Life Insurance For Farmers – Essential Guide 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 15th April 2024

life insurance for farmers

Do you own or work on a farm? Do you sometimes worry about what would happen if you were to have an accident and not be able to work again, or even worse, die as a result?

Did you know that life insurance provides financial protection for you and your family, giving you the peace of mind to enjoy your work without worry? Read on to find out more about how life insurance can help farmers.

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  • Affordable farming policies, meaning you will be able to find one that fits your budget
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farming life insurance

For a competitive, no-obligation quote, contact Insurance Hero today on 0203 129 88 66. Our professional brokers will help you put that perfect farmer’s life insurance policy in place that closely aligns with your farming activities.

How Does Farmers Life Insurance Work?

Farmers life insurance is protection in the form of a payout to designated beneficiaries should you pass away suddenly, resulting from your farming activities.

Any payout funds through regular monthly payments called premiums paid to the insurance company throughout the term of the life insurance policy.

Farming from a Life Insurers Perspective

From an insurance company viewpoint, farming is a slightly higher-risk occupation. The reasons for its inclusion as a higher risk might include some of the following:

  • Working with dangerous livestock, including cattle, horses, and sheep.
  • Using dangerous cutting machinery, including saws and hedge trimmers.
  • Driving heavy vehicles, including tractors
  • Working at height
  • Working in potentially hazardous environments

Farming – A Varied Occupation

Farming is a highly varied occupation.  The risks dairy farmers face may differ from those faced by farmers in an agricultural operation. One may be operating heavy machinery, which can be dangerous, whereas another is leading cows to pasture.

One activity may result in farmers being quoted life insurance close to standard terms. In contrast, the other may face slightly loaded insurance premiums that reflect the additional risk of day-to-day activities. It is, therefore, crucial that all your tasks on a farm are correctly identified.

We Have Helped Farmers From Many Backgrounds, Including The Following:

  • Arable Farming
  • Livestock Farming
  • Mixed Farming
  • Dairy Farming
  • Poultry Farming
  • Horticulture
  • Organic Farming
  • Hill Farming

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benefits of farmers life cover

Life Insurance For Farmers – Understanding Your Farming Activities

At Insurance Hero, it is our job to understand the full range of your farming activities. We have experience providing life insurance for farmers, and our strength lies in aligning your daily duties with a policy that accurately reflects them.

If something happens to you, we have a policy that closely matches the premiums paid, minimising the chance that the policy will not payout.

We undertake our fact-finding through a questionnaire. Our questions are detailed but not obtrusive. Insurers like to work with us due to our diligent work, where the correct information about your circumstances is passed on, leading to an accurate and better value quote.

What questions will an insurer need to know about your farming activities?

Questions that need answering specifically about your daily tasks on the farm will include:

  • What type of farming do you participate in?
  • What type of livestock are you involved with?
  • Have you taken any time off from farming in recent years?
  • Do you use heavy machinery?
  • Do you work at height?
  • How many hours do you work a day on the farm?

The answers to broader questions regarding your circumstances can also impact the premium level. Questions may include:

  • What is your weight?
  • Are you a smoker or a non-smoker?
  • Do you take drugs or drink alcohol?
  • How old are you, and how long do you need insurance coverage?
  • What level of cover do you require?
  • Do you have any pre-existing medical conditions?
farmer feeding sheep

Who Should Get Farmers Life Insurance Coverage?

We have a straightforward question for you. Do you have financial obligations that you will still need to pay if something should happen to you? Would it put your loved ones in financial hardship to keep paying these debts?

If you have any of the following financial commitments, then you should consider life insurance for farmers:

  • A mortgage
  • Hire purchase agreements
  • Car finance
  • Personal loans
  • Credit card debt
  • Equity release loans
  • School or university fees
  • Bank overdrafts

Selecting the Correct Amount of Insurance Cover and Policy Length

A dependable life insurance broker will know what policy criteria best meet your needs in terms of the duration of coverage required and the payout size should you pass away unexpectedly.

The primary considerations when deciding on the period and size of the coverage are the following:

  1. If you have a mortgage or other fixed-term debts, when do these debts end, and how can a policy best match this exposure?
  2. If you have children, are they likely to go into further education? If the answer is yes, you may need to pay tuition fees until they are in their twenties if they decide to go to University.
  3. If you were to die suddenly, what size of the payout is required so that your loved ones can maintain a similar level of lifestyle that they are used to?

Associated Farmers Life Insurance Cover

Life insurance for farmers has long been associated with two other protection policies that can be taken out individually and as an additional add-on to a life policy. They are called critical illness cover and income protection cover.

Critical illness cover

Due to the operation of hazardous equipment and the manual intensity of farming, including heavy lifting and constant exposure to the elements, many critical illnesses have a long association with agriculture. Skin cancers, loss of hearing and amputations (loss of limbs due to accidents) are such illnesses and injuries.

Critical illness cover provides a lump-sum payment should you no longer be able to work in farming. Unlike life insurance, the payout is not dependent upon your death, but you must survive at least ten days from diagnosis to qualify for a payout.

At the start of a policy, specific farming-related illnesses can be included for critical illness cover.

A policy will also cover a standard set of critical illnesses, which include but are not limited to the following:

  • Heart attack
  • Structural heart surgery
  • Liver failure
  • Heart valve replacement or repair
  • Loss of hand or foot
  • Parkinson’s disease
  • Kidney failure
  • Alzheimer’s disease
  • Cardiac arrest
  • Spinal cord injury
  • Severe lung disease
  • Brain injury
  • Devic’s disease
  • Coronary artery by-pass grafts
  • Traumatic brain injury
  • Major organ transplant
  • Pulmonary artery surgery
  • Multiple system atrophy
  • Progressive supranuclear palsy
  • Paralysis of a limb

Farmers Income Protection Insurance

Again, unlike life insurance, income protection is not dependent on your death to benefit financially. Farmers’ Income protection pays a regular monthly salary if you cannot work for a period, perhaps due to a farming accident or injury.

As with life insurance cover, income protection is a recommended policy should you have outstanding financial commitments that cannot be met if you cannot work, such as a mortgage, personal loans, or personal business guarantees.

An income protection plan can be set up so a replacement salary can be forthcoming from as little as one month that you cannot work to over a year if you have savings or are an employee on a farm and will continue to be paid for a time.

Farmers Life Insurance Summary

Farming can be dangerous due to handling heavy machinery or large animals. Farmers Life insurance is there to protect your loved ones should you die suddenly or, in the case of critical illness, never be able to work again.

Would you not feel better working on the farm knowing that your family will always be financially secure? If yes, why wait – Get in touch with an experienced life insurance broker today.

Insurance Hero has experience in providing life insurance and associated cover for those working in higher-risk professions, including farming and agriculture. Contact one of our professional and friendly brokers today on 0203 129 88 66 for a competitive, no-obligation quote.