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If you experience an injury or illness your livelihood will most likely be at risk. Protecting your income from the unexpected gives you the breathing space to get the assistance you need to run the farm and allow you to focus on recovering.

7 out of every 10 females aged 25 years are likely to become disabled due to an illness or accident before they turn 65. *

 * Source: Davies Finances & Actuarial Limited

  

Farmer Income Protection Cover is specially designed for farmers, paying an agreed monthly amount during your period of illness or injury.

What is the payment based on?
If you are disabled and unable to work due to an illness or injury, Farmer Income Protection Cover provides you with a monthly amount at an agreed level, less any income you are receiving or may be entitled to receive from any other sources in connection with the same disability, e.g. ACC.

The agreed value is assessed at the time of application. The basis for determining the agreed value benefit is the lesser of:

·          $3,500 per month,

·          or 35% of gross farm income based on the last three years.

Partial Disability Cover Benefit

We recognise that in some situations there needs to be a gradual return to work. Farmer Income Protection Cover allows for a payment to be made relative to the hours worked if you are partially disabled.

Rehabilitation from an injury or illness can take time and you may experience a recurrence of the condition. In the event of a recurrence we will not apply a wait period if the time you take off work is within six months of the previous time off work, provided it is because of the same disability you initially claimed for.

Hospitalisation or Bed Confinement Benefit

If you’ve been admitted to hospital or are bed bound, TOWER makes a payment of 1/30th of the sum insured for each night after the first three nights (up to a maximum of 90 nights) to see you through until regular monthly Farmer Income Protection Cover payments commence.

This benefit provides up to six times your sum insured for specialised equipment and home/work modifications to facilitate your rehabilitation, depending on your situation.

Rehabilitation Programme Benefit

This benefit will assist you to return to work by paying the costs (up to six times your sum insured) of a rehabilitation programme.

If you are totally disabled and require full time care at home from a nursing service this benefit pays the bills for the service to a maximum of $2,500 per month or your sum insured (if your sum insured is less than $2,500). This payment is additional to your monthly claim payment.

This is a valuable benefit which will help to ensure that the buying power of your insurance does not diminish over time by increasing your claim payments by the latest CPI to a maximum of 10% at each policy anniversary date.

If you choose this option your sum insured will automatically be increased at the policy anniversary date by the annual rate of increase in the latest CPI. The premium will be recalculated for the increased sum insured. You will have an opportunity to decline the increase each year. There is no additional premium for this option.

Mental and Psychiatric Disorders Exclusion Option

If this option is selected nothing is paid in connection with any mental or psychiatric disorder. A premium discount is applied.

Waiver of Premium Cover is mandatory if Farmer Income Protection Cover is selected. While you are receiving any disability claim payments under Farmer Income Protection Cover, we waive all premiums for this and other covers under the same policy.

Text courtesy of Tower Health and Life Ltd.