September 21, 2020

Deep Sea Fisherman

Life Insurance for Deep Sea Fishermen

Michael’s Story – The Deep Sea Fisherman

Our client

We were called by Michael who wanted to arrange a new life insurance policy over a longer-term.

We chatted through the personal information we knew any insurer would require, including details of his medical background, lifestyle and his occupation.  He worked as a deep-sea fisherman on an 85ft trawler, so on discovering this, we took additional detailed notes about his role.

In particular, we needed to obtain information on:-

Whether he worked on deck? working with nets, did he work in the engine room or was he the Skipper?. We also had to find out the length of time he spends out at sea, the size of the vessel and whether he fished only in UK waters or further afield.

His existing insurer had taken all of the above information into account when they offered the terms of his existing policy.  Taking into consideration the extra risk posed due to his occupation, they had increased their standard premium by £4 per month per £1,000 of cover.

This meant he was paying £45 per month on top of the basic quoted premium because of the risks associated with his job.

Our research process and advice

Once we had a good understanding of Michael’s circumstances, requirements and medical history we started our research process.

Would a provider add a ‘loading’ to their standard premium (this is an additional amount on top of the standard monthly premium to reflect their additional risk)?

Could they exclude death arising from him being a deep-sea fisherman?

Might they decline an application? We want to avoid wasting time by making applications which might be declined.

Every Insurance Provider has their own specific underwriting criteria, and we contact them all to find the best solution for our clients.

The outcome

Using our up to date knowledge of the market, we did all the research for Michael.  Not only were we able to find an insurance company who could provide a longer running policy, but also one that offered the cover on standard rates, so no increase in the basic monthly premium.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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endorsement of its provider, products or services by us or St. James’s Place.