Fisherman's Life Insurance: What's The Catch?

Life insurance for fishermen is available, but there isn't a specific policy designed for people in the fishing industry. Fishermen can face many dangers in their line of work, from hazardous weather conditions to the constant threat of accidents and fatalities, so it's no surprise that it's considered a high-risk occupation. This means that the application process for life insurance will involve additional questions about the job and working environment. The good news is that there are insurance companies that specialise in providing cover for high-risk occupations, and there are steps you can take to improve your chances of securing the best rates.

Life insurance for fishermen: what are the options?

Commercial fishing is one of the most dangerous jobs in the world, with fishermen facing extreme weather conditions, hazardous equipment, and working environments that can be hundreds of miles away from the nearest medical facility. As such, obtaining life insurance as a fisherman can be more complex and costly than for someone in a lower-risk occupation. However, there are still options available for fishermen seeking life insurance coverage.

Life Insurance Options for Fishermen:

Fishermen can explore the following options when it comes to life insurance:

• Standard Life Insurance Policies: Fishermen can apply for standard life insurance policies, although they may face additional questions about their job and working environment during the application process. The cost of premiums will likely be higher due to the high-risk nature of the occupation, and some insurers may refuse coverage. It is recommended to compare quotes from different insurers, as rates can vary.
• Specialist Life Insurance Providers: There are specialist insurance providers that cater specifically to high-risk occupations, including fishing. These providers may be more likely to offer coverage and could potentially provide more competitive rates.
• Pre-existing Life Insurance Policies: If a fisherman already has a life insurance policy in place before taking up fishing as a profession, they may be able to keep that policy. However, this is only applicable if the policy was not taken out with the knowledge that the insured would be engaging in a high-risk occupation.
• Dangerous Occupation Life Insurance: This type of insurance is designed specifically for individuals in high-risk occupations and can provide coverage for accidental death. While it may not offer comprehensive protection, it can provide some level of financial security for a fisherman's family in the event of their death.

Additional Considerations:

In addition to life insurance, fishermen should also consider the following types of coverage:

• Critical Illness Cover: Critical illness cover can provide financial protection if a fisherman falls critically ill during the policy term. However, exclusions may apply, and premiums may be higher due to the occupation's high risk.
• Income Protection: Income protection can help replace a fisherman's income if they are unable to work due to illness or injury. However, securing this type of coverage may be more challenging due to the increased risk of injury inherent in the occupation.

Final Thoughts:

While life insurance for fishermen can be more complex and expensive due to the high-risk nature of the occupation, options are available. Comparing quotes from different insurers, including specialist providers, can help fishermen find the most suitable coverage for their needs. Additionally, considering critical illness cover and income protection can provide further financial security for fishermen and their families.

Is critical illness cover available for fishermen?

Critical illness cover for fishermen is available, but it depends on the specific role and individual circumstances of the applicant. Critical illness cover provides financial protection in the event of a critical illness diagnosis during the policy term. This includes illnesses such as cancer, heart disease, stroke, or organ transplant.

The cost and terms of a critical illness policy are defined based on the applicant's age, health, lifestyle, and occupation. As commercial fishing is considered a high-risk occupation, fishermen may face higher premiums and additional requirements. For example, spending large amounts of time offshore or working on smaller vessels could result in increased premiums and occupational exclusions.

However, it is still possible to obtain critical illness cover as a fisherman at standard rates, especially for lower-risk types of commercial fishing, such as working closer to the shore. It is recommended to compare policies and quotes from different insurers to find the most suitable and affordable options.

In summary, critical illness cover is available for fishermen, but the availability and cost will depend on individual circumstances and the specific details of the fishing occupation.

Income protection for fishermen: what are the options?

Income protection insurance is designed to help replace your income in the event that you are unable to work due to illness or accident. It can provide monthly tax-free payments either for a set period, until you've returned to paid work, or retired.

