Don't let a disability dig you deeper into debt

     Let’s say you suddenly came down with a serious illness, or you have suffered a lengthy injury. Would your farm business be able to go on without you? If you are like most farmers, probably not or at least not without it costing you your hard earned money.
           
     No one likes to think of the what ifs, yet most farmers do consider the what ifs when they plan their crops. For instance, this year proved to be an exceptionally dry year with many farmers experiencing lower crop yields and even crop failure as a result of the drought. Thankfully most have crop insurance in place for just these times. We also carry insurance on our homes and buildings because we know we couldn’t afford to rebuild on our own. The vehicles we drive are insured even our tools, the farm equipment and in some cases our cell phones because things can happen that are out of our control.
           
     Why is it then, that people are reluctant to insure their most important asset, the ability to make an income? Perhaps you think it is too expensive, but have you asked your local insurance broker for a quote recently? I think you would be surprised at just how affordable disability insurance is. There are now products on the market designed specifically for those in the agricultural industry using special tax rules to take advantage of your amortization expenses when calculating your insurable income. What does that mean? It means more money for you if you should become ill or injured.
           
      According to Statistics Canada, there is a one in three chance that you will experience a disability lasting for 90 days or longer by the age of 65. Disability Insurance helps you with your operating expenses and rehabilitation costs by paying you a monthly income replacement benefit when you are not able to work due to an illness or an accident. Letting you focus on getting better and back to business.
           
​      Think of the important role you play in your farm operation. You have every reason to protect yourself against the unexpected. 

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