Best Term Insurance Cover for Seafarers and Mariners

A sailor’s life is always uncertain, always on the move. You never know how many months you’re at sea and from which port you’ll have to move to next. Difficulties pertaining to your very existence also come into place numerous times since the sea may not always be smooth and calm.

So, how does one sail through the rough tides of uncertainties while being at sea? How do you protect your family in the best way possible when you’re a sailor? The answer is the right insurance policy!

Finding the Right Term Insurance for Seafarers

Insurance is a financial product that helps you cover your risk by paying a small sum of money called the premium. There are numerous forms of life insurance such as basic life insurance, term insurance, comprehensive life insurance, endowment plans and Unit Linked Insurance Plans (ULIPs).

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The term insurance policy is an ideal financial product that serves the need of even seafarers. Term insurance though provided in different countries in different names is predominantly the same product - a large sum assured against a relatively small premium for a fixed term or tenure.  If the term insurance holder survives during the term fixed, then the nominee or the insurer does not receive any benefit or sum assured. However, if the insured passes during the term, then the nominee of the term insurance policy is eligible for the death benefit.

It is beneficial if the term insurance is availed by the mariner or the breadwinner of the family on whom the entire family is dependent upon. Further, availing the term insurance policy at a young age or rank such as Junior Officer will offer you a chance to get the term insurance for a nominal premium or rate considering you would not have any dependents and will be physically fit. Additionally, you can avail this term insurance policy for the long term - till the age of 65 or 75 years.

How to Get Term Insurance for Seafarers and Mariners

• If you are applying for term insurance at a young rank or when you just join the ship, the insurance company may ask you to present your salary certificate. This is because your premium payable is dependent on your earning capacity.
  
• Further, if you are a Non-Resident Indian (NRI) applying for term insurance while working in the marines or ship, there is no issue in procuring term insurance from India. You simply have to be capable to pay the premium and physically fit.
  
• You should opt for additional Critical Illness Cover as a rider to your term insurance policy, especially if you have a family history of ailments such as cancer, diabetes, heart disease, etc.
  
• It is advisable that you open a Marines or Seafarers Account that will help you and your family easily manage your account. This account also offers further advantages, such as maintain a zero or minimum balance, transfer money easily internationally, zero charge ATM withdrawals, higher withdrawal option, unlimited and free debit card transactions in India, free privileges such as net-banking, ATM/ Debit card, NEFT and RTGS facility, etc. and also higher interest rates. Depending on the insurance provider, you may even get cash-back offers, free movie vouchers, special offers, promo code, and even discount coupons.
  
  

Conclusion

For sailors and seafarers, who are always on the move, face several practical difficulties, especially the financial ones. Not only is it difficult to manage the financial transactions but also personal life. Also, if they are the sole breadwinner, ensuring the finances and money are well-taken care of and reach the family on time even becomes a critical task. Every individual wants to ensure optimum security of the family - financial and general. Term insurance is the right solution for doing away with the life insurance concerns for the Marines or Seafarers.

Know more life insurance such as long term savings, term plan and retirement on PNB MetLife website