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.

What is life insurance?

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.

I'm young fit and healthy so why do I need life insurance?

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.

Why do I need life insurance? I have it through my employer

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.

Talk to us

Before you set sail again, make sure you take time out from your busy schedule to talk to us about a lifetime of first-class life and medical protection.

MOORE DIXON BROKERS LIMITED

MELANIE LANGLEY
DIRECTOR

melanie.langley@mooredixon.com

+44 (0)7476 592592