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Ask the Expert: Life Insurance
Life insurance. It’s one of the dullest topics on Earth UNTIL it becomes urgently necessary. That’s when you wish you had paid a lot more attention to it. Taking the time to get it properly organised, especially in a profession entailing a certain amount of risk on the high seas, is not only wise, it’s essential.
Not having life insurance at sea is as unthinkable as, well, not having a lifeboat.
We asked our insurance partner, an expert in the field, the most frequent questions raised when customers sign up for life insurance.
These are his answers – a five-minute read that could protect you or your loved ones and help you to understand the importance of ensuring you have adequate protection.
A: Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
The main purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured. So, it is essential for applicants to analyse their financial situation and determine the standard of living needed for their surviving dependents before purchasing a life insurance policy.
A: It’s precisely when you’re young, fit and healthy that it’s a good time to take out life insurance, and to keep it going. Not only is it cheaper to take out insurance when you’re young, should anything happen to you later along life’s journey, you may find you can no longer obtain life insurance.
A: You may think you have life insurance, but it would be unusual for a yacht to have you covered.
It’s more likely you are covered for accident, sickness, accidental death or permanent injury – but not if you die from natural causes. Death by natural causes is often a disease-related process that has progressed and caused organ failure. Such diseases are usually pre-existing such as heart disease, diabetes or cancer.
A: No. You may have heard this as you travel the world and it does apply in some situations. You need to get specialist advice from a broker who deals with and understands yacht crew.
A: Life insurance medicals tend to be dependent upon the level of cover required and are nearly always required if there is a pre-existing condition.
A: No, a letter from your doctor will not be sufficient. Your doctor will need to carry out medical tests, which will be dependent on the level of cover required.
A: Yes, your employer can pay your premium on your behalf.
A: Your insurance should be valid if you have advised your insurance company/broker of this relocation.
A: It’s important to allow sufficient time for medical tests to be undertaken and the type of tests will be determined by the level of cover required.
So, make sure you decide in good time when you know you will be ashore.
Protect yourself at all times
Moore Stephens Brokers Limited specialises in insurance and income protection plans for all superyacht crew, with policies tailored uniquely and comprehensively for the needs of this demanding and rigorous profession.
So, before you get a “headache”, take time to talk to us about a lifetime of first-class medical protection. After all, you need serious health problems overseas like you need a hole in the head.