to help the airline operate efficiently and effectively.
As with many other occupations, aviation workers face the same possibility of being unable to work due to an illness or injury in their lifetime - with a one in three chance of being disabled for more than three months before turning the age 65 (Institute of Actuaries of Australia, 2000). Certain roles in the airline industry, particularly those who work above ground, may be exposed to higher risk of illness or injury compared to ground staff.
Having to take time off work because of a serious disability can only mean a loss of income, especially if it is for an extended period of time, ie. six months or more. Income protection can offer you support against such events by providing regular benefit payments of up to 75% of your monthly income, so that you can keep up with your financial obligations, allowing you to focus on what is important - your health.
What does income protection cover for airline workers in Australia?
Due to the nature of work that airline staffs are involved in, there are only a limited number of insurance providers in Australia that offer income protection for flight attendants. Comparing multiple quotes and policy features is important to ensure that you obtain the right cover for your needs and at the right price.
Comminsure, one of Australia’s most popular life insurers, provides coverage for flight attendants, flight engineers and pilots through its Aviation Insurance offer. Specifically designed to meet airline workers’ unique needs, Aviation Cover provides a replacement income of up to 75% of your average salary in the event of serious disability.
Aviation Cover is available through Comminsure’s income protection product suite - Income Care and Income Care Plus. Some of the key benefits of the Aviation Cover plan are:
- Total disability benefit based on ‘own’ occupation definition: You can obtain a benefit of up to $30,000 per month if you are totally disabled and unable to work at all.
- Partial disability benefit: If you suffer from a disability and can only work at reduced hours or capacity, you are entitled to a benefit payment based on the reduction of your income.
- Recurrent disability benefit: If you suffer from a recurring disability similar in nature to the previous condition that triggered a basis of claim, you won’t have to go through another waiting period to access your monthly benefit.
- Choice of premium structure; agreed or indemnity value: The premium structure you choose will determine the amount of benefit you receive at the time of claim. An indemnity style policy determines your benefit amount based on your income at the time of claim. With agreed value policy, your monthly benefit is agreed upon at the time of application based on your income at the time.
- Choice of benefit period; two or five years: Benefit period is the amount of time that you would like to continue receiving your benefit payments for and with Comminsure, you have the option of two or five years.
- A minimum waiting period of 60 days: Waiting period is a specified period of time until you receive your first benefit payment.
- Automatic indexation benefit: Your benefit amount will be automatically increased annually to keep up with inflation.
- Guaranteed insurability benefit: You have the option to increase your monthly benefit by up to 10% every three years and you are not required to provide further medical evidence.
- Premium waiver benefit: When you are receiving your Total or Partial Disability Benefit, you won’t have to pay any premiums.
- Reward cover benefit: Comminsure will provide accidental death cover for up to $100,000 as a reward if you hold the policy for more than three years.
- Death benefit: In the event of your death, Comminsure will pay a lump sum of $10,000.
- Crisis benefit: Comminsure will provide a lump sum benefit if you suffer from one of the 18 medical conditions specified in the policy, whether or not you are able to return to work again.
- Rehabilitation benefit: If you are totally disabled, Comminsure will cover the costs of an approved rehabilitation program for up to 12 months.
- Overseas assist benefit: Comminsure will reimburse the cost of your airfare to return to Australia if you have been disabled outside of Australia for at least one month.
- Worldwide cover: No matter where you are in the world, you have access to cover 24 hours 7 days a week.
Remember that the features and benefits offered by Comminsure’s Aviation Cover may differ from other insurers. You may want to consider consulting with an experienced insurance consultant, as they are able to provide you with a recommendation on the policies and providers most suited to your needs.
Who is eligible for cover?
In order to be eligible to apply for income protection for flight attendants, you will need to satisfy the following criteria:
- You are between 20-55 years old;
- An Australian citizen;
- Residing in Australia on a permanent basis;
- Are employed by a recognised commercial passenger airline with a fixed schedule and operates within Australia; and
- CommInsure will usually require a medical examination for aviation workers; however, it may not be necessary if you have gone through a Civil Aviation Safety Association (CASA) medical examination within the last 12 months.
Income protection insurance is a valuable form of protection to have if you are working in the airline industry. With specific provisions to cater to flight attendants’ nature of work, income protection can provide you with not only a peace of mind should anything happen to you, but also financial assistance to ensure that all your commitments are met and you get to continue to take care of your family.