Finding the best life insurance for ranchers and farmers is normally a very simple task. Even though some life insurance companies tend to look at farming as a high risk occupation. Many other good companies do not look at this vital industry as high risk at all.
Let’s all remember that farmers are some of the most important people in the country. This is due to the fact they supply the food that us Americans eat. Farmers are basically the real heroes behind the scenes just like military personnel, policeman and fire fighters.
Table of Contents
- Purchasing life insurance for farmers is a simple process
- Why life insurance companies look at farming as high risk
- Finding the best life insurance rates for farmers
- Medical conditions can affect your rates
- Best policy designs for farmers & ranchers
- The 3 main types of life insurance
- Three ways you can apply for life insurance
- Compare your options and rates
- Our Final thoughts
- In the year 2016, 417 farmers and farm hands died from a work-related injuries
- The fatality rate number break down to 21.4 deaths per 100,000 workers
- Transportation incidents, which include 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 important step is to apply with the life insurance companies that are providing the best rates to the agricultural industry. These would be the “farmer friendly” life insurance carriers in other words.
For example, anytime 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 of the companies underwrite their applications differently which means choosing the most applicable company will be very important. Your overall health is the single most important factor that the insurers are concerned with. Having any serious health concerns will be much more of a concern than your occupation as a farmer or rancher.
Without a doubt, affordable term life insurance is going to be your most cost effective plan design with no close second. Normally the face amount that a farmer will require will be substantial and any of the other types of life insurance will not be affordable or cost effective. Since term is a form of temporary life insurance, you can also add a permanent plan design such as universal life to your life insurance portfolio. We will go into more detail about the other plan types.
There are three basic forms of life insurance for farmers 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 your available options. Here is a basic rundown on how each plan works.
- Term life insurance – Term life insurance will pay a death benefit during the term period specified in the policy which or normally between 10-40 years.
- Universal Life insurance – Universal life insurance is a permanent coverage that stays in force for life as long as the premiums are being paid.
- 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 normally 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 quick as 24 hours depending on the company. These policies cost a little more due to the fact the companies do not know as much about you and your health and lifestyle.
There are usually three ways you can apply for life insurance.
- Paper Applications – The paper applications are for the most part obsolete and these most time consuming of all applications. Most people are intimidated by a 30-page form to complete. If your handwriting is not legible or you miss a question, the application can then be delayed.
- Online Applications – The modern online applications are normally much easier and faster for the applicant. The only stipulation is the applicant must have a computer and have some basic internet experience.
- Telephone Applications – The telephone applications are in my opinion the only way to go. They only take about 20 minutes and all you have to do is listen to the question and then answer it.
All of the rates on our quoting tool are up to date 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 at the same time so you can 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 very important occupation. Assuming that you are in good health, You will probably receive preferred rates which will provide you with very affordable premiums.
With modern technology such as instant online life insurance quotes and telephone applications. Purchasing life insurance for farmers & ranchers is a very quick process. If purchasing life insurance seems a little complicated, just grab your phone and call us. We are very good at explaining things and as your agent, walking you through the process every inch of the way. Feel free to contact us 7 days a week to get all your questions answered with no cost or obligation.
All the best,
We are here to help you get pointed in the right direction with no cost or obligation. Take a moment to set up a time to discuss your life insurance needs at your convenience!