Lump Sum Disability for Permanent Disability
Our years of experience have proven the importance of our Lump Sum payment policy. It permits a disabled pilot to reduce large financial commitments, such as mortgages, business involvements, investments, real estate purchases and children's education. In other words, it allows a disabled pilot to live within the reduced monthly income that invariably follows a permanent loss of flight status. The policy is yours and guaranteed renewable until you reach the maximum age. Harvey Watt Insurances give you the unique reassurance in knowing that your coverage won't change even if your airline or union does.
- The Lump Sum Disability plan is designed to complement your company disability & retirement program after a twelve month waiting period.
- Principal amount is paid in one "Tax Free" settlement if you are permanently prevented from flying for medical reasons.
- The plan provides higher coverage during your early years when you would have more trouble adjusting to a non-flying occupation or disability retirement.
- Coverage decreases gradually as you get older when your company retirement program is more substantial and your financial commitments are more manageable.
- You can buy up to 2 1/2 times your current annual earnings (up to a maximum of $250,000).
NEW Now You Have Two Plans To Choose From
Plan A
Level lump sum benefit to age 40. Beginning at age 40, benefit decreases 5% (of original face amount) per year to age 59.
View Plan A
*Available in $25,000 increments. Note: no extra charge for the convenience of monthly payments. *Rates for age 56 and above are for renewal purposes only.
Plan B
Level lump sum benefit to age 50. Beginning at age 50, benefit decreases 10% (of original face amount) per year to age 59, at which time the plan terminates.
Harvey Watt & Co., The Aviation Health Association, ITT Hartford, or Great Southern Life Insurance Co., do not give legal or tax advice. This is only our understanding of current tax laws. Since these laws are subject to interpretation and change, we recommend that you seek independent counsel regarding your tax situation.
View Plan B
*Available in $25,000 increments. Note: no extra charge for the convenience of monthly payments. *Rates for age 56 and above are for renewal purposes only.
Lump Sum Life Endorsement
Only $6.00 per month
For only $6.00 per month you can add an endorsement that will pay the disability benefit if you die during the last eleven months of the twelve month waiting period. The disability must be covered by the policy, and death must be from the same sickness or accident as the disability.
Learn about Monthly Pay Disability and Extended Long-Term Disability.