Life insurance for ranchers & farm workers

Ranchers and farm workers can pay as little as $22 to $30 per month for a $500,000, 20-year term life policy. The best life insurance companies for farm workers include Banner Life, MassMutual, and Brighthouse Financial.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Updated|5 min read

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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.

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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.

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

→ Read more about our reviews methodology

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

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2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

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

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2023 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam option

Cons

  • Traditional term life not available in CA, IL, LA, ME, or NY

  • Term life applicants limited to ages 25-50

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.

→ Learn more about the most common types of life insurance

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

Age

Gender

$500,000 coverage amount

20

Female

$22.21

Male

$29.02

30

Female

$22.37

Male

$29.97

40

Female

$34.31

Male

$41.17

50

Female

$74.37

Male

$95.91

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Methodology: Average monthly rates are calculated for male and female non-smokers in Preferred health classifications buying a 20-year $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 07/01/2023

Whole life insurance rates for ranchers & farm workers

Age

Gender

$500,000 coverage amount

20

Female

$287

Male

$334

30

Female

$408

Male

$472

40

Female

$588

Male

$706

50

Female

$920

Male

$1,081

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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred Plus health classification buying a $500,000 whole life insurance policy from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 07/01/2023.

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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.

Life insurance for other occupations

Frequently asked questions

Should ranchers and farm workers get life insurance?

Ranchers and farm workers should get life insurance if they have financial obligations their loved ones would be responsible for in their absence.

Do ranchers and farm workers have life insurance?

Farmers and ranch workers are generally responsible for purchasing their own life insurance. Especially if you run your own farm, you likely won’t have access to any group life insurance coverage, which is often offered through employers. Individual life insurance policies can provide personalized and comprehensive coverage.

How much life insurance should farmers and ranchers get?

Ranchers and farm workers should consider getting approximately 10 times their annual income in life insurance coverage. The exact amount you’ll need will depend on your personal financial situation and factor in your dependents, assets, and liabilities.

Author

Katherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Editor

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

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