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Rural Insurance
What happens to the farm when the Owner or Key Person on the farm suddenly dies or becomes seriously ill or injured - and cannot work again? A stroke, cancer, multiple sclerosis, Parkinson's, broken back, loss of limbs? Insurance can provide solutions.
What does it do?
Rural Insurance can do many things to ensure the continuation of normal farming as a business and as a family enterprise. Should sudden death occur, funds can be made available for the transfer of part or all of the farm asset within a family. Should serious illness or accident occur to a Key person on the farm, ongoing monthly income can be provided to pay for a replacement person during recovery, or provide a significant lump sum should the Key person be unlikely to return back to normal work.
Why have it?
Like anyone, a Farmer can suddenly die or have a serious illness or major accident. The animals on the farm don't wait, they still need taken care of, and the farm needs to continue to produce income. Funds for a replacement person may not be within the farm budget, but having the right insurance cover will allow for solutions that may not otherwise be available. With fluctuating incomes over months and years, it can often be difficult to obtain farm income protection cover, but there are Specialised Farming Products designed to do this.
Options
- Cover for Death Only
- Cover for Death plus Trauma conditions
- Add Total and Permanent Disability cover
- Replacement Income for a Farm Key Person based on average farm incomes
- Guaranteed increases on some covers as the farm value increases without the need for more medicals.
- Premiums not payable during claim periods
Premiums
Depending on a number of factors, some level of cover will be available to meet the needs of most farmers: Which covers are to be applied for, Age of Farmer, Current Health, Health History, Smoker or non-Smoker, Average income of farm over a period of time. All would be assessed in a Needs Analysis by a visiting Adviser. It is possible premiums for some covers may be classified as a business expense. Covers and premiums would need to be reviewed every 2-3 years as changes in farm value and farm income increases or decreases.