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Why Every Yacht Crew Member Should Consider Income Protection

By Jono Watkins
Maritime Specialist Financial Adviser | Ex-Yacht Captain | @Reedman Wealth Management – Senior Partner Practice St. James’s Place

Working in yachting can be one of the most rewarding careers — travel, strong salaries, tight-knit crew dynamics, and the satisfaction of working on incredible vessels. But few talk about what happens when it all comes to a sudden stop.

As someone who spent over a decade at sea, finishing as a captain, I know how demanding this industry is — physically, mentally, and emotionally. And I also know how quickly things can change.

The Income Crew Don’t Think About — Until They Need It

Yacht crew are generally young, fit, and used to pushing their limits. We don’t often consider what would happen if we were injured, became ill, or simply couldn’t return to work.

That’s where Income Protection becomes essential!

So, what is Income Protection?
Income Protection is designed to provide you with a monthly income if you’re unable to work due to accident or illness. It gives you breathing space when life throws the unexpected your way.

Real Life: Meet Charlie, a 2nd Officer Who Needed It Most

Charlie Reedman, son of Reedman Wealth Management’s Director, was working as a 2nd Officer when his world was turned upside down. A back injury — the kind that could happen to any crew member — led to the need for spinal surgery. Suddenly, he couldn’t work.

Fortunately, Charlie had taken out Income Protection insurance.

The policy kicked in and covered his essential outgoings, including his mortgage payments, allowing him to maintain his independence and even continue saving for the future while recovering.

Without that safety net, things could have looked very different. It’s not just about income — it’s about dignity, options, and long-term plans staying intact.

Why It Matters for UK-Based Yacht Crew

For UK crew working offshore or in foreign waters, the traditional safety nets of the NHS or statutory sick pay often don’t apply in the same way. If you’re paid offshore or self-employed — as many crew are — you’re not always protected by UK employment laws. 

Most UK based jobs provide you with sickness and injury plans as an employee benefit. In yachting this is not the same. A standard Cayman Island Contract usually will provide you with 12 to 16weeks (If you are lucky) Full sick pay. From there on out you are on your own and normally sent back to your own port, also known as repatriation.

This is when Income Protection would kick in and provide you with a private, tailored solution that matches the unique structure of your career at sea.

Ask Yourself This…

– Could you cover 3–6 months of bills if you couldn’t work?
– Do you know what cover (if any) your current contract or employer provides?
– Do you have financial dependents or property?

If the answer to any of those makes you pause, it might be time to review your safety net.

What to Do Next

@Reedman Wealth Management we offer a no obligations consultations specifically for UK-based yacht crew to discuss this and other financial matters. There’s no pressure — just real, useful information to help you plan ahead.

It’s not about selling fear. It’s about protecting the income you work so hard to earn — and making sure your future stays on course, even when life doesn’t.

📩 Want to learn more?
Book a no obligations call with either myself or Tim today: 

 https://www.yotspot.com/reedman-wealth-management.html [yotspot.com]

Reedman Wealth Management LLP is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. 

SJP Approved 28/7/2025