Due to the hazardous nature of the job, it can be more difficult for fishermen to secure income protection insurance than it is for those in other professions. However, it is still worth exploring the options available, especially if you are the main earner of your household.

• Type of fishing and vessel: The type of fishing you do (e.g. crab fishing, lobster fishing, long-line fishing) and the type of vessel you work on will be considered during the application process. Fishing on smaller vessels offshore, for example, may result in higher premiums.
• Time spent at sea: The amount of time you spend at sea will also be a factor. Spending large amounts of time offshore may increase your premiums.
• Location: The locations in which you work will be taken into account. For example, do you work in the UK or internationally?
• Health: Your health will be a major factor in determining your eligibility for income protection insurance and the cost of your premiums. If you are in good health, you are more likely to be offered a reasonable rate.
• Safety measures: The safety measures you follow will also be assessed. This includes the safety gear you wear and the medical supplies that are on board.

If you are a fisherman looking for income protection insurance, it is recommended that you compare policies and quotes from different insurers, as they will each assess your application differently. Specialist insurers are also available if you are unable to secure a policy from a standard insurer.

How much does life insurance cost for fishermen?

Life insurance for fishermen is available, but there isn't a specific life insurance policy designed for people who work in the fishing industry. The cost of life insurance for a fisherman will depend on their specific role, health, lifestyle, and chosen policy details. Fishermen are often considered a higher risk than most because of the hazardous nature of the job. This means that, generally, fishermen will pay more than someone who works in a lower-risk occupation.

However, it is important to note that some insurers will consider this type of role as a standard risk for life insurance, as it does not have a big impact on mortality, and the statistics for incidents are fairly positive.

If you are a fisherman looking for affordable life insurance, it is important to explore your options and compare quotes from various insurers, as some insurers may offer better rates than others based on your occupation.

• Type of vessel – The type of boat or vessel a fisherman works on will be taken into account when determining the cost of life insurance. Working on smaller vessels offshore may result in higher premiums.
• Time spent at sea – The amount of time spent offshore will also impact the cost of life insurance for fishermen. The longer a fisherman spends at sea, the higher the premiums are likely to be.
• Location – The location in which a fisherman works will also be considered when calculating the cost of life insurance. Working internationally may result in higher premiums than working only in the UK, for example.
• Health – As with any life insurance policy, the health of the individual will impact the cost of premiums. The better a fisherman's health, the lower the cost of life insurance is likely to be.

In addition to these factors, fishermen may also be asked about their daily routine, the length of their shifts, the medical supplies on board their vessel, and the safety gear they wear.

It is worth noting that critical illness cover and income protection policies for fishermen may also be available, but these will also depend on the individual's specific role and circumstances.

How to find the best life insurance for fishermen

Life insurance for fishermen is available, but there isn't a specific policy designed for people in the fishing industry. Fishermen can get life insurance, but personal circumstances will dictate eligibility and price. Some insurers may consider the occupation high-risk, resulting in higher monthly premiums or refusal of an application.

Factors Affecting Life Insurance for Fishermen

The type of vessel, time spent at sea, locations, and role in the industry will be considered during the application process. Other factors that will be taken into account include:

• Health
• Family medical history
• Amount of cover
• Term of the plan

Tips for Finding the Best Life Insurance for Fishermen

• Compare policies and quotes from different insurers to find affordable options.
• Contact an independent insurance agent with access to multiple carriers to get lower rates.
• Be honest and detailed about your daily activities and health to get a customised rate.
• Ask about discounts for paying annually instead of monthly.
• If you work seasonally, ask about premium changes during off-season.
• If you're in good health, opt for a medical examination to get a lower baseline rate.
• If your health is below average, consider a company without a medical examination requirement.
• If you're young and in excellent physical condition, you may have better chances of approval.
• If you have a medical condition, consider a pre-screening to avoid surprises later.
• Apply over the phone to explain your answers and avoid writer's cramp.

Frequently asked questions