Income Protection Insurance for Farmers

Find the Right Income Cover Plans for Farmers

Working in farming and agriculture can be a rewarding job but it can also mean that you have to cope with fluctuating income and profits due to the very nature of this business. Many people who work in farming and agriculture see peaks and troughs when it comes to their income, which means that it can be difficult to determine when money will be coming in and when it will slow down. On top of this, the fluctuation in income levels can make it difficult to take out popular yet invaluable forms of protective insurance cover, such as income protection insurance.

Income protection insurance cover is designed to cover a portion of your salary in the event that you are unable to work and earn money through sickness and injury. The length of time over which benefit is paid is pre-determined when you take out the plan – you need to suit a benefit period that you feel comfortable with. If you are then unable to work and earn your money due to sickness or injury you will continue receiving the agreed portions of income for the specified period of time, giving you the chance to focus on your recovery and getting back into work rather than focussing on your finances.

Whilst many people do take out income protection cover for peace of mind and financial security against unforeseen circumstances, for those who work in the farming and agriculture industry, things can be a little more difficult. The fluctuating income of farmers can make it difficult to determine a benefit level that is suitable and can impact on payments for the plan. However, the good news is that a number of providers offer increasingly flexible income protection insurance for farmers, which is designed to cope with the fluctuating earnings of those in this profession.

Comparing deals to get income protection insurance for farmers

Of course, it is important to ensure that you are protected financially in the event that you cannot earn the wage you rely on through no fault of your own. This is also true for those in the farming industry but getting protection is often not as straightforward for people who work in this field. Spending some time looking at specialist income protection insurance for farmers will enable you to find something that is suited to your needs and requirements whilst also offering affordability and flexibility, which is vital given the nature of the jobs of those who work in the farming industry.

In order to find the right income protection insurance as a farmer you need to make sure that you compare a range of plans and providers that offer these flexible income protection plans. With income protection insurance for farmers the benefit is calculated slightly differently, as their income tends to fluctuate more than the average worker.

When you compare income protection insurance for farmers you should look at the key areas of the plans you compare, comparing areas such as:

  • The cost of the cover: You need to ensure that the cost of the income protection insurance is something that you can afford comfortably, as otherwise you could end up failing to keep up with your policy premiums and your insurance could therefore become invalid
  • How the benefit is calculated: The benefit may be calculated differently with income protection insurance for farmers compared to standard income protection cover. Check and see how the companies calculate the benefit and then choose the one that is best suited to your circumstances
  • The level of coverage you can get: You need to check and compare the maximum level of coverage that you are able to get with different plans and providers, as this will help to ensure that you are able to get the right level of cover for your needs
  • The plan features: The features of the plan, such as the benefit periods you can choose from and the waiting times before you can make a claim, can vary based on your preferences and the provider or plan you are considering. Make sure you compare this in order to help you find the right plan

The benefits of income protection insurance for farmers

There are a number of valuable benefits that you will enjoy when you take out income protection insurance for farmers. Some of these include:

  • Peace of mind: You can enjoy the peace of mind that if sickness or injury stops you from performing your job and earning money, you will have some level of protection through your income insurance protection plan
  • Tailored protection: Since standard income protection insurance plans are not always suitable for farmers, due to their fluctuating income, specialist income protection insurance or farmers means that you can get cover that takes all of this into consideration
  • Ability to keep up with payments: When you have income protection cover in place, you can keep on top of your essential payments through the benefit provided in the event that you are unable to work and earn money due to sickness or injury

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Compare income protection quotes from these direct brands

Product details Maximum cover Maximum Entry Age Cooling-off
(days)
Income Protection
Income Protection
Cover up to 85% of your income up to $10,000 per month if you can't work due to sickness or injury. Cover for over 1,000 jobs and full-time, part-time and self-employed. $10,000 60 30 Get quoteMore info
NobleOak Income Protection
NobleOak Income Protection
Receive up to 75% of your income each month to a maximum of $25,000 if you can't work due to serious illness or injury. $25,000 59 30 Get quoteMore info
Income Protection
Income Protection
Receive up to 75% of you income (up to $10,000 per month) of your income if you're unable to work due to serious illness or injury. $10,000 59 21 Get quoteMore info
Ezicover Income Protection
Ezicover Income Protection
Cover up to $12,000 income replacement when unable to work in any occupation due to sickness or injury. First month of cover is free. $12,000 60 30 Get quoteMore info

William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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