It is common to hope “It will never happen to me”, but the reality is that we all know a friend or family member who has passed away unexpectedly, suffered from or been diagnosed with a serious illness such as cancer, or been prevented from working due to sickness, accident or a disability.
Many people will only consider taking out ‘personal protection’ policies at significant milestones in their life. Typically, the key life events that prompt people to consider the various policies available are
- Getting married or becoming involved in a long-term relationship
- Having children
- Taking out a mortgage
Although these events are clearly triggers for people to want to protect themselves and any financial dependents, in reality, they should not be the only time personal protection policies are considered. As with many things, the needs and requirements of each person will differ, as will their attitude toward personal protection insurance products.
It is important to remember that even single people with no financial dependents should still consider what will happen if they are unable to work because they have suffered from or been diagnosed with a serious illness such as cancer, or if they are prevented from working due to sickness, accident or a disability. Although some yacht crew may get ‘sick pay’ benefits from their employer for a short period, some employers pay very little or nothing at all.
A basic overview of many yacht crew may not know where to start when considering what policies they need or can have. It is also important to remember that many insurance providers do not offer insurance to seafarers, and those insurance providers who do are keen to understand the role being undertaken so that a full risk assessment can be done.
For these reasons many yacht crew choose to engage with a professional adviser who can recommend appropriate policies, having considered the specific individual needs and personal circumstances.
A basic overview of the policies most commonly considered and taken out by yacht crew include:
- Life Cover – This type of policy provides a tax-free lump sum in the event of death
- Cancer or Serious Illness Cover – This type of policy provides a tax-free lump sum in the event the insured person suffers from or is diagnosed with a serious illness such as cancer
- Income Replacement Cover – This type of policy provides a tax-free monthly income in the event the insured person is unable to perform their role due to sickness, accident or disability
**Some roles and occupations do not qualify for this type of cover
CrewFO are able to extend the services and expertise of specialist personal protection advisers, who have many years’ experience helping yacht crew and seafarers, and as such understand the unique set of financial circumstances and challenges working on a super yacht bring when looking to arrange personal protection, or even a mortgage. The advisers can research and provide no obligation advice in relation to many personal protection products as well as mortgages.
Get in touch with us here.
