Derrick Peterson talks about when is a good time for farmers to invest in a life insurance policy.
Trying to get life insurance in your 60s is a lot more difficult than getting it in your 30s. This is particularly so because health issues start to come into play as we age. Most farm accidents happen when people are younger, so it’s best to get insurance as soon as you can pay for it.
Once you buy life insurance and continue to pay the premiums, it’s yours for life. So, even if when you’re older and have a health issue, you already have the life insurance and no one can take that away from you. Therefore, in terms of planning, it’s prudent to take advantage of the health scenario you’re in as a young farmer.
This workshop was funded in part by the Agriculture & Food Council of Alberta
When is the right time for a farmer to get life insurance?