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Show December 1974 Utah Farm Bureau News Page 10 Insurance costs less now, but more is needed By William Shelton Director of Underwriting Country Mutual Life During these inflationary times, it has become necessary for most of us to tighten our belts and to cut down on spending wherever possible. We hope that as you examine your needs and wants to see where you can trim costs, you will not reduce your insurance program. Life insurance on the family breadwinner is needed today more than ever before. It is also one of the few products where the cost has actually decreased in the. past 20 years. male For example, a whole could have bought a $10,000 life policy with Cooperative Life of America in 1954 for an annual premium of $189.50. In 20 years the insured would have paid premiums totaling $3,790.00. His 20th year cash value would be $3,073.60 so his net cost of $10,000 protection for 20 years, if he chose to surrender his policy, would have been $716.40. male can purToday a life chase a $10,000 whole Policy with Country Mutual for an annual premium of $140.70. Premiums for 20 years would total $2,814.00. the 20th year cash value would be $2,513.10, so the net insurance cost for $10,000 protection would be $300.90. for this protection The cost would have been $415.50 more if purchased in 1954 than- if purchased at the same age in 1974! During my experience in process 30-year-- ing claims for Country Mutual, 1 have never met a widow or a beneficiary who felt that the deceased had too much insurance. Expenses are always much higher than expected, and there are always additional costs connected with death that were not previously thought of. This is especially true if death is the result of a long and costly illness. Medical and hospital expenses have become so high today that an average family cannot possibly pay the expenses of a long- - lingering illness without the benefit of an adequate insurance program. Another expense that can be crippling during a long disability resulting from accident or disease is the loss of income to the family breadwinner. Have you ever considered how you would provide for your family if you suffered a serious disability? Most of us are homeowners and own homeowners policies of one kind in 1,300 homes is destroyed by fire. We all have car insurance, yet only 1 in 70 cars will be involved in an accident. Most of us have some life insurance protection, yet only 1 in 105 persons will die before they are 65 years of age. Few of us have disability income protection, yet 1 out of every 4 persons will be disabled each year. Seven out of 10 men will have a longterm disability lasting at least three months before they are 65 years old. It has been said that a man dies only once and a man retires only once but he will be sick or hurt about 17 times during his lifetime. What better reasons can there be for buying disabling income protection? Another expense that many people have not prepared for is the expense of estate settlement at the death of the owner of the estate. This is especially true of many of our farm and ranch people who have ac Seeking and trying out new production and management ideas is carrying Paul and Glenna Prior of Springville, Utah county, well along toward their goal of building one of the top dairy farms in the state. Limitations of space havent stymied the young couple. They live with their two sons and two daughters on a farm just south of Springville. They own 15 acres and lease the rest. The herd size now numbers 120 mature cows and 100 heifers. Paul, 27, started out with eight head in 1972 when he bought his present place while still a senior in Brigham Young University. A third of the herd is registered. Because the young farmer originally bought only producing cows and no heifers, he has had to work up his production level slowly. He bases the improvement on top breeding and on a stringent culling program under which all cows not meeting their level leave costrplus-prof- it the herd each month. Under his careful guidance, the herd milking average has risen from 12,781 pounds in 1972 to 15,115 in 1974. Butterfat production has mounted from 447 to 543 pounds in the same period. His present goals are 18,000 pounds of milk and 600 pounds of butterfat. Designing his farmstead with an eye to future expansion, Paul has a present capacity of 206 mature cows. He has torn down almost all the old buildings that were on the farm when he bought it. In their place, he has built three corrals with free stalls, a maternity and loose housing shed, another concrete corral, a hay shed and a manure storage area. An active leader in Farm Bureau Young Farmer and Rancher affairs, he uses a daily management checklist to evaluate his own per 32-ac- Family life is important to Paul and Glenna Prior, shown with their baby, Jennilyn. The trip of a lifetime 1975 AFBF Convention and Agricultural Study Tour Jan. 5 -- 16, 1975 starts with four days in historic New Orleans at the 1975 American Farm Bureau Federation annual meeting January Sightseeing, stropping, the finest of entertainment in true Dixieland fashion, featuring the music of Al Hirt and his band. Stay at the luxurious Marriott Hotel for three nights, then transfer to the Holiday Inn. Now a relaxed departure for Merida, Yucatan, Mexico, for an evening reception by the Minister of Agriculture. The next day, a tour of Chichen-ltz- a and the Mayan ruins of the greatest ancient civilization in the Americas. Then a tour of a farm market and experimental farm. Next stop: the Book of d Mormon ruins at Uxmal, a city. A flight to Guatemala City and the Camino Real Hotel, where the host is the Guatemalan It 5-- 8. 3,000-year-ol- all-ne- 1 quired extensive land holdings. With the inflationary value placed on land today, many widows have had to sell the farm or some other part of the estate in order to pay the death taxes and estate settlement costs. Is your insurance program adequate? Have you provided enough liquid assets to pay estate settlement costs and death taxes and to provide enough income for your heirs, so that a forced sale of your assets will not be necessaiy? Have you purchased disability income coverage to protect your family with income during a long illness or injury to you? With the cost of almost everything going up, the nefed for additional insurance is also apparent. Your Country Mutual Life agent is willing and able to help you with your estate planning and to help you provide an adequate insurance program to cover those needs. Young dairyman makes idea search a habit 30-year-- - or another. Yet only w Minister of Agriculture. On Sunday, church services and a tour of Chichicastenango on the Indian market day. Also a visit to Lake Atitlan, said to be "the waters of Mormon. Three more days in Guatemala, including visits to Antigua the ancient capital during the Spanish Conquest, Tikal one of the greatest archeological sites ever discovered, and believed by some to be Zarahemla, and a special agricultural seminar before shopping and the flight home. re formance, along with that of his herd. He grades himself on paperwork, working with the cows, feeding, maintenance, equipment cleanup and work, general attitude. The days with the higher scores are my better management days, he says. Paul raises some of his corn silage on 10 acres, but buys more, plus all of his hay and grain. He hopes to add grain storage bins to his facilities. Four acres of rocky are a into sour ground going cherry orchard. Besides the corn land, he has 10 acres of pasture on his place, where he grazes pregnant cows. We have dreams for this place, say Paul and Glenna. Those dreams include, eventually, a place large enough to carry one to two thousand cows. But in the meantime, a restless search for new ideas and a willingness to do the work necessary to test them is carrying the Priority Dairy to constantly higher levels. ,ir" ' ( Prior likes open sheds without a concrete floor for raising calves in the mild climate of the Springville area. last-minu- te Trip Includes Jet air transportation (economy class), first quality hotel of rooms, ground transportation, transfers, tips, taxes and about one-four- th y meals on entire trip. 12-da- Cost: $649.00 'per person, based on double occupancy AFBF meeting only $269.00 per person for four-da-y To hold reservations, mall $100 deposit for each person, plus your 4 name and address, to: Beehive iours&iravel COMPLETE TRAVEL SERVICE VALLEV BANK BUILDING 1323 SOUTH MAIN STREET SUITE B , 487-173- 1 SALT LAKE CITY. UTAH 841 IS his dairy cows Paul Prior feeds a good ration-tup to 24 pounds of grain a day to top producers, plus plenty of corn silage and this good hay. o |