Finding the best life insurance for ranchers and farm workers is usually straightforward. Even though some life insurance companies tend to look at farming as a high-risk occupation. However, many other good companies do not consider this vital industry a high risk.
Let’s all remember that farmers are some of the most influential people in the country. This is due to the fact they supply the food that we Americans eat. Farmers are the real heroes behind the scenes, like military personnel, policemen, and firefighters.
Table of Contents
- Purchasing Life Insurance for Farming Workers is Simple
- Why Do Life Insurance Companies Look at Farming as High-Risk?
- Find the Best Life Insurance Rates for Ranchers
- Medical Conditions Can Affect Your Rates
- Best Policy Designs for Farming Workers & Ranchers
- The Three Main Types of Life Insurance
- Three Ways You Can Apply for Life Insurance
- Compare Your Options and Rates
- In Conclusion
- In 2016, 417 farmers and farmhands died from work-related injuries.
- Fatality rate number breaks down to 21.4 deaths per 100,000 workers
- Transportation incidents, which included tractor overturns, were the leading cause of death
- Out of 335,000 workplace fatalities worldwide, over half were agriculture deaths
- Suicides among farmers are 1.5 times higher than the national average
The most crucial step is to apply to the life insurance companies that are providing the best rates to the agricultural industry. These would be “farmer-friendly” life insurance carriers, in other words.
For example, we receive a life insurance request that includes health conditions. We always run a medical pre-screen to see what company will offer our applicant the lowest rates. In the case of farmers & ranchers, we would run an occupational pre-screen. Your exact duties each day will determine any risks involved.
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 condition. All companies underwrite their applications differently, meaning choosing the most applicable company will be very important.
Your overall health is the most critical factor that insurers are concerned with. Any serious health concerns will be much more concerning than your occupation as a farming worker or a rancher.
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 forms, 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.
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:
Term life insurance will pay a death benefit during the term 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 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.
There are three ways you can apply for life insurance for farming workers and ranchers.
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.
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 are, in my opinion, the only way to go. They only take about 20 minutes, and you must listen to and answer the question.
All the rates on our 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 affordable premiums.
With modern technology, such as instant online life insurance quotes and telephone applications. Purchasing life insurance for farming workers & ranchers is a speedy process. If purchasing life insurance seems a little complicated, grab your phone and call us.
We are very good at explaining things and, as your agent, walk you through the process every inch of the way. Feel free to contact us seven days a week to answer all your questions at no cost or obligation.
All the best,
If you have questions about purchasing life insurance for farming and agricultural workers, contact us today, and let us help you with no cost or obligation. Remember that we are independent brokers and work for our clients, not insurance companies. Our job is to help you get the best policy and the lowest rates. You can also set up a time to speak with us and get all your questions answered.