Income Protection for Farmers
Article published on 7th August 2008
If your income were to disappear tomorrow the chances are you would not be able top keep your household or farm running. Many farmers tend to live where they work (on the farm) so a threat to one can be a threat to the other. Farms can be dangerous work places, with machineries and animals capable of seriously injury workers, so the risk of accidental injury is much greater for farmers than for office workers, as an example.
The National Farmer's Union's insurance arm, NFU Mutual, offers policies that can give tax-free monthly income and can be protected against inflation.
The two protection policies on offer from NFU Mutual include a Personal Income Protection Policy and an Essential Abilities Policy.
The Personal Income Protection Policy provides a safety net to self-employed full-time farmers, granting practical and financial aid if injury or illness stops a farmer from attending to his work for a fixed period of time. Up to half of the gross annual earnings of a farmer can be insured, which also sometimes allows for State Incapacity Benefit to be claimed as well.
The NFU income protection policy provides access to specialist medical advice and rehabilitation services as well as the monthly cash benefit, and the cover lasts until the policy holder returns to work, or until the specified term of the policy ends, or, in the worst case scenario, when the policy holder dies. If the illness or condition returns within 12 months of the policy holder returning to work, the cover will recommence immediately.
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