Farmers Income Protection
As an occupation, farmers face much greater risk of injury than their office bound counterparts. From heavy machinery and chemical use to animal management and water hazards, it is an occupation that requires income protection to better manage risk elements.
Our coverage will support farmers through period where they can’t work due to illness or injury and help them cover expenses like mortgage repayments, debt and living costs.
Why you should consider it
Farm owners, managers and workers across beef cattle, dairy, grape growing, mixed farming, oyster, poultry, sheep, sugarcane and wheat. In addition, fruit grower, orchardists and market gardeners.
Before you begin the process, ask yourself these questions:
- What are my employment/business circumstances? Are you a farm worker with a regular income or one that who owns their own business so has inconsistent income? The type of work you undertake will impact the type of policy you choose.
- How is my current financial situation? How long you could support yourself without regular income? What are your current debts (and debt service costs) and living expenses?
- What is your family situation? Do you have dependent children? Does your partner work? These are situations that can dramatically impact the cover you may need.
What does it cover?
If you are seriously injured and unable to work, an income protection policy can provide a monthly benefit worth up to 75% of your income. These benefit payments from an income protection policy can support you through challenging periods until you can see light at the end of the tunnel.
What isn’t covered?
As with any insurance there are limits and exclusions that apply. There may also be a deductible, excess or limits on this type of cover so check with your GIBA insurance broker.
Please talk to us about what may or may not be appropriate for your coverage.