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.
Best term life insurance: Banner Life
Best whole life insurance: MassMutual
Best instant decision life insurance: Brighthouse Financial
Methodology: How we chose the best life insurance companies for farm workers and ranchers in 2023
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.
Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best term life insurance for ranchers and farm workers
2023 Policygenius award winner
Banner Life

30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
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
2023 Policygenius award winner
MassMutual

All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
MassMutual has an A++ rating according to A.M. 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
2023 Policygenius award winner
Brighthouse Financial

No-medical-exam option
Why we chose it
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 cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med 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 |
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 06/01/2023
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 |
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 06/01/2023.
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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.