Everyone tends to focus on the need for health insurance, we certainly do here at MHG. However, the fact is, there are several other types of insurance that you should have before you are sufficiently covered. While each person has different needs and different circumstances, almost everyone can benefit by having additional coverage for other things besides medical expenses. Here are some other types of insurance to consider, each of which have a specific role in protecting you and/or your family.
Disability/Loss of Income Insurance
Disability coverage can often be financially more important than health insurance. For example, consider someone who had an accident and could not return to work for a few months or longer. Not only are there medical bills, but there is no income to help pay normal daily living expenses. If that person was working on a ship/yacht/boat, maybe in addition there are other land-based costs that were not there while onboard (Rent!). This is a recipe for financial disaster, but having disability insurance can help by providing you with income when you cannot work.
Life Insurance
Life insurance is simple. It is a policy that helps protect your loved ones from the present and future financial losses they would face in the event of your death. There are many different types of life insurance, but they all have the same primary purpose. The best way to determine whether or not you need life insurance is simple, EVERYONE should have it! Even if you do not have family members depending on your income, wouldn’t it be great to leave a legacy by designating your favorite charity as the beneficiary upon your death?
Travel Medical Insurance
Travel Medical insurance is an inexpensive and easy way to make sure you have coverage for accidents or illnesses when you travel outside the range of your existing insurance at home. It is also a great way to fill in gaps when you are between jobs (as long as you aren’t living in your home country). Travel insurance, like the other insurances above, comes in many variations from the most basic emergency cover, to coverage that includes the cost of your trip should you be unable to take it or complete it. It can have provisions for loss of luggage, repatriation benefits, and of course it can meet Visa requirements for certain countries that may require insurance as part of being granted entry.
Whether you have questions about your current yacht crew health insurance plan, or are looking for additional coverage such as sick pay / disability income or life insurance, the Insurance Specialists at MHG are glad to be of service. Call us today at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.