Life Insurance for Fishermen
Let me guess … you are a Commercial Fisherman or your Husband/ Wife/ Partner is a Fisherman and you are worried about your family’s financial future. You have come to the right Plaice (OK sorry sorry no more fishing puns I promise).
As I live close to a fishing port village in Co. Louth, it is no surprise that we have advised many Fishermen and their families over the years.
It is a good thing they came to us because we are well aware of the fact that it’s difficult to get Life Insurance for Commercial Fishermen.
Why is it difficult to get Life Insurance for a Fisherman?
Well, it all begins with what fishermen go through on a daily basis. Fishermen risk their lives every day and when it comes to life insurance companies, they don’t deal with risk-takers very well. We have all seen ‘The Deadliest Catch’ on Discovery Channel so I can’t really blame them.
Can a Fisherman get Life Insurance?
Working as a fisherman you are considered in a ‘High Risk’ occupation. This means there is a greater risk of serious injury or death, and you run a higher chance of making an insurance claim. In order for the insurance company to compensate for this increased risk, it will usually charge a higher premium payment.
Each insurance company is different, however, and this is important to keep in mind when looking for a life insurance policy. Through our experience of working with Fishermen and their families, we know which insurer will give you the best value plan.
How much is Life Insurance for a Fisherman?
Life Insurance for Fishermen can sometimes be available at normal terms, but this will depend significantly on the types of vessel that you use, where you travel to (close to shore, deep-sea), and how often you are at sea. Fishermen on small vessels, deep-sea trips, and/or regular excursions may find that their Life Insurance policy is accepted at special terms which will likely involve an increase to the base monthly premiums.
Example
Only recently a Fisherman (age 40) applied for €200,000 of Life Insurance through us. His details were as follows:
Job Duties: Deckhand / Relief Skipper
Vessel: 19 metres Prawn Fezzer Bottom Trawler built in 1991
Crew: 7 persons on board
Travel: 210km from shore
Nights at sea at a time: 14 nights
After contacting all the insurers, we were delighted to find this client cover. Whilst some insurers were looking for a lot more, we found one insurer who added only an extra €16 per month to the base premium.
Base Premium: €50 per month
Additional Premium: €16 per month
The clients did not have to Mullet (Sorry….that was the last one I swear) over for too long…before taking out this cover.
Do you really need Life Insurance?
If you’re a commercial fisher, your family relies on your income. It is crucial you have Life Insurance to cover your loved ones in case of an accident or fatality.
Whatever someone’s reasoning may be, Life Insurance is usually a great way to provide you with peace of mind that your family will remain financially stable when they pass away and be able to handle any of their final expenses.
In conclusion, commercial fishermen may have a difficult time getting good value Life Insurance but let us take that stress off your shoulders. We are here to tailor the most appropriate plan to suit your needs and find you the best rates for you and your family.
Call OneLife Insure on 01-5390410
Email tom@onelifeinsure.ie