Farmers must decide whether to purchase federal subsidized crop insurance or rely on unsubsidized private insurance. There are significant differences between the policies as to deductibles, covered perils, and coverage for growing or harvested crops in transit. Knowing what is and is not covered, as well as how to close insurance gaps, is the key to protecting valuable assets. No farmer is adequately insured against life's misfortunes without securing the following policies. Medical expenses due to a serious illness or injury can wreak economic havoc on a family.
Individual policies are available for hospital stays, surgical expenses and non surgical care.
Be sure to understand whether a policy offered to you contains a home-health option. If it does, determine whether the benefits for home health care equal those for nursing home care. Before choosing a plan, investigate whether the policy contains inflation protection or the option to add it later. The best inflation protection provides a built-in annual increase in benefits to offset inflation. Life insurance is an invaluable estate planning tool, especially if you want your family to inherit your farm or ranch operation.