FARMERS have been strongly advised to take out insurance cover in case of serious injury, illness or even death.

Farm agribusiness specialists, Ifac, have said this week that having such cover is not just prudent – ‘it’s essential’.

According to Ifac, in an unpredictable world safeguarding your income against unforeseen events is often overlooked.

Head of Financial Planning at Ifac, Martin Glennon, said that farmers had to ask themselves the basic question of: “if you had an accident today, would you and your family be able to survive without your income.”

He added that a sudden and unexpected loss of income could compromise your ability to meet daily expenses, repay debts, and maintain your standard of living.

“This is why life cover, specified illness cover and income protection insurance, are so important. They provide a safety net, ensuring that you or your loved ones continue to receive a portion of your income when the unexpected happens,” said Martin Glennon.

He said that income protection insurance typically covers a percentage of your salary, often up to 70%, during periods when you are unable to work due to illness or injury.

“Specified Illness cover provides a lump sum if you are diagnosed with certain life-threatening illnesses such as cancer or a heart attack.

“These benefits not only help in managing day-to-day expenses but also ensure that long-term financial goals, such as saving for retirement or children’s education, remain on track,” he said.

In the event of a death, he added, life insurance can provide a lump sum or regular payments to your family, helping them manage financial obligations and sustain their lifestyle.

Pictured: Martin Glennon: Cover for death, injury and illness is an ‘essential’.