Attention Southwest Airlines Pilots: significant changes are coming to the Voluntary Loss of License insurance plan. Open enrollment is a few weeks away (Oct 15-30, 2020) and we want to make you aware of the differences in the new VLOL plan. If you currently hold VLOL, please pay close attention, these changes will likely affect your financial planning strategy.
In this video, Charlie offers a breakdown of the changes in the new insurance plan and what criteria he suggests to determine if you should opt in or waive off.
Some key changes:
✈︎ New underwriter
✈︎ 67% Income Replacement
✈︎ Rate increase
✈︎ Coverage decreased
✈︎ No longer considered income: profit sharing
✈︎ Renews annually (rate increase likely)
✈︎ If purchased at age 60⪯ the term of coverage is 2 years (previously 5)
LEFP specializes in serving Southwest Airlines pilot families. Set up an appointment with us to discuss your circumstances and let us help you decide what is best for your family.
LEFP is not affiliated with Southwest Airlines.
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning as of 09/23/2020 and are subject to change at any time due to the changes in market or economic conditions.