Just my 2 cents worth: Insurance brokers and companies are my pet hates>>>>>>
An insurance company is exactly that......... a company. And like all companies their business plans are simple, make as much as you can, spend as little as possible......... regardless if its life insurance, motorvehicle insurance or personal insurance or pet insurance
If there is a reason (percieved or real) to up the premiums then thats what they will do...... its called making money. (look at the buildings and assets that they own, these companies are wealthy, seriously weathly... with your money in their bank)
If there is a reason not to payout, then they wont. How many of us have been taken in by the broker with the big smiles and the "dont worry sir, its covered" line....... yet when it comes time to payout it changes to :the fine print on the bottom of page
exclude
x... due to
.
In terms of life insurance, brokers dont like it when you point out that you as the insured , are even more concerened that the policy never has to pay out, its your life on the line...... you will do more in your power to save your own bacon than the comapny will do not to have to payout....
Read the fine print, read it again, obtain absolute written clarity on the definitions and the coverage. Notice the vague references to exclusions, which suddely become crystal clear when it payback time.
Ask questions such as the validity of your cover vs your logbook and service history..... Does having more flying experience reduce your monthly premium, or does the premium continue to go up in price on a yearly basis?
Is your AP accredited with all the relevant authorities to sign your plane off.... are your instructors qualifications and affiliations to various professional institutions acceptable, is there a part on your aircraft (no matter how small) that has exceeded the manufacturers specs regarding time, is the two stroke oil you are using meet the manufacturers specs to the last micron..........
If the insurance company can find a gap to justify an exclusion (even unwritten in your policy or covered by a vague definition), you can kiss all the monthly payments bye bye.....
Just my 2 cents worth... i dislike insurance peddlers and their money making companies. They make their astronomical profits feeding a persons fear factor of what may happen.........
Try this for an excercise: total up how much you spend in a year on policies for life, home, house, car, medical, funeral etc etc etc (many people are well over insured.... eg your Edgards account has forms of insurance for houshold items, medical cover, funerals .... how many funeral policies do you need, you only die once)...... Once you have totalled your annual expenditure on what might happen, just incase scenario you will be shocked......
Now calculate what that same yearly financial investment could earn you invested properly eg offshore account. In addition it can immediately be withdrawn or dis-invested by your family when you die!... which one pays out more? and
which option is a gauranteed money back?
i would rather spend the money on a BRS as its more likely work when its needed....... and i get to fly another day! :D
ZU-CPW..... t/bird mk2
Hoedspruit Civil Airfield
Hangar 8
Just hate being taken for rides
