Farming is an incredibly rewarding career but at the same time is hard work - work which brings with it challenges that could put you in situations causing injury, disablement and potentially death.

While no one wants to think about the worst happening to them, not thinking about how your family, livelihood or staff would cope or operate without you can be just as worrying.

In the same way that you take steps to protect and insure your assets – the same consideration and steps should be taken to protect yourself and where necessary someone within the business who you consider a ‘key person’. By taking these steps you’re helping ensure you can continue to meet your goals, should the unexpected happen.

At FMG we have a team of advisors who can talk with you; identify the impact on your business and family should you become ill, injured, disabled or even die and work out a personalised risk plan that will offer the right support.

FMG’s risk plans are underwritten and administered by Fidelity Life, Sovereign Assurance, AMP and/or Southern Cross.

A personal risk plan gets you thinking about the importance of investing in you, your family and / or your business. Our advisors will talk with you to identify your needs and goals and establish a plan that best suits you and the business’ needs. The type of questions to consider could include:

• Could my business remain financially viable if I weren’t there?
• If I become ill, injured or disabled – will I need extra labour?
• If someone replaced me, would they have the skills to fit straight into the business?
• Who will look after me? Who will look after my family?
• Will I be able to meet financial commitments to the bank and suppliers?

We know that these are big questions to think about, which is why we have trained, professional advisors to help you through every step.

Whether you need an FMG advisor who understands you, your family or your business, or would simply like support in taking out cover, we can help you through the decision-making and application process.

An FMG advisor can talk with you about your goals, financial priorities and the income security you want for your loved ones in the event of disability or even death.

To talk about protecting your family and business, call us on 0800 366 466.

Short or medium term disablement or illness

If you become sick or are injured, personal insurance can give you the financial support you need to pay the mortgage or other bills, fund childcare and keep the business running while you focus on treatment, recovery or rehabilitation. With the help of an adviser you might decide that:

• monthly payments to cover costs are really important to you or;
• a cash lump sum to reduce your debt would actually be a better solution or;
• a combination of payments would provide you with better choices or;
• you would like access to private healthcare.

It could focus on labour replacement cover for the business, income replacement for the family or it could also be tailored to help with mortgage protection or business expenses cover.

Private healthcare has options which cover anything from day-to-day healthcare costs right through to paying major medical and surgical costs at a private hospital.

Whatever it is that’s happened to you (that you’re likely to recover from), there’s a financial solution to tide you over until you’re back on your feet. There are plenty of options on hand to help you, and our advisors will talk with you about which option best suits your needs.

Long-term or permanent disablement or illness

While there’s a lot of positive research showing that most people recover in good time from accidents and illnesses, there are some life events that can take us out of action for longer – or perhaps permanently – for example:

• physical pain, such as pain in the knees or back
• stress from running the farm or business – and also from family life
• the heart or cancer condition you’re facing is treatable but it’s going to be a long time before you’ve recovered.

When considering cover for these types of ailments you want confidence that you’re working with an experienced professional. An FMG personal risk advisor will be able to talk to you about your options – which could include lump sum covers to reduce debt, or monthly benefits to fund labour replacement or income protection.

Death

Life Insurance is ultimately about looking after your loved ones and your business. Having the right cover can help with financial pressures such as:

• reducing or eliminating personal or business mortgages
• preventing a fire-sale of the farm, home or business
• enabling surviving business partners to buy out your shares
• enabling your partner and children to maintain their lifestyle.

Life Insurance and key person insurance is usually paid out in a lump sum if you, or a person you’re depending on in the business, die.

This policy can also help if you’re diagnosed with a terminal illness and given 12 months or less to live. If this happens to you, you can draw down your sum assured to spend as you wish.