Farmers life insurance

Farm work can present many risks and, unfortunately, over the last ten years at least one person a week has passed away as a direct result of working within agriculture^[1].

Being a farmer can include a number of risks, such as:

• Working with dangerous livestock
• Handling heavy machinery
• Working at height or near pits/silos
• Handling dangerous equipment
• Driving large vehicles

This highlights the need to have life insurance in place to protect your loved ones in case the worst were to happen to you.

As a farmer you never know what life will throw at you, but life insurance can give you peace of mind that your loved ones will be taken care of financially should you pass away.

Level term life insurance provides a fixed payout sum (sum assured).

You’ll be covered for a specified period of time (the term) and a pay out will occur if you pass away during this time.

Due to the large pay out potential, level term life insurance is ideal for helping cover large debts, such as an interest-only mortgage, loans/debts or covering family living costs.

If you have farming equipment or vehicles which have been taken out on finance or through a payment plan, the pay out from a level term policy can help provide the funds to pay off these debts (and any other loans you may have) after your passing.

Why not compare multiple level term life insurance policies using the services of Reassured? We can help you to find affordable rates for farmers.

Source: https://www.hse.gov.uk/agriