BENEFIT LEVELS: VLF 2018-2019 PROTECTION YEAR
For the new VLF Protection Year, commencing 1 May 2018, VLF members can NOW access up to:
• 95% of their base salary, paid monthly for up to 24 months in the event of a temporary loss of licence
• $800,000 in the event of a permanent loss of licence
For pilots not currently employed by the Virgin Australia Group, please contact VLF on: 1800 116 460, option 5 or email vfs@vipa.asn.au for your available protection levels.
How to apply:
New members can complete the VLF Application & Health Questionnaire forms and submit them to vfs@vipa.asn.au
VIPA Loss of Licence Protection – exclusively for VIPA members
Introducing the VIPA Loss of Licence Fund – VLF
The VIPA Loss of Licence Fund (VLF) harnesses the power of a Mutual Fund combined with the security of an Insurance Policy underwritten by certain underwriters at Lloyd’s of London, to offer members enhanced LoL protection.
VLF members have the comfort of knowing when their claim is accepted by VLF, they can be confident their benefit will be paid.
The key elements of VLF’s LoL Protection include:
• Simple and fair protection for a loss of your Australian Class 1 Medical
• Enhanced benefit amounts
• Permanent LoL benefit does not vary with age, fleet, rank or salary
Details of the Cover: 2018-2019 Protection Year
Membership of VLF covers you for two events; temporary loss of your Australian Class 1 Medical and permanent loss of your Australian Class 1 Medical. Benefits are usually paid in two ways:
1. Temporary Total Disability LoL Benefit
VLF members can NOW claim up to 95% of their salary, up to the maximum annual benefit level of $280,000 p.a for a period of up to 24 months from the end of the waiting period (subject to the terms and conditions in the Product Disclosure Statement). Payments commence after the 90-day waiting period.
2. Permanent Total Disability LoL Benefit
VLF members can claim a maximum benefit of $800,000 less whatever has already been paid in Temporary Total Disability benefits. The amount of benefit that can be claimed is the same regardless of age, fleet, rank or salary.
When it is determined by the Civil Aviation Safety Authority (CASA) that a member has lost their Australian Class 1 Medical Certificate permanently, the remainder of the $800,000 Permanent Total Disability LoL Benefit may be payable.
For specific details regarding the cost of VLF Cover, and the amount you will be reimbursed by the Company, view the VLF – LoL Protection information.
Terms and Conditions (2018-2019 Protection Year)
For VLF terms and conditions, please consult the Product Disclosure Statement.
Read the VLF Financial Services Guide.
Read the VLF Constitution.
Download the VLF Opt Out Form.
How to Apply
Existing VIPA members need to complete a VLF Member Application Form and VLF Health Questionnaire and return them both by email to vfs@vipa.asn.au
Pilots who wish to join VIPA and the VLF must apply to join VIPA first and then complete the VLF Application Form and VLF Health Questionnaire. When your application has been processed, we will notify you, emailing you with Protection information. Once your VLF application has been accepted, you will be sent a Schedule of Protection.
Contact Us
For the most common questions regarding VLF cover, or to get more information about how the cover will work for you, view the VLF – FAQ.
For VLF enquiries or queries relating to your specific circumstances, please contact VFS on 1800 116 460, option 5 or email vfs@vipa.asn.au
Disclaimer
This information is for illustrative purposes and general in nature. It has been prepared without taking into account any of your objectives, financial situation or needs. You must therefore assess whether this product is appropriate for you, in light of your own individual objectives, financial situation or needs. It is advisable that you obtain professional financial advice before making any decisions. Examples do not take account of your individual tax situation. You should seek advice from a qualified professional regarding taxation. You should obtain a Product Disclosure Statement in respect to the product prior to making any decisions to acquire this product. VIPA is not an insurance broker or adviser and the information in this document and/or on the VIPA website are provided for the information of members only. VIPA does not accept responsibility for any loss, expense or liability which you may incur from using or relying on the information in this brochure/flyer. VIPA does not accept liability for any decisions made by any person in relation to this insurance product.
