How to Purchase Low Cost Life Insurance for Ranchers and Farm Workers in [2024]
Are you a hardworking rancher or farm worker, tirelessly dedicating your days to ensure the success of your agricultural
endeavors? We understand the unique challenges you face and the importance of financial security to your family.
We specialize in providing life insurance solutions tailored specifically for individuals like you. With over 40 of the most competitive life insurance carriers in our network, we guarantee access to the lowest rates available.
Don’t let the complexities of securing life insurance deter you. We’ve simplified the process to make it quick and simple. We can guide you through every step, ensuring you have the coverage you need to protect your family’s financial future.
You can rest easy knowing that your loved ones will be financially protected in the event of the unexpected. Whether it’s securing your mortgage, covering daily expenses, or providing for your children’s education, our life insurance plans have you covered.
Contact us now to discuss the perfect life insurance plan for you and your family. Your dedication deserves the peace of mind that comes with comprehensive life insurance coverage.
Table of Contents
Why Do Insurers Look at the Ranching and Farming Industry as High Risk?
The farming and ranching industry is known as the most dangerous occupation in America.
1. Approximately 62 farmers die every year after being electrocuted.
2. On a national scale, 60 to 70 per 100,000 farmers are killed annually.
3. Farm tractor overturns are the leading cause of death.
4. For every 100,000 farm workers, there are 19.4 deaths.
5. In 2021 there were 20 deaths per 100,000 full-time farm workers.
6. In 2019 the U.S. Bureau of Labor Statistics reported 573 fatalities of farm workers.
7. Suicides among farmers are 1.5 times higher than the national average
How to Find the Best Rates for Ranchers & Farm Workers
The most crucial step is to apply with the life insurance companies that are the most agricultural industry friendly. You can consider these carriers “farmer-friendly” and are known to offer the best life insurance rates for farmers and ranchers.
Your life insurance agent has to target the correct carrier that will be your best choice based on your occupation and medical history. Your physical condition is more important than your occupation when determining what your expected premium will be.
Medical Conditions Can Affect Your Rates
Anytime someone applies, their health history is always taken into consideration. If you have any medical conditions,
your rates may be affected depending on your specific medical issues, if any. All companies underwrite their applications differently.
This means that choosing the most applicable life insurance company will be your most important decision to make. This holds true with all applications for life insurance regardless of your occupation.
Best Policy Designs for Ranchers and Farming Workers
Without a doubt, affordable term life insurance will be your most cost-effective plan design with no close second. Typically, the face amount that a farmer will require will be substantial, and any other type of life insurance will not be affordable or cost-effective.
Since term products are temporary life insurance policies, you can add a permanent plan design to your life insurance portfolio, such as universal life. We will go into more detail about the other plan types.
Understanding the Three Primary Types of Life Insurance
There are three primary forms of life insurance for farming workers to choose from. You don’t have to be an expert on these three plan types, but it helps to understand the basics of each policy design. This will give you a much better understanding of the available options. Here is a basic rundown of how each plan works.
Term Life Insurance:
Everyone wants to apply and receive the lowest premiums possible. Term life insurance will pay a death benefit during the time element specified in the policy, generally between 10-40 years. Term insurance is the most cost-effective policy design on the market today.
Universal Life insurance:
Universal life insurance is permanent coverage that stays in force for as long as premiums are paid. For the most part, universal life has replaced the whole life plan.
Whole Life insurance:
Whole life insurance is an old product that provides permanent coverage with the addition of a cash value savings feature. This product is usually far too expensive, and many companies dropped it from their product line.
No Medical Exam Life Insurance:
Most no-medical-exam policies, otherwise known as non-med policy designs, do not require a physical exam and can be approved in much less time. Sometimes they can be approved as quickly as 24 hours, depending on the company. These policies cost a little more because the companies do not know as much about you and your health and lifestyle.
You Can Apply In Three Different Ways
There are three ways you can apply for life insurance for farming workers and ranchers.
Paper Applications:
Paper applications are, for the most part, obsolete and are the most time-consuming of all applications. Most people are intimidated by a 30-page form to complete. Applications can be delayed if your handwriting is not legible or you miss a question.
Online Applications:
Modern online applications are usually much easier and faster for the applicant. The only stipulation is the applicant must have a computer and some essential internet experience.
Telephone Applications:
Telephone applications are, in my opinion, the only way to go. The applications only take about 20 minutes, and all you have to do is listen to the questions and then answer them.
Use Our Quoting System to Compare All Your Options
All the rates on our website quoting system are updated and will be instantly displayed in less than a minute. You will be able to compare the best life insurance quotes for farmers and ranchers within minutes.
You can even quote permanent universal life insurance simultaneously to weigh your options. We work with over 40 life insurance carriers and they all underwrite their applications differently. When we help a farmer or rancher apply for life insurance. We use a company that will offer the best life insurance rates for this essential occupation.
Assuming that you are in good health, you will probably receive preferred rates that will provide you with very affordable premiums.
Our Final Thoughts
With modern technology, such as instant online life insurance quotes and telephone applications. Purchasing life
insurance for farm workers & ranchers is a simple process. If purchasing life insurance seems a little complicated, grab your phone and call us.
We are very good at answering life insurance related questions and showing you all your options. Feel free to contact us seven days a week to answer all your questions at no cost or obligation.
All the best,
Jack Venturi
*For any questions you may have, please call us at 815-390-7545 and we will provide you with a quick answer.
