Why ranchers & farm workers need life insurance
Farmers and ranchers need life insurance to cover their financial obligations, just like anyone else.
Typically, ranchers and farm workers won’t have to take many extra considerations into their life insurance application as a result of their profession. As long as you’re gainfully employed, you shouldn’t face many obstacles buying a policy.
Some common factors people across most professions consider when applying for life insurance include:
Income protection. If you have a spouse or children, a life insurance policy can help cover routine expenses for them in the absence of your income.
Debt protection. If you have debt like a mortgage or business loan, the life insurance death benefit can provide a safety net so your loved ones won’t struggle to pay back any loans. This can be especially valuable if you’re a farmer who’s just starting out.
Employer-provided insurance. If you’re self-employed as a farmer or rancher, an individual life insurance policy can fill any coverage gaps, since you may not have access to group life insurance.
Best life insurance companies for ranchers & farm workers
The best life insurance company for you will depend on your goals for coverage as well as other factors like your age, gender, and health.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Below are a few Policygenius partners that offer competitive rates for several different kinds of life insurance policies.
Best term life insurance: Banner Life
Best whole life insurance: MassMutual
Best instant decision life insurance: Brighthouse Financial
Best term life insurance for ranchers and farm workers
Deemed one of our best overall life insurance companies, Banner Life offers affordable rates across many of its risk classifications.
It also offers a no-medical-exam option for people with few health conditions or risk factors that allows you to skip the medical exam that’s a standard part of the application process.
Best whole life insurance for ranchers and farm workers
MassMutual has an A++ rating according to AM Best. The company pays out higher dividends on average when compared to some of its competitors. MassMutual also has high customer experience ratings compared to other insurers.
Best instant decision life insurance for ranchers and farm workers
Brighthouse Financial offers a seamless instant decision application process for people with few health conditions and risk factors. Instead of the traditional in-person medical exam, you’ll answer health questions over the phone.
Your policy can be in force in as little as a few days, compared to the typical four to six week waiting period.
Best types of life insurance for ranchers & farm workers
The best type of life insurance for you will depend on your specific financial responsibilities and obligations. Below are some of the most popular policies.
If you’re not sure which type of life insurance is best suited for your situation, a Policygenius expert can help. Our experts are licensed in 50 states and can provide transparent, unbiased advice.
Term life insurance
Term life insurance is one of the most affordable life insurance options on the market. It’s the best option for most people looking to protect their income and provide their family with a financial safety net to cover any debts — including a mortgage or any business loans.
If your primary concern is providing your family with a buffer to replace your income if something happens to you, term life insurance is the best option.
Permanent life insurance
Permanent life insurance is appropriate for people who are already maximizing contributions to other investment accounts and looking to buy life insurance to diversify their investment portfolio, or for people who have long-term protection needs, like dependents who require lifelong care.
Permanent life insurance policies can also help with estate planning, since the death benefit doesn’t go through probate court, and it can be used to cover any outstanding taxes.
Most types of permanent life insurance, like whole life insurance, are on average five to 15 times more expensive than comparable term life policies, but the exact amount will depend on the type of policy you’re purchasing, as well as your age, gender, health, and other risk factors.
Instant decision life insurance
Instant decision life insurance typically refers to term life policies that differ from the traditional application process and offer expedited approval.
Instant decision life insurance policies don’t require the in-person medical exam. Instead, you answer additional health questions over the phone.
The insurance company then reviews existing medical, driving, and financial records to determine your eligibility and premiums. Typically, you’ll need to have few health conditions or risk factors to apply.
How much does life insurance cost for ranchers & farm workers?
A 30-year-old rancher or farm worker with few health conditions and risk factors can pay between $22.37 and $29.97 per month for a 20-year term life insurance policy with a $500,000 death benefit payout.
Typically, for ranchers and farm workers, your profession won’t have an impact on your rates. Your exact premiums will depend on your age, gender, health, lifestyle, and the type of policy you’re purchasing.
Term life insurance rates for ranchers & farm workers
$500,000 coverage amount
Whole life insurance rates for ranchers & farm workers
$500,000 coverage amount
When should ranchers & farm workers purchase life insurance?
Generally speaking, you should purchase life insurance as soon as you have the financial responsibilities that warrant a policy. Many people choose to buy life insurance for the first time if they’re planning to purchase a home, get married, or have children.
Life insurance rates increase every year you wait to apply, because everyone becomes riskier to insure as they age. It’s smart to buy a policy when you’re younger, or as soon as you think you might need it, to secure competitive rates.
Benefits of life insurance for ranchers & farm workers
A farmer’s life insurance policy can provide a financial safety net for their loved ones if something happens to the insured — on the job or otherwise. The beneficiaries will be able to claim the death benefit for most causes of death, including illness or accident.
If you’re an established farmer or rancher, a permanent life insurance policy can also help your business or personal assets transition to your family upon your death, since the death benefit can be used to cover any outstanding taxes.
During my time working as a licensed agent, I found that sometimes people may have unique considerations due to their profession, but their motivation for buying coverage was the same — to protect their family.
Considerations for ranchers & farm workers
Though most ranchers and farm workers won’t have to supply much more information about their profession when applying for life insurance, farmers who work in the hemp industry may have to answer a few additional questions.
If your work is related to the farming of licensed industrial hemp, your application will likely be unaffected. You may be assigned a Standard risk classification, meant to depict an average level of risk, by some insurers.
If your work is related to non-licensed industrial hemp, or adjacent to the manufacturing, sales, or distribution of marijuana, you’ll likely have limited life insurance options. This is because marijuana is currently illegal at the federal level.
If you’re not sure if your occupation falls into either category, you can connect with a Policygenius expert for personalized advice.