Farmers changing roles on June 1st

This time of year a lot of farmers are sorting out their new farm or new farm roles for the changes on June 1st. Some farmers are now going to be self employed for the first time as 50/50 sharemilkers and are buying their new herd or are taking on a contract as a lower order milker. With these changes being made there is usually a need for a review of their life insurance for those taking on more debt but also income protection if they are unable to work due to sickness or accident.

Farmers have a lot of options when it comes to protecting their income and there are a lot of good farming products that pay over and above ACC and also come without having to prove a long income history. What would you do if you were unable to milk or do farm work for 3 to 6 months? Most farmers would have to hire someone else to do the work, but at least with the right income protection you know there is going to be money coming in to take the financial pain away.

Making sure you structure your ACC the correct way is important also as if done incorrectly there will not be a payment if you're unable to work due to an accident. This is something that I can do when talking to a farmer or your accountant can set up also. Its best not to have to pay too much to ACC if you're going to have income protection which can pay above ACC anyway so structuring it correctly is very important.

Good luck with famers changing roles and please call me if you would like to discuss further.

Reagan