Farmers have a unique work environment and, therefore, need a unique form of insurance. As a farmer you know how unpredictable life can be, and it's not just the elements you have to worry about. On top of the day-to-day risks of manual labour, you face the same health threats as everyone else. And you can only be as productive as your body lets you be. The everyday duties of running a farm or sharemilking business don't stop just because you become sick, injured or worse still, die.
A well planned and thought out Personal Business Insurance Plan can protect you from the financial consequences of a serious illness or accident or untimely death, helping to keep your farm running and in good shape for the next generation.
Farms are often a generational legacy where the parents build up a generational asset through the ‘family farm’. In many cases some or all of the children grow up and work on the farm with the view of taking over or inheriting the farm when the parents retire or pass away. In the normal course of events the farmer works the land, educates the children and passes the farm on to the next generation …. BUT …. what would happen if the farming parent were to die unexpectedly, have a serious accident or suffer a severe illness at a youngish age which meant they could no longer work the farm?
- Depending on debt levels the bank could force a mortgagee sale
- Depending on your stage of life the farm may not be able to be passed on because you couldn’t afford a farm manager to run it
- Depending on the stage of the development of the farm the children may not be in a position to take over the farm financially
- The farm may have to be sold because one or more of the children would want to be ‘paid out’ instead of running the farm
These are just some of the reasons where a professionally structured personally Business Insurance Plan with cover for life insurance, serious illness and disability cover form a prudent part of succession planning. It provides a bridge from where you are now until when you are ready to hand over on your terms.
An Adelphi Insurance adviser will come to your farm to visit you and your family, in the comfort of your home, and develop your personalised Business Insurance Plan to determine the ideal level of cover you need for your family and farm’s unique circumstances and needs.
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