Best life insurance for ranchers & farm workers: What you need to know

The best life insurance companies for farmers are Legal & General America, MassMutual, Brighthouse Financial, and Mutual of Omaha, but the best company for you will depend on the type of coverage you need and other factors.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Andrew HurstSenior Editor & Licensed Auto Insurance ExpertAndrew Hurst is a senior editor at Policygenius who has spent his entire career writing about life, disability, home, auto, and health insurance. His work has been featured in The New York Times, The Wall Street Journal, the Washington Post, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, and Property Casualty 360.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|3 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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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.

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.

Ready to shop for life insurance for ranchers?

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.

Read more about our reviews methodology

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.

What is term life insurance?

Term life insurance is the cheapest and most practical type of life insurance for most people. Here’s how it works: If you die during the time your policy is active — its “term” — your family receives a payment.

Best whole life insurance for ranchers and farmers: MassMutual

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

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.

What is whole life insurance?

Whole life insurance might be right for you if you want to use your life insurance as an investment, or provide for dependents with lifelong needs. Whole life insurance never expires and comes with a cash value component that gains interest over time. If you’re already maximizing your contributions to tax-advantaged accounts like a Roth IRA or a 401(k) and are seeking another investment option, whole life insurance might work for you.

Best no-medical-exam life insurance for ranchers and farmers: Brighthouse Financial

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2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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.

How does no-medical exam life insurance work?

You answer health questions by phone instead of in an in-person exam, then the insurance company reviews your answers to determine whether you’re eligible — it’s best for healthy applicants with few risk factors.

Best final expense life insurance for ranchers and farmers: Mutual of Omaha

Mutual of Omaha

Mutual of Omaha logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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.

What is final expense life insurance?

If you can’t get standard life insurance coverage, final expense coverage is a good way to pay for end-of-life costs, like funeral and burial expenses. This type of coverage is permanent (meaning it lasts for the rest of your life) and usually offers a death benefit between $10,000 and $40,000.

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 can life insurance help preserve a family farm?

Families want to keep their farms in the family. Parents are trying to figure out how to transition their farming operations to the next generation, says Leslie Miller, farm financial planning associate at Iowa State University. With the price of land increasing, it makes it tough for on-farm heirs to buy out their off-farm siblings. Both parents and on-farm heirs are asking how to make this more affordable, and finding that life insurance can help.

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.

Ready to shop for life insurance for ranchers?

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

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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

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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

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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.

Ready to shop for life insurance for farm workers?

Life insurance for other occupations

Authors

Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Andrew Hurst is a senior editor at Policygenius who has spent his entire career writing about life, disability, home, auto, and health insurance. His work has been featured in The New York Times, The Wall Street Journal, the Washington Post, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, and Property Casualty 360.

Editor

Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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