Life Insurance Cover For Fisherman – Life Assurance

Fishing began as a means of survival thousands of years ago and has since grown into a booming industry.

life assurance fisherman photoFAO reported that there are over 38 million fishermen working in commercial trade including both off-shore and deep sea fishermen. An individual’s chosen occupation can play a very large role in the life insurance policy options that are available to them and may also influence how much they pay in monthly premiums.

Here is what you need to know about life insurance for fishermen.

Life Insurance Information for Fishermen

For some insurance companies, policyholders who work what is considered “high risk” occupations, meaning there is a greater risk of serious injury or death, 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 or exclude accidents from the policyholder’s occupation from the policy’s claimable list.

Generally, the fishermen occupation is not considered “high risk” and these individuals are usually able to secure a life insurance policy with standard terms and an affordable premium.
Each insurance company is different, however, and this is important to keep in mind when looking for a life insurance policy.

Where one company may not see fishing as “high risk” another may and they may charge more a month for the same type of life insurance coverage. When speaking with an insurance agent, make sure you answer questions honestly – should you not be truthful on an initial application and have to make a claim, it is possible for the company to deny the claim based on false information.

Reasons for Purchasing Life Insurance

For many of the clients that we work with at Genesage, purchasing life insurance is a means to protect their family financially should they pass away earlier than expected. Some clients also seek life insurance coverage at the urging of an advisor, such as a mortgage broker.

Whatever someone’s reasoning may be, life insurance is usually a great way to provide them with peace of mind that their family will remain financially stable when they pass away, and be able to handle any of their final expenses.

Changing Your Life Insurance Policy

In many cases, as we age, our needs, wants and desires change and our life insurance policy may no longer be a great fit. Some people change occupations or retire and, if their occupation was previously considered “high risk,” they may be eligible for a lower premium payment.

The good news is that it is possible to make changes to your existing life insurance policy or purchase a completely different one. It is important to use caution, however, when looking to swap insurance policies.

An example of this is an individual who took out a life insurance policy early on in life. At the time of purchase, they were healthy but worked in a “high risk” occupation, making their premiums higher than normal.

Later in life, they have since retired from that position and have since developed a health problem. Should they look to purchase a new policy, the health problem may bar them from being eligible or keep their premiums high. Always use caution when changing insurance policies.

Information on Joint Life Insurance Policies

If you are considering purchasing a life insurance policy and have a partner, you may also be looking into joint life insurance. But, is a joint life insurance policy right for you? The answer to this question will be completely determined by your unique situation, financial secureness, and what you are looking for in a policy.

A joint life insurance policy is great in that you only make one monthly payment but, when the first of the joint policyholders passes away, the policy will only pay out for that passing.

A life insurance policy for each partner is another option. Since there will be two policies, there will also be two monthly payments, which may but a strain on a budget. But, if you can afford both payments, your family will be doubly protected.

When one partner passes away, that policy will pay out and when the second policy passes away, his or her policy will pay out. Additionally, should both partners pass away at the same time, both policies will pay out at the same time to provide financial support.