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Income Replacement Plans


Most farms today employ casual or full time employees.  These employees often become part of the farm family and the farm owner becomes very concerned about their financial well being should they sustain an injury or illness.  Some farmers I talk to say they would help out their employee for a short time, but wonder how long they could pay while paying another to do the work.  Obviously not for very long, it is not sustainable.  A number of farmers believe they have liability insurance that will pay for employees lost income if they were to get hurt while at work. This may be true, but only if there was wrong doing or negligence on the part of the farm business. In order to find this out, the employee would have to go through the process of suing his employer and litigation can take years.  How does he put food on the table in the mean time?  What if the courts decide against the employee?  If you purchase the right insurance, neither will need to worry.  These policies vary in price and coverage. Some examples are:  Do you want injury and sickness coverage? Do you want 24/7 coverage or only while on the job? Do you want a specific number of years of coverage or coverage to a specific age?