Derrick Peterson talks about who, in your farm family, should be paying the insurance premiums for life insurance.
Sometimes it makes sense that whoever is receiving the benefits of an insurance policy is the one that actually pays for the policy. So, in a scenario where the son is receiving the farm, then he would also be the one to pay the insurance premiums. When the son is very young it will certainly be Mom and Dad’s responsibility. However, once the young farmer hits around 30 years old, then often he would be in a position to start paying the insurance premiums.
This workshop was funded in part by the Agriculture & Food Council of Alberta