For mid generation farming families who have acquired the family farm from the retiring generation, making sure your family is financially protected can be overwhelming, especially since there’s so much information floating online. This infographic and article address the importance of insurance.
The 4 areas of personal insurance a mid generation farming family should take care of are:
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Health
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Disability
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Critical Illness
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Life
Health: We are fortunate to live in Canada, where the healthcare system pays for basic healthcare services for Canadian citizens and permanent residents. However, not everything healthcare related is covered, in reality, 30% of our health costs* are paid for out of pocket or through private insurance such as prescription medication, dental, vision care, physiotherapy, etc.. Moreover, if you travel outside of Canada, medical emergencies can be extremely expensive. Ensuring you and your family’s healthcare needs are taken care of are of utmost importance.
Disability: Most farmers spend money on protecting their buildings, vehicles, equipment and other farm assets including crops and livestock, but many overlook protecting their greatest asset: their ability to earn income. Farmers are the lifeblood of their business including working and running the farm. Unfortunately one in three people on average will be disabled for 90 days or more at least once before age 65. Disability insurance can provide you with a portion of your income if you were to become disabled and unable to earn an income.
Critical Illness: For a lot of us, the idea of experiencing a critical illness such as a heart attack, stroke or cancer can seem unlikely, but almost 3 in 4 (73%) working Canadians know someone who experience a serious illness. Sadly, this can have serious consequences on you, your family and the farm, with Critical Illness insurance, it provides a lump sum payment so you can focus on your recovery.
Life: For mid generation farmers, if your loved ones depend on you for financial support, then life insurance is absolutely necessary, because it replaces your income, pay off your debts, protects the farm for the next generation and provides peace of mind. If you purchased the farm from the retiring generation, you may still have considerable amount owed, life insurance can take care of this amount in the event of your premature death.
Talk to us about making sure you, your family and farm are protected.