Income Protection Insurance For Farmers

farmer's income protection imageWhen it comes to life insurance policies, it is possible for farmers to secure this type of insurance with normal terms through most life insurance providers.

Since being a farmer is not one of the riskiest occupations out there, insurance agents will generally take a harder look at the applicant’s health, traveling habits, and their hobbies instead of the risk their occupation poses.

Should they have dangerous hobbies, travel to dangerous areas, or have poor health habits it may increase the cost of their insurance policy since they pose a higher risk for making a claim.

Critical Illness Cover for Farmers

It is also possible for farmers to get critical illness cover for themselves with standard terms through many insurance providers. These providers are very aware there is significant safety and health standards associated with the farming and agricultural industries that could be crucial in preventing occupation accidents leading to serious injuries resulting in a claim.

Again, the insurance agent will put a larger focus on the farmer’s lifestyle such as their health, hobbies, and travel when it comes to calculating the monthly premium payment for the critical illness policy.

Income Protection Policies for Farmers

Income protection policies are available for those within the farming industry through a few select providers given they use the “own occupation” definition. Farmers will ideally want to use this definition with any type of income protection product to help ensure they will be able to have a successful claim should they have to deal with an accident or illness preventing them from working.

The “own occupation” definition will ensure the insurance policy will pay benefits should the policy holder not be able to work their specific job, instead of one that is similar or any occupation that is available.

Income protection policies available to farmers offer deferment periods such as one day, one week, four weeks, eight weeks, 13 weeks, 26 weeks, or 52 weeks. Farmers who work for a corporation or company should always check to see what income protection benefits their employer offers before choosing a deferment period.

In order to make the most out of an income protection plan, it may be beneficial to choose a deferment period that will enable those benefits to kick in once the employer’s benefits have stopped paying out.

Summary Definition

Farmers or those who work in the agricultural industry are responsible for growing crops, tending to the land, and caring for and raising animals for society to use for food products.

Some of the greatest risks these individuals will face are associated with the regular duties they perform every day, such as dealing with dangerous equipment and working with unpredictable animals.

Additionally, depending on the type of farming being done, they may also have to handle and work with dangerous chemicals that could pose a risk to their health and well-being.