Fidelity Life has announced a financial relief offer to help its farmer customers deal with financial impacts on their business from the mycoplasma bovis disease affecting cattle.
Effective 1 August, eligible customers can apply to put their premium payments on hold for up to six months, without losing their insurance protection.
Regular premiums will recommence following the suspension period.
As a result of the outbreak of the bacterial disease, 126,000 cows are set to be culled over the next 24 months and will hit those farmers hardest who already have high levels of debt.
Fidelity Life Chief Distribution Officer, Adrian Riminton, says the company has a responsibility to look after its customers, particularly in tough times.
“Life insurance is all about being there for your customers when they need you,” he said.
“It’s important for farmers’ financial security – their families and their businesses – that they keep their insurance protection in place, even when times are tough,” he added.
“It’s also important for us to retain our customers, so this offer is a small thing we can do to help our farmer customers get through this crisis.”
Fidelity Life put forward a similar financial relief offer in 2015, to its dairy farmer customers who were impacted by a fall in the farmgate milk price.