In our previous article we talked about importance of life insurance for seafarers.
Life insurance policies are long term commitment thus seafarers have to make sure that they buy what they need and what they can afford. Making sure the premiums are affordable is very important as you would not want your insurance policy to lapse or be terminated if you are unable to keep up with paying the premiums.
Some life insurance products provide both insurance protection and build up cash values or investment benefits. This kind of product will naturally cost more than pure insurance products. If you are considering such insurance-investment product, make sure that it covers your insurance needs first. Do your due diligence to find out if the policy has any exclusion.
As seafarers are away from home for long periods of time having a trusted and reliable financial consultant is very important as the the financial consultant must be able to assist the family in submitting claims should anything happen to the seafarer. The seafarer also has to ensure that his family knows who is their financial consultant.
You can get a few quotes from different insurance companies and do a comparison on the details of the coverage provided. Cheaper policies do not necessarily translate to be a better deal if they do not provide the coverage you want.