Hitches, vessels, and yards do not share a benefits office. Indexed universal life comes up when people want a policy that is not stuck on one contractor's payroll. Working offshore or on the water is also a reason a carrier may decline.
Indexed universal life (IUL) is permanent life insurance. Interest credited to the cash value can be linked to a market index, with caps, floors, and charges set by the carrier. It is not an investment. A licensed agent explains cash value, costs, and limits. Underwriting varies by job and by carrier. A hazardous job is not a promise of coverage.
What time away does to the paperwork
- A contractor policy that covers the hitch and not the weeks at home
- Two households, or one household spending a rotation check in a single month
- Travel and location questions that a shore job never sees
- Someone at home who cannot find the policy while you are unreachable
Offshore and maritime questions
Does everyone who works offshore get the same underwriting answer?
No. Platform, vessel, and shore support are different duties. Tell the agent which one is yours.
My rotation contractor said benefits start after a waiting period. Then what?
Ask what happens on the days before that period and on the days you are off hitch. A gap is still a gap.
Can illustrations assume I will be at sea for twenty years?
They should not. An illustration is a set of assumptions, not a forecast of your career or of cash value. An agent should say which numbers are assumptions.
General information, not insurance advice. Products, availability and pricing vary by insurer and state.
