Farming and ranching careers aren’t without risk, which means a life insurance policy can be essential protection for your loved ones.
We used industry data, rates from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best life insurance companies for farmers and ranchers.
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Best no-medical-exam life insurance: Brighthouse Financial
Best final expense life insurance: Mutual of Omaha
If you’re not sure what kind of life insurance policy to get or you’re ready to compare quotes, a Policygenius agent can help you.
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.
Best term life insurance for ranchers and farmers: Legal & General America
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, 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
The best term life insurance for ranchers and farmers is Legal & General America, which also does business as Banner Life and William Penn in some states. Legal & General America has low average rates and certain healthy applicants may be able to qualify for coverage without going through a medical exam.
Best whole life insurance for ranchers and farmers: MassMutual
2024 Policygenius award winner
MassMutual
4.9
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 satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
MassMutual is the best whole life insurance for farmers and ranchers looking for permanent coverage. Whole life insurance is sort of a combination of a life insurance policy and an investment option, and it’s guaranteed to pay out no matter when you die, which makes MassMutual’s A++ financial strength rating from AM Best important.
MassMutual also has high customer experience ratings compared to other insurance companies.
Best no-medical-exam life insurance for ranchers and farmers: Brighthouse Financial
2024 Policygenius award winner
Brighthouse Financial
5.0
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-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 is the best company for no-medical-exam life insurance. Brighthouse Financial also has affordable rates and a fast application process compared to other companies — you may be able to get a policy in a few days (or less) if you’re a healthy, qualified applicant.
Best final expense life insurance for ranchers and farmers: Mutual of Omaha
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
Pros and cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
The best final expense life insurance for ranchers or farm workers is Mutual of Omaha. Mutual of Omaha’s final expense coverage is cheaper than average, and can cover up to $25,000 towards funeral expenses and other end-of-life costs.
Why ranchers and farm workers need life insurance
If you’re a rancher or farmer, there are a few reasons why life insurance is especially important. But our Policygenius experts say that most people who buy coverage say their primary reason for getting coverage is to protect their families.
Income protection: If you have dependents who rely on you, a life insurance policy can help cover their expenses if they can’t rely on your income anymore.
Debt protection: If you have a mortgage or business loan, a life insurance death benefit can provide a safety net so you don’t leave your loved ones with any debt.
Passing on the farm: If you’re an established farmer or rancher, a permanent life insurance policy can help your business or personal assets transition to your family after your death, since the death benefit can be used to cover any outstanding taxes.
Replacing employer-provided insurance. If you’re self-employed as a farmer or rancher, an individual life insurance policy can be especially important, since you may not have access to group life insurance.
How working as a farmer or rancher affects life insurance
Being a farmer or rancher won’t have much of an effect on your life insurance application or the policy you wind up getting, but there are some extra things to consider when you’re shopping for a policy.
If you can pay for a policy when you’re younger, your rates will be cheaper than if you wait — but as long as you’re currently working or employed, you shouldn’t have too much trouble getting a policy.
One big exemption is if you work in the hemp industry. If you work in non-licensed industrial hemp, or in the marijuana industry, you’ll likely have limited life insurance options as long as marijuana is 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.
How much does life insurance cost for ranchers & farmers?
If you’re in good health and have few health conditions, you may pay between $22 and $30 per month for a 20-year term life insurance policy with a $500,000 death benefit payout as a rancher or farmer.
Your exact life insurance premiums will depend on your age, gender, health, lifestyle, and the type of policy you get.
Term life insurance rates for ranchers and farmers
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 Legal & General America, 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 and farmers
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 07/01/2023.
Final expense life insurance rates for ranchers and farmers
Age | Gender | $25,000 coverage amount |
|---|---|---|
50 | Female | $74.47 |
Male | $98.96 | |
60 | Female | $105.21 |
Male | $140.69 | |
70 | Female | $158.19 |
Male | $215.16 |
Methodology: Average monthly estimated rates are calculated for male and female insureds obtaining a final expense life insurance policy of $25,000 from Mutual of Omaha. Life insurance rates are based on policies offered by Policygenius 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 01/01/2024.
Life insurance for other occupations
Frequently asked questions
Should ranchers and farm workers get life insurance?
Yes, it’s worth having life insurance if you’re a rancher or farmer. Having life insurance can help provide your family with financial security after your death, especially if you have unpaid debt.
Do ranchers and farm workers have life insurance?
You’ll probably have to buy your own life insurance if you’re a rancher or farm worker, especially if you run your own farm and don’t have access to any group life insurance through an employer.
How much life insurance should farmers and ranchers get?
One rule of thumb is that you should have at least 10 times your income in coverage, but really it depends on how many dependents you have, your debt, savings, and your age.
