Income Protection Insurance

[weg]

lizzie, the advantage your husband has over others is that he has 2 years notice. Gives you time think about options and to prepare.

How much can you save (just the monthly insurance premium would add up to a bit)?

Think about putting aside anything over what you think the bare minimum you need to live on is. Gives you an idea of how you'd get on with a reduced income too.

I think that and a redundancy payout could buy you the same if not more time than an short term insurance policy.

Someone said refinance and get a LOC. Do that too, well before his job goes.

Perhaps look at expanding the business you have - make it more large scale commercial than a hobby, grow more products - or look at starting up something else that interest your husband.

 

[lizzie]

Oh - we definitely know we have an advantage ... and the cropping is definitely not a "hobby" ... we are just starting slow and manageable for the first year, and building upon it, to get our footing and markets in place rather than get overwhelmed from the start.

Won't be much of a package as only been there 2 years (3-4 by the end).

I know it's easy to say "save every dollar" - there isn't much left over at the end of the month to save (if any) - by the time I pay rates, insurance, strata, vineyard management, fuel, utilities, pre-crop expenses, soil improvement costs and the thousand and one other bills that come in with IP's and life on the land ...

Next year will be better as the equipment and seed stock will already be in place and the soil improvement will be well underway.

Things like having to pay $1,000 last week for mulch - car rego/greenslip today wham-bam-$1,000-thank-you-very-much - next week is vineyard harvesting costs and strata fees for another pow-kerthump $3,000 between them ... just as well I won $10 on my weekly $2 scratchie splurge today

Already have LOC