The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

4 On the Farm Supplement of The Canadian Statesman and Newcastle Independent, Wednesday, March 20, 1991 Life Insurance Advice for Farm Families by Bill Broadworth Farm Business Advisor O.MA.F., Uxbridge Do I really need life insurance? insurance? Do I have too much or too little life insurance coverage? Do I have the correct correct type of life insurance? No doubt farmers, like eve- lyone else, have pondered such questions. Do I need life insurance? I** you have true dependents--children, dependents--children, non or part-time working spouse or aged parents unable to support support themselves if you should die, then you need life insurance coverage to provide cash and income until until such dependents become self-supporting or the family's family's otner assets can provide the required cash and income. income. How much do I need? The amount of life insurance coverage coverage varies among individual individual farmers. A farmer who is single, married with no children children or mortgage and a persistently persistently good net income will need veiy little life insurance. insurance. Another farmer, with three dependent children, a non-working spouse, a low equity farm, a positive but not nuge net income and parents who also depend on the farm's income for their livelihood, will need life insurance. insurance. Why life insurance? Life insurance provides CASH and INCOME for dependents dependents in the event of your death. Cash will be needed for immediate needs after life Mate House Cafe We'ré there when and where you need us. You can't afford downtime in the field. Our service promise is to respond and get you rolling again. Call us soon and see what we can do for you. TAKE A LOOK AT OUR LONG GREEN LINE FARM fit GARDEN LTD. JOHN DEERE SALES «Sr SERVICE BUSINESS HOURS: Monday to Friday 8 a.m. - 5 p.m. Saturday 8 a.m. -12 noon Taunton Rd., Orono 983-9119 1-800-461-2120 death and to pay mortgage (s) and loans if they are not insured. Income will be needed for education and living living expenses for the dependents. dependents. Immediate cash needs: - Funeral expenses - Current bills - Emergency fund-to cov- Agriculture Training Available RIDGETOWN - Starting next month, up to 30 specially-selected specially-selected people will start a unique training program offered by the Ontario Ministry Ministry of Agriculture and Food which will help them find jobs in the agriculture and food industry. "In the past few years, it has been difficult for both government and the private sector in Ontario to find qualified people to work in the agriculture and food sector," sector," said Minister of Agriculture Agriculture and Food Elmer Buchanan. Buchanan. "At the same time, some new Canadians with agricultural agricultural education or experience experience in their native country haven't been able to get work right away because of their lack of knowledge of Ontario agriculture. This program will improve their chances of employment," he said. The program will have two phases. In the education phase, the students will spend four to six weeks in tne classroom at Ridgetown College of Agricultural Technology. Technology. - The second phase involves involves practical training. Following their classroom sessions, participants will be .twinned with people in the ministry's field branches or research stations. They will help staff with their duties, 1 accompany them on field consultation and attend industry industry information meetings. meetings. It is expected that training training placements will be made with private sector companies companies and farmers, depending on a participant's specific requirements. requirements. "This way, we provide people with the theoretical background on subjects like crop and livestock production production and, agricultural economics, economics, then showing them the practical application of this information, Buchanan said. People from all over the province will participate in the program and the placements placements will be with ministry branches across the province as well. . The public will be informed informed of the program through the ministry's regular regular human resources activities activities and through an advertising advertising campaign. People interested in participating participating can write to: Don Taylor,Director of the Ridgetown Ridgetown College of Agricultural Technology, Ridgetown, Ontario, Ontario, NOP 2C0; or phone him at (519) 674-5456. "This is the first program of its kind the ministry has ever undertaken, and we're really excited. It will be a great opportunity to help people wno have been unable unable to find work and for potential potential employers," Buchanan Buchanan said. The $1.05 million program program is part of the special adjustment measures phase of the provincial government's government's $700 million antirecession antirecession program, designed to provide snort-term economic economic stimulation and job creation. The first phase involved involved capital projects, which targeted public buildings buildings and infrastructures in need of upgrading and repair. repair. er living costs for the time the estate is being settled. Mortgages and Loans: Farm mortgages and loans with financial institutions should be life insured. Family Family financing is common in farming. For example, parents parents may hold a mortgage and/or a - promissory note. This means the parents are dependent upon the farm for their livelihood. The child, in this instance, should consider consider life insurance to cover the debt owing to the parents. parents. Alternatively, if the family financing involves very favourable terms, the beneficiary may meet the debt payments through a 'debt retirement fund' from the insurance benefits. Education Costs: Farm parents are keen that their children achieve good^educa tion. An 'education fund' could be created through life insurance. The size of the fund would vary due to 1) number of children; 2) the children's opportunity and ability to generate income for their own education; and 3) your own personal view on providing an education. Income - Living Costs: Most likely, it will be a farm parent's wish that the dependents dependents are able to maintain maintain the same standard of living. This standard of living living maintenance would likely likely cost less because a family member is gone, some expenses expenses will be reduced or eliminated, income taxes may be lower and mortgage and/or loan payments might be eliminated by the insurance insurance monies. The surviving spouse may not wish to continue farming. A farm sale could realize a good deal of money. This money could provide the income for living and education. education. Life insurance coverage, like a will, should be reviewed reviewed and updated as life circumstances change. A review review should determine if there is too much or too little little coverage, if insurance coverage is costing more than necessary or even if thé need still exists. Remember-life without the beloved breadwinner can be very difficult. However, life without the beloved breadwinner and no means to keep the family going is doubly difficult. Custom Application for all your spray needs! TOMAHAWK Chipper/Shredder • Shreds brush and leaves • Chips 3" thick branches • Make perfect mulch and chips • 5 models (from 3HP to 8HP) • Rear tines, powered wheels! • So easy, you guide It with JUST ONE HAND®! • Models sized tor every garden! • Factory-authorized sales & service! TSC Small Engine Repair Inc. Sales • Service • Parts R.R. 1, Hampton 263-8469 N W-j-E < z 0)0 mo uj m T 5 Oo 4 10) □ □ TAUNTON ROAD EAST NO. 2 HWY, TOWN OF HAMPTON TAC