Life insurance decisions: Cash consoles when losing a partner | TSLN.com

Life insurance decisions: Cash consoles when losing a partner

Elizabeth Williams

INDIANOLA, IA (DTN) – Breaking up is not only hard to do, it can be expensive. But when a family farm must pay off siblings or a partner’s heirs, it can be a gut-wrenching scenario because they are also dealing with the death of an owner. Good life insurance can keep the farm, and often, the farm family, intact.

Generally, farmers and ranchers buy life insurance for two reasons – to pay off debt in case one of the owners dies, and to finance a buy/sell agreement, said Al Bennett, with Lookout Ridge Consulting in Mankato, MN.

A wide world of life insurance products exists to meet various needs. But because annual premiums can be pricey (in a cash-poor, asset-rich farm business), and because the risks versus benefits can be difficult to decipher among the myriad financial products, most farmers are reluctant life insurance buyers.

DTN has put together a guide to help you get through the life insurance decision process.

INDIANOLA, IA (DTN) – Breaking up is not only hard to do, it can be expensive. But when a family farm must pay off siblings or a partner’s heirs, it can be a gut-wrenching scenario because they are also dealing with the death of an owner. Good life insurance can keep the farm, and often, the farm family, intact.

Generally, farmers and ranchers buy life insurance for two reasons – to pay off debt in case one of the owners dies, and to finance a buy/sell agreement, said Al Bennett, with Lookout Ridge Consulting in Mankato, MN.

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A wide world of life insurance products exists to meet various needs. But because annual premiums can be pricey (in a cash-poor, asset-rich farm business), and because the risks versus benefits can be difficult to decipher among the myriad financial products, most farmers are reluctant life insurance buyers.

DTN has put together a guide to help you get through the life insurance decision process.

INDIANOLA, IA (DTN) – Breaking up is not only hard to do, it can be expensive. But when a family farm must pay off siblings or a partner’s heirs, it can be a gut-wrenching scenario because they are also dealing with the death of an owner. Good life insurance can keep the farm, and often, the farm family, intact.

Generally, farmers and ranchers buy life insurance for two reasons – to pay off debt in case one of the owners dies, and to finance a buy/sell agreement, said Al Bennett, with Lookout Ridge Consulting in Mankato, MN.

A wide world of life insurance products exists to meet various needs. But because annual premiums can be pricey (in a cash-poor, asset-rich farm business), and because the risks versus benefits can be difficult to decipher among the myriad financial products, most farmers are reluctant life insurance buyers.

DTN has put together a guide to help you get through the life insurance decision process.

INDIANOLA, IA (DTN) – Breaking up is not only hard to do, it can be expensive. But when a family farm must pay off siblings or a partner’s heirs, it can be a gut-wrenching scenario because they are also dealing with the death of an owner. Good life insurance can keep the farm, and often, the farm family, intact.

Generally, farmers and ranchers buy life insurance for two reasons – to pay off debt in case one of the owners dies, and to finance a buy/sell agreement, said Al Bennett, with Lookout Ridge Consulting in Mankato, MN.

A wide world of life insurance products exists to meet various needs. But because annual premiums can be pricey (in a cash-poor, asset-rich farm business), and because the risks versus benefits can be difficult to decipher among the myriad financial products, most farmers are reluctant life insurance buyers.

DTN has put together a guide to help you get through the life insurance decision process.

INDIANOLA, IA (DTN) – Breaking up is not only hard to do, it can be expensive. But when a family farm must pay off siblings or a partner’s heirs, it can be a gut-wrenching scenario because they are also dealing with the death of an owner. Good life insurance can keep the farm, and often, the farm family, intact.

Generally, farmers and ranchers buy life insurance for two reasons – to pay off debt in case one of the owners dies, and to finance a buy/sell agreement, said Al Bennett, with Lookout Ridge Consulting in Mankato, MN.

A wide world of life insurance products exists to meet various needs. But because annual premiums can be pricey (in a cash-poor, asset-rich farm business), and because the risks versus benefits can be difficult to decipher among the myriad financial products, most farmers are reluctant life insurance buyers.

DTN has put together a guide to help you get through the life insurance decision process.

editor’s note: this is the fifth in the 2011 dtn series on estate and transition planning. for the complete series, go to http://www.dtn.com/ag/indepth.

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