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the policies on your behalf.

The reason why we recommend extensive research is the fact that the policies differ substantially in
the benefits they offer.


Some of the questions that you should ask before signing on the dotted line are:
-Will I be covered for ‘own occupation’ (i.e. will the policy pay out if I cannot work as a pilot)? And if ‘yes’ Mason Cole Jersey , how could I structure it as part of my superannuation sighting recent legislative changes?
-Will I be covered only for base income or full earnings (base income plus allowances and
superannuation)?


-What is the waiting period before cover will commence?
-Will I be covered only whilst at work or does the policy extend 247 cover?


Make sure that you are comprehensively insured: We believe that income protection insurance
is of critical importance for pilots (which is why it was discussed in a separate section). There are
also some other areas of insurance to which you should pay close attention.


Personal liability insurance: This will protect you from the impact of lawsuits or compensation
claims based on your actions in the cockpit. You may be covered for personal liability by a
policy arranged by your airline. It is advisable to find out whether this is in fact the case and
whether the level of cover is sufficient.


Loss-of-license insurance: The loss of your flying license Christian Kirk Jersey , even temporarily T. J. Logan Jersey , can have a
significant negative impact on your income. Loss-of-license insurance policies are often
provided by airlines. Again Chad Williams Jersey , it would be advisable to make doubly sure that you are indeed
covered at sufficient levels.


Life insurance: A good life insurance policy will ensure that your loved ones are financially
taken care of Markus Golden Jersey , even if tragic circumstances mean that you are no longer there to provide for
them.


Some insurance companies market products aimed at pilots that combine some or all of the
different types of insurance listed above. Some of these policies represent good value for money
while others are nothing more than fancy ‘wrappers’ for standard policies (Putting ‘pilot’ on a
portfolio of products is no guarantee that it is indeed suited to the needs of pilots!) A competent and
independent financial adviser should be able to help you sort the wheat from the chaff.


Cash Buffer
Although taking out insurance is very important it should certainly
not be the sum total of your ‘rainy day preparations’. Increase your preparedness by establishing an
emergency fund that can only be accessed under certain predefined circumstances.


Get your Wills in order
Far too many professionals do not have a proper will in
place. This is a pitfall you should do your best to avoid for the sake of your loved ones. The
necessity of proper estate planning is even more acute if you have a relatively high net worth since
ill-defined or ‘unprotected’ estates can lead to massive tax liabilities andor to your estate not being
distributed in line with your wishes.


Investments
It is our opinion that the key investment focus of pilots should be long term wealth creation. In
practice this would mean following a fairly conservative strategy geared toward securing a steady
income after your flying days are over. Your investment strategy should also ideally deliver lump
sum income to deal with major life events like the kids going to university D.J. Humphries Jersey , major relocations and
retirement.


Only if you are satisfied that the ‘bases are covered’ by using a more conservative wealth creation
and preservation strategy should you even begin to consider more aggressive speculative
investments. Far too many investors have burnt their fingers at exactly this point. You can avoid
getting burnt yourself by:


-Being highly suspicious of ‘get rich quickly’ schemes. Responsible investment is much more
of a ‘get rich slowly’ affair.
-Diversifying risk. Putting all your financial eggs in one basket is asking for trouble and should
therefore be avoided at all costs.
-Always making use of the services of an independent and professional financial adviser
before making major investment decisions.


Tax matters
Many pilots are unsure about their tax positions and the deductions they might be able to claim.
Unfortunately this uncertainty often translates into under-claiming as a means of taking the easier
and simpler route to filling in a tax form. Obviously this approach can cost quite a bit of money over
the long term.
The best way you can protect yourself against giving Caesar more than his due is to spend some
time listening to what Caesar himself has to say. The Australian Taxation Office (ATO) maintains a
web page dedicated to tax issues Budda Baker Jersey , deductions and rulings relevant to airline staff. This page can be
found at ato.gov.au and should be your first port of call before you begin to fill in your tax return.
If you make use of a tax adviser you should also make sure that heshe is aware of this resource before
work begins on your return.


Retire in style
Planning for your retirement should be one of the cornerstones of personal financial management.
Therefore it is imperative that you take the time to do a few projections of the likely state of your
finances in retirement. If the results of your projections are less than satisfactory you should
obviously do your best to improve the position as much as possible before you actually reach
retirement age.


The one area that you should pay particular attention t

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