Farm Succession: Protecting Everything You’ve Built with Life Insurance | Farmstrong Series
Wednesday, October 14, 2026
Reference: Impact Farming
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Farm Succession: Protecting Everything You’ve Built with Life Insurance | Farmstrong Series
Farm succession planning involves more than deciding who will take over the land, equipment and day-to-day operation. It also means ensuring your family is financially protected and that the next generation has a path forward.
Life insurance can play an important role in that process, helping farming families manage financial risks, provide for loved ones and plan for the unexpected. But many farmers avoid the conversation or don't fully understand how insurance fits into their overall succession strategy.
In this episode of The Impact Farming Show, we’re joined by Bill Paddon, from Grassland Finance Corp. and Derryn Shrosbree of Farmstrong to explore the role of life insurance in protecting farm families and the legacies they’ve worked so hard to build.
We discuss common misconceptions about insurance, mistakes farming operations make when planning their coverage, and how Bill and Farmstrong work together to help farming families explore insurance solutions. We also look at how insurance fits into the bigger financial picture and why farmers should consider these questions before a crisis forces their hand.
Whether you're preparing to transition your farm to the next generation, building your operation, or simply want to ensure your family is protected, this conversation offers important questions to consider as part of your farm succession plan.
Show Highlights
- Why life insurance matters in farm succession: Understand how insurance can support a family's financial security and succession goals.
- Common misconceptions about insurance: Explore why farmers may misunderstand their coverage or put off reviewing their insurance needs.
- Fair and equal in farm succession: Explore how life insurance can be one of the few viable tools for helping farming families balance the needs of the child taking over the operation with those of children who aren't farming, without necessarily forcing the sale of farmland or other essential assets.
- The biggest insurance planning mistakes: Learn why assuming you have adequate coverage can leave your farm family financially vulnerable.
- Protecting your family's financial future: Consider how insurance fits into a broader plan to protect the people and assets that matter most.
- The Farmstrong approach: Discover how Derryn Shrosbree and Bill work together to help farming families explore insurance solutions.
- What the process looks like: Learn what farm families can expect when they begin a conversation about their insurance needs.
- Planning for the unexpected: Understand why proactive planning can help families prepare for financial challenges that could affect the farm operation.
- Advice for farming families: Hear practical takeaways from Bill and Derryn about taking the next step toward protecting your farm and family.
For many farm families, the farm represents generations of hard work, sacrifice and commitment. But a successful operation doesn't automatically mean the family is financially protected if the unexpected happens.
Life insurance may be one tool to consider when planning for succession, managing financial obligations and protecting family members. The right approach will depend on your operation, your family's circumstances, your financial commitments and your long-term goals.
Fair and equal in farm succession: Explore how life insurance can be one of the few viable tools for helping farming families balance the needs of the child taking over the operation with those of children who aren't farming, without necessarily forcing the sale of farmland or other essential assets.
You've worked hard to build your farm. Make sure you’re thinking just as carefully about how to protect your family, your legacy and the next generation.
Thanks for tuning in,
Tracy
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🔗Resources & Links:
Farmstrong works with farming families on financial planning and strategies to help them protect their assets and plan for the future.
Connect with Farmstrong to learn more about its services and discuss your family's financial planning needs.
🌐 https://farmstrong.ca
📧 derryn@farmstrong.ca
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Want to learn more about life insurance and how it may fit into your farm succession plan? Reach out to Bill to discuss your questions and explore your options.
Connect with Bill Paddon – Grasslands Finance Corp.
🌐https://www.grasslandsfinance.com/billpaddon
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Disclaimer: This episode is intended for educational purposes and is not individualized financial, insurance, tax or legal advice. Insurance needs and suitability vary by family and operation. Consult qualified professionals before making financial or insurance decisions.
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More with Derryn Shrosbee:
Explore all of Derryn's previous segments on The Impact Farming Show
This episode is part of our Farmstrong Series on The Impact Farming Show, where we explore the financial, business, and succession issues facing Canadian farm families.
If you enjoyed this conversation, explore Derryn’s other episodes for more practical succession planning insights, family transition strategies, and actionable advice to help secure your farm’s future, with more conversations with Derryn coming in future episodes of The Impact Farming Show.
2. Farm Succession Across the Globe: What Farmers Are Facing Right Now - Panel Discussion
🎧🎥 https://www.farmmarketer.com/Resources/ResourceItem?resourceItemId=614
3. Simplifying Farm Succession: A New Approach for Canadian Farm Families
🎧🎥 https://www.farmmarketer.com/Resources/ResourceItem?resourceItemId=619
4. The Future Won't Wait: Building Stronger Farm Transitions This Summer with Derryn Shrosbree
6. 10 Siblings, One Farm & The Succession Conversations That Matter | Farmstrong Series
🎧🎥 https://www.farmmarketer.com/Resources/ResourceItem?resourceItemId=642
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About the Guests:
Derryn Shrosbree
Founder of 33seven and Farmstrong.png)
For the past 16 years, Derryn has focused on building financial freedom for farmers in Canada. His mission is to protect the Canadian farmer from risk and tax.
He worked in Tokyo and on Wall Street for five years each, structuring and trading credit derivatives, before shifting his expertise to farm continuity planning.
Born in South Africa, Derryn completed an undergraduate degree in mathematics, an honours degree in Australia and earned a Master of Science in mathematics from the London School of Economics.
He lives with his family on a market garden farm 1 hour north of Guelph. The farm markets vegetables directly to restaurants in the Greater Toronto Area.
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Bill Paddon
Senior Strategic Advisor / Grasslands Finance Corp.
Bill Paddon is a Senior Strategic Advisor at Grasslands Finance Corp., bringing over four decades of experience in the financial services industry. His leadership spans commercial and corporate lending, personal wealth management, and sophisticated estate and succession planning strategies. He holds the Family Enterprise Advisor (FEA) designation, equipping him to support complex family enterprises and multigenerational wealth structures.
Prior to joining Grasslands, Bill was a Senior Finance Advisor at a national insurance brokerage focused on leveraged whole life strategies for high-net-worth and ultra-high-net-worth clients. Earlier in his career, he held senior executive roles at one of Canada’s Big Six financial institutions, where he led the UHNW Advice Group, Structured Credit Solutions, and Private Banking Credit Support teams. His expertise in complex lending, tax-efficient structuring, and collaborative advisory models has helped deliver exceptional outcomes for Canada’s most accomplished families and entrepreneurs.
Bill is based in Ajax, Ontario, where he enjoys spending time with his wife, Lucille, their three adult children, and five energetic grandsons. He is known for building high-performing teams and driving strategy with clarity, collaboration, and a strong commitment to client success.
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linked in
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