VLF Protection Year 2020-2021
VLF has been operating and supporting members for six years. In that time we have experienced a growing number of both TTD and PTD (Temporary Total Disability & Permanent Total Disability) claims. Coupled with this, the worldwide economic effects of the COVID-19 pandemic have impacted the levels of protection VLF can offer in the 2020-2021 Protection Year. Please refer to the 2020-21 VLF PDS for the full terms.
The contribution payable for the VLF product in 2020 is $3,004.77. Therefore if you wish to ensure you have the full loss of licence benefit level for your age band, you can buy up to the limit of protection for that age band. The cost of this will simply be $3,004.77 less your EA contribution amount.
VLF Protection Benefit levels
The following table details the VLF Loss of Licence Protection benefit levels at the various age bands with the associated limit of protection.
|
Age Band |
|
Benefit level |
|
|
Up to 29 |
|
5 x Annual Salary or $700,000 whichever is the lesser |
|
|
30 – 39 |
|
4 x Annual Salary or $700,000 whichever is the lesser |
|
|
40 – 44 |
|
3 x Annual Salary or $700,000 whichever is the lesser |
|
|
45 – 49 |
|
3 x Annual Salary or $700,000 whichever is the lesser |
|
|
50 – 54 |
|
2.5 x Annual Salary or $700,000 whichever is the lesser |
|
|
55 – 58 |
|
2 x Annual Salary or $700,000 whichever is the lesser |
|
|
59 – 61 |
|
2 x Annual Salary or $700,000 whichever is the lesser |
|
|
62 – 64 |
|
1 x Annual Salary or $700,000 whichever is the lesser |
|
Note:
1. The ages listed in the table of benefits refer to your age at the commencement of the Protection Year ie on 1 May 2020
2. The references to Annual Salary are the salary to which you are entitled on the first day of any Temporary Total Disability or Permanent Total Disability.
3. The loss of licence benefit levels in the table are based upon the Narrow/Wide Body EA loss of licence contribution amount of $3,004.77
The following table shows the 2020-2021 EA LoL Reimbursement:
| Virgin Narrow Body pilots |
|
EA Amount |
$3,004.77 |
|
|
LoL Protection Benefit Level |
$700,000 or limit in your particular age band whichever is the lesser |
|
| Virgin Wide Body pilots |
|
EA Amount |
$3,004.77 |
|
|
LoL Protection Benefit Level |
$700,000 or limit in your particular age band whichever is the lesser |
|
| VARA pilots |
|
EA Amount |
$2,005.00 |
|
|
LoL Protection Benefit level |
$467,091 OR 66.73% x limit in your particular age band whichever is the lesser |
|
|
Cost to Top Up to Maximum Protection Benefit level |
$999.77 |
|
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 advisor 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.
