Need of Insurance Planning for a Seafarer
You are traveling on a ship as a seafarer, and suddenly, you receive a call from your parents that their house has fallen to the ground due to natural calamities, and they have no idea where to go now. This situation sounds scary as you are miles apart from your family and face difficulty connecting with the ongoing confusion. Anyone serving in the Merchant Navy or has worked before knows it well; life on the ship is challenging. We are familiar with the problems such as the unavailability of immediate medications, operational hazards, leakages, and many more that can develop with any kind of reckless behavior on the ship. Although few shipping companies provide insurance to seafarers, their plans cover inadequate terms or are complex to understand. So what can a sailor do in advance to avoid such circumstances in the future?
Life insurance
If a child, a spouse, a life partner or a parent depends on you and your income, you need life insurance. – Suze Oman
We have seen families entering the most vulnerable phase of their lives after the untimely death of a single-earning individual. A seafarer’s life is equally uncertain both onboard and offboard the ship. Suppose you are standing on deck without a helmet and some tools like a spanner fall from the working aloft area, leading to your immediate death on the spot. Now, think of what will happen to your family once you are gone. This is why life insurance for a sailor has become important. A seafarer who bears the burden of responsibility for the entire family should make efforts to secure them even when he/she is not around anymore. Life insurance can then be availed by their family in a lump sum amount, which will not hamper their basic needs requirements due to the unfortunate death of the breadwinner. It should be noted that the premium paid for the term insurance should be as low as possible and covers an amount that is sufficient for a seafarer’s family to sustain for ten years at least. Prioritizing your near and dear ones with a credible and beneficial plan is the first step towards a healthy financial status. We suggest going for a TERM INSURANCE plan only. For more information on Term Insurance plan, watch the video with the link below:
Health insurance
Not every illness leads to death, some burn a hole in your pocket and leave you breathing under the continuous threat of a financial collapse. You want to go for a foreign country to enjoy your vacation after 6 months of sailing. But unfortunately, fall ill and now all your budget for your trip will be used up for your health conditions instead. We are sure, it doesn’t sound right. But a health insurance plan can come in handy in such cases of medical emergencies, hospitalization or contraction of any illnesses. A seafarer should learn to manage their medical expenditures without dipping into their savings. There are some health plans that come with tax benefits which can be claimed in a seafarer tax statement, if they are paying any tax at some level. Remember, he who has health, has hope and he who has hope, has everything.
House Insurance
Property rates are sky-rocketing these days. Owning a house not only makes you financially strong but also provides your family with a safe shelter to spend their life. Kerala floods of 2018, that led to the displacement of 3 lakh people and destroyed many houses came unannounced like any natural calamity. This was not the first and for sure not the last destruction of such kind. Every seafarer dreams of purchasing a house that suits their budget and offers a promise to stand strong through natural calamities or any unforeseen danger. House Insurance is only an extension of that promise that protects your house against every act of god scenario. A seafarer is largely posted on ship during a year, and to secure their family while they are gone is their foremost responsibility. These insurance plans cover any damages to the house on account of mishaps, accidents, natural calamities and many more.
Insurances are like seatbelts that should be worn by every professional in the merchant navy without waiting for an accident to take place first in the near future. We are living in the 21st century where life comes with possibilities and risks of all kinds. A seafarer should make sure they are well covered under the plans that are genuine and economically feasible. There are various fraudulent activities linked to insurance companies as well. So it becomes essential for a seafarer to plan and invest after consulting someone who holds apt knowledge in this field. We live in an unpredictable world these days. Thus, there are many legitimate reasons to prepare yourself for those unannounced dangers.
Check out complete information about Insurance for seafarers with our dedicated course on Insurance for Seafarers.
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