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Caboodle Finance acknowledges that – even though we all like to believe ‘it will never happen to me’ – in reality, we all know somebody who has passed unexpectedly, been diagnosed or suffered with various serious illness, or who has been unable to work for a prolonged period due to sickness, accident or disability.
The need or desire to protect against such eventualities will vary depending on your viewpoint, personal circumstances, and future plans. Read on for Caboodle Finance’s tips on how to bolster your personal protection.
Personal Protection
You may consider ‘personal protection’ at key milestones in your life, the main ones being getting married, having children, or taking out a mortgage to buy a property. All of these scenarios are obvious reasons for you to protect yourself and your loved ones, but they should not be the only time to consider personal protection.
Even if you are single with no financial commitments and no dependents, you should still consider what might happen if you were unable to work due to sickness, accident, or disability. You may get ‘sick pay’ benefits from your employer for a short period, but some pay little or nothing.
However, you may not know where to start, what policies you need, how much cover you require or can have, and what it may cost. For this reason, you may choose to use the services of a professional adviser who can recommend certain policies having considered your needs and personal circumstances.
Commonly-Taken Policies
As a basic overview, the most commonly taken policies include:
- Life Cover – This type of policy provides a tax-free lump sum in the event of your death to repay a mortgage or provide family with money to deal with matters after your death
- Cancer or Serious Illness Cover – This type of policy provides a tax-free lump sum in the event you (or your child, subject to terms) are diagnosed with a serious illness such as cancer. The lump sum benefit can help you through any period of treatment or recovery, or it could be used to repay a mortgage
- Income Replacement Cover – This type of policy provides a tax-free monthly income in the event you are unable to work for a prolonged period due to sickness, accident or disability. Typically, the monthly income paid by the policy only kicks in after your employer has stopped paying any sick pay benefits, which helps to keep the cost of the policy down
How This Relates To Crew
Other more specific types of policy are available and would be recommended where appropriate based on your circumstances, needs and requirements.
CrewFO are able to extend the services of Caboodle Financial Services, who have many years’ experience helping seafarers. As such, Caboodle understands the unique set of circumstances and challenges working on a super yacht bring when looking to arrange personal protection or a mortgage. Caboodle can research and provide no obligation advice in relation to many personal protection products, as well as mortgages.
Find out how Caboodle Finance can help you with your personal protection here.
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