Keeping the Farm running is vital
Farmers have a unique work environment and, therefore, need a unique form of insurance. As a farmer, you know how unpredictable life can be. 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 Personalised Farm Protection 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 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 or parents 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?
Debt levels could force a mortgagee sale from the bank
Your stage of life could mean the farm may not be able to be passed on
The farm may not be in a position to afford a farm manager
The stage of the development of the farm could mean the children are not in a position to take over the farm financially
The farm may have to be sold because one or more of the children want to be ‘paid out’ instead of running the farm
Where we come in
An Adelphi Adviser will come to your farm to visit you and your family, in the comfort of your home, and develop your Personalised Succession Plan for your family and farm’s unique circumstances and needs.
Rural Key Person Insurance
Unlike most businesses, a farm or sharemilking business cannot afford to stop operating in the event of a loss of a key person. The financial consequences of a disability or extended illness could be devastating for your lifestyle and those that depend on you. When you work and live in the same place, along with your family, a threat to the farming operation is also a threat to your home life.
Rural Key Person Cover
Rural Key Person Cover is specifically designed for farmers and farm operators like sharemilkers. Rural Key Person Cover will pay you a monthly income if a key person is disabled and unable to work because of illness or injury. This cover allows you to hire a replacement contractor/locum to take care of things while that person gets back on their feet.
Note: A key person is someone on the farm responsible for generating business income.
Just because your health suffers a setback, your farm or sharemilking business doesn’t have to. The right insurance cover is a vital contingency plan for any farmer, as it can take just one setback to jeopardise years of hard work.
Where we come in
An Adelphi Adviser can sit with you and your partner, in the comfort of your home, and develop your family’s Personalised Farm Protection Plan to determine the ideal level of Rural cover you need for your family’s unique circumstances and needs.