Life Insurance for Farmers in Canada

Farmers and their families know that agriculture is full of risk. These risks are life-threatening. According to the CDC, 413 farmers or farm workers died in 2017, which is frightening when that works out to 20.4 deaths per 100,000 workers. While there are programs that try to curb the dangers, the hard fact is farming is still a high-risk job. This reality is why proper life insurance is important, especially for independent farmers and their families.

Farming is not for everyone. It takes a special person to perform the workload day-in and day-out. It is a labor of love. Farming has a lot of unknowns, especially for those farmers who do not have insurance through a larger company.

In fact, one bad day or one mistake can be a financially devastating one. The right life insurance can be one added layer of security and protection for those you love in the wake of tragedy.

Dying and how it can affect your family is difficult to think about. It is, no doubt, emotionally devastating. Yet, the financial repercussions and aftermath need to be considered for the loved ones you leave behind. Choosing the right life insurance can help you prepare for the following:

Education – Whether or not you intend for your children to continue the farming tradition, it is important to have the ability to pay for their education should they decide to go to College or University. Find a life insurance policy that sets your family up for success.

Cover Debt – It is no secret that farming necessitates a lot of debt. All it takes is one bad season, one natural disaster, or a key piece of machinery breaking down or becoming obsolete and needs to be replaced. Insurance can make these hiccups less worrisome and stressful.

Retirement – As much as farming can be enjoyable for some, there comes a time when it is time to retire. You’ve earned your chance to relax. However, you will need to make sure that you have saved enough so that you can retire in comfort. The sooner you start to save, the sooner you’ll be set up for the rest of your future.

Financial Burden – The right life insurance will make the fear of financially burdening your family if something happens to you disappear. The dangers and risks involved with farming are well known. Something could happen to you or those who work for you. The idea of this happening without the proper insurance makes it that much more difficult to endure. The last thing your family should have to deal with is crippling debt to match their grief.

Types of Life Insurance for Farmers  

Not everyone is aware that there are different options and types of life insurance. It is definitely not something to be taken lightly, and you should do your research when shopping for the type that is right for you. There are a lot of factors that can come into play, and there may be some that you hadn’t considered. Here are a few of the more common types of life insurance options for farmers that are currently out there:

  • Term of Life insurance – You choose the timeline that works best for you and your family. The benefit is received if the policyholder expires within an allotted or defined period of time.
  • Whole Life Insurance – Insurance that lasts a lifetime is perhaps the most common and offers invaluable peace of mind.
  • Universal Life Insurance – Universal life insurance is similar to whole life insurance, but with a bit more flexibility. You can choose to receive credits back each month based on the terms of your policy.

Choosing the Right Life Insurance 

In terms of insurance, what is right for you may not be what is right for someone else. Make sure you choose a life insurance company and policy that makes sense for you and your family.

Everyone has a different story. You will need to choose an insurance that matches your story, and that is only for you to decide. Do you have a financial goal? If so, is it for each member of the family? Do you have a retirement goal? Who will take over the farm when it is time to retire? Or, who will take over the farm in the event that you pass away? These are all questions that need to be seriously considered when choosing the life insurance and policy that is best for you and your family.

Approximately 100 Agricultural workers suffer a time-lost injury every day, according to the CDC. With the appropriate life insurance, you can know that you or your family will be taken care of in the event of the unthinkable.

It is also recommended that when shopping for life insurance, you not only inform but also involve your family, as it is their lives that will be undoubtedly affected. It may be uncomfortable and, indeed, embarrassing to discuss this with those you love most. However, the temporary discomfort will be well worth it. It is important not to procrastinate when it comes to life insurance, as it will affect the lives of generations to come.