Farmers encouraged to reach out for mental health supports

by Sara Wood, Director, OFA

Summer is a busy time on the farm. Whether we’re cutting hay or silage to feed our livestock next winter, getting fresh fruits and vegetables to market or harvesting grain crops, there is no shortage of work to keep everyone busy.

Weather is also top of mind at this time of year. Not enough rain keeps crops from growing properly, but too much keeps us from harvesting them – and we’re also always keeping an eye on the latest weather warnings in hopes that we can be spared damage from severe summer storms.

And like many other Ontarians, farmers also worry about inflation, rising interest rates, and the high cost of living and running a business.

These aren’t new challenges. In fact, the tough financial times of the early 1980s caused many farmers at the time to discour- age their children from a career in agriculture and it’s important that we don’t lose another generation of farmers. For too long, stress and mental health in the ag community have been accompanied by the stigma of perceived weakness.

In recent years, research coming out of the University of Guelph has drawn a lot of attention to the high levels of stress farmers face and the impact it is having on them and their families. It’s traditionally been something that was kept quiet, even in my own family as I grew up on my parents’ dairy and crop farm.

Now, however, the industry is finally talking about it and working together to take action.

Last year, the Ontario Federation of Agriculture, with the support of the governments of Canada and Ontario, through the Canadian Agricultural Partnership, partnered with the Canadian Mental Health Association (CMHA) – Ontario Division to develop and launch the Farmer Wellness Initiative.

It is the first step of a multi-year, province-wide program that provides free counselling services virtually, in-person or on the phone by professional counsellors with agricultural backgrounds and training.

The confidential helpline is accessible 24 hours a day, 365 days a year in English and French, as well as up to 30 other languages, and the FWI website explains how to use the free service.

Counselling is available for any issue, not just farm-related matters, including financial pressures, health concerns, depression, troubles with family, friends, partners or spouses, feelings of stress or burn-out, bullying, trauma, abuse and other issues requiring support.

At OFA, we’ve been working hard to let farmers know that the service exists. I farm in Perth County and our local federation of agriculture, for example, has met with municipal councillors to let them know about the program, and they’ve been happy to make the information available to their rural constituents.

As awareness increases, so does use of the Farmer Wellness Initiative, and it’s making a difference. I attended various agricultural

Q&A with Sarah and Cyndy: Protection and Diversification –Whole Life Insurance

by Sarah Chisholm

Where can you find an asset that provides both protection and diversification for your retirement plan? Something that will provide a lifetime of protection? Consider Whole Life Insurance.

Normally, we think of life insurance for our short- and medium-term needs. We use personal life insurance to cover our liabilities and provide income replacement for our family if we pass away unexpectedly. In business, we use key person coverage to protect our revenue generators and share buyout coverage for our business partners. To provide even stronger foundations, we pair life insurance with living benefits such as Disability Insurance and Critical Illness Insurance to protect ourselves in case of serious injury or disease that has major impact on our lives or our ability to work. Remember that term insurance is temporary in nature, and when the policy renews, the premiums can become exorbitant, and many people cancel the policies at renewal. What is Whole Life Insurance?

Whole Life Insurance provides protection for life and is permanent. It covers the short and medium term needs above, as well as your long-term needs such as tax coverage, estate equalization, funeral costs and more. The insurance company will pay the death benefit regardless of when you pass away. The death benefit can be paid directly to your named beneficiaries which provides you a level of privacy in your wishes and allows the death benefit to by-pass probate.

Whole Life Insurance Policies create asset diversification within your investment portfolio. A policy has an immediate estate enhancement value (death benefit) and grows a cash surrender value over time.

How does the death benefit grow? When premiums are deposited, the insurance companies pool the life insurance premiums into a large investment account. Premiums go in, investment income grows the account and death claims come events and trade shows last fall and winter where I heard from people about how relieved they were that a program like this is available for farmers, especially in rural areas where healthcare and mental health supports and resources can be very limited. This shows that we’re meeting a need and that the farm community is starting to embrace the help that is available. out over time. Each year, if the investment returns are higher than expected and the mortality is lower than expected, a dividend is distributed to all the policy holders. Most policies are structured so that the dividend is used to purchase additional permanent life insurance – in this way your death benefit and cash values grows over time.

Long-standing stigmas and perceptions can be hard to break, but we all need help at some point and recognizing that isn’t a weakness.

In fact, I believe it instead shows a person’s strength – and that’s something that should be recognized and supported.

For many of us, it’s not easy to ask for help, as I’ve learned firsthand recently in going through cancer treatments, but that shouldn’t keep us from reaching out.

To access counselling through the Farmer Wellness Initiative, call 1-866-2676255 or visit farmerwellnessinitiative.ca.

The cash value provides asset diversification for your retirement. The cash value can be leveraged as a tax efficient source of income for retirement. It can pair nicely with the RRSP, pension, TFSA, rental properties, business dividends and other sources of income you have built up for retirement.

Protection and asset diversification are two of the many positive attributes of Whole Life Insurance. So, why doesn’t everyone have Whole Life Insurance? The simple answer is that Whole Life Insurance is typically more expensive, is a long-term investment and premiums are much higher than term insurance. Take the time to review your insurance needs and strategies with a trusted insurance advisor. Often a combination of term and whole life insurance will allow you to achieve both your shortterm and long-term goals. Review your plan regularly, as your insurance needs will change over time.

Sarah Chisholm is a Financial Advisor with Assante Capital Management Ltd. Please contact her at (613) 774 - 2456 or visit www.ofarrellwealth.com to discuss your particular circumstances prior to acting on the information above.

The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd.

Insurance products and services are provided through Assante Estate and Insurance Services Inc.

Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.