Dairy framing is an important industry because it provides healthy food products that every family needs. Running a dairy farm is hard work and requires business savvy, and like any other agriculture-based occupation, it comes with risks.This is why dairy farmers in Abbotsford and Chilliwack buy life insurance. They know their families and their business need to be financially protected from potential loss.
This is the same reason why farmers insure the farm, their vehicles or anything else – financial protection.
There are a number of insurance policies available because there are a number of different reasons why people need them – Life Insurance, Critical Illness and Disability Insurance are the most common. Beyond risk alone, whole life insurance can be used for succession planning from generation to generation which is very important for dairy farmers in Abbotsford and Chilliwack.
In this post, we’re focusing on life and associated health insurance coverage’s for dairy farmers. We’ll start with questions you need to ask yourself, to see what types of life insurance policies you may need.
5 Hard Questions to Answer:
- How would your farm partners and family handle the dairy business without you or you without them?
- Would the survivors have enough cash on hand to buy out your estate or you theirs?
- How will the bank feel about the existing credit limits – will funding be available?
- How much coverage do you need – farm, equipment, vehicles, credit lines?
- What about a Critical Illness or Disability that would prevent you from working?
What are Your Life Insurance Options?
- Term Life Insurance – using temporary insurance can be useful to manage short term risks. You get the most coverage for the least premiums.
- Whole Life Insurance – permanent insurance is guaranteed to be paid to your beneficiary and the very best value for longer term and succession planning.
- Critical Illness Insurance – this policy simply creates cash when it’s needed most, the money can be used any way you wish. Cancer, Stroke and Heart Attack make up 80% of claims.
- Disability Insurance – provides a monthly pay cheque if you are sick or injured and not able to go to work and earn your living. If you were not able to perform your duties, you would likely need to hire someone to do your work.
How long will your dairy farm be able to carry on without you if you passed away or suffered an illness or disability?
Like any business, dairy farmers in Abbotsford and Chilliwack buy life & health insurance because they want to protect their families financially. No one wants to spend all their hard earned money on insurance but managing life’s risks with the right coverage is sound financial planning and a wise decision.
At Shelter Bay Financial Corp., we are life & health insurance professionals that can help you build an insurance portfolio and manage the risk to your farm in Abbotsford or Chilliwack.
We will help you buy the life insurance that best suits your needs and budget.
To find out more, please call toll free to 1.888.498.5288.