Applying for life insurance for Farmers and Ranchers is basically a simple process, you just have to use the right agent and the proper company
If anyone deserves to get the best life insurance rates, its the people that put the food on our tables!
Life insurance companies tend to look at farming and ranching as a high risk life insurance market. Let’s all remember that farmers and ranchers are some of the most important people in the U.S. This is due to the fact they supply the food that us Americans eat. Farmers and ranchers are basically the real heroes behind the scenes just like military personnel, policeman and fire fighters. Just think about what life would be like without these American heroes. We would be finding ourselves ringing the dinner bell and sitting down at the dining room table with nothing but an empty plate and napkin.
Here are reasons why life insurance companies look at this occupation as high risk
- 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
What is it going to take to find the best life insurance rates for farmers and ranchers?
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. 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 and ranchers, we would run an occupational pre-screen.
Dangerous sports work the same way
This is the way it works with any so called dangerous occupations that could impact life insurance rates. When the risk increases the premiums can be increased which also holds true for dangerous sports. Applying with the wrong company will prohibit you from receiving the best rates. All the Independent insurance agents have to ability to shop the complete life insurance market. Independent agents are also know as brokers. They do not work for an insurance company like a captive agent such as State Farm or Allstate.
A captive agent gives you only one choice in companies and works in their companies best interest not yours
A captive agent such as State Farm, American Family, Allstate or Country Financial work for this one company. The captive agents have only one company to show you and they work in their companies best interest. The independent agents such as myself, work our clients interest and offer you the advantage of many different insurance companies. Trying to find the best life insurance rates is impossible when being restricted to using just one life insurance company.
Medical conditions may impact 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 condition. All of the companies underwrite their applications differently which means choosing the most applicable company will be very important.
What policy design is best for farmers and ranchers?
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. We will go into more detail about the other plan types.
Understanding the 3 main types of life insurance
There are three basic forms of life insurance 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 run down 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 10-30 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 provides permanent coverage with the addition of a cash value savings feature.
Low cost Term life insurance is by far the most commonly purchased plan design because of its very low premiums. Whole life insurance on the other hand is seldom ever sold unless for child and final expense type policies. Many of the best life insurance companies do not even offer Whole Life insurance any longer due to its cost.
The three ways you can apply for life insurance
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. It does not get any easier telephone applications.
Don’t hesitate to use our websites quote engine to compare all your options
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 affordable term life insurance quotes and permanent universal life insurance at the same time. You can compare the best online life insurance quotes within a matter of seconds.
Purchasing life insurance for farmers and ranchers is simple
With modern technology such as instant online life insurance quotes and telephone applications. Purchasing life insurance is a quick process. If you apply for no medical exam life insurance, you can be approved and insured within 24 hours without taking an exam. Feel free to contact us 7 days a week to get all your questions answered with no cost or obligation.
All the best,
Jack Venturi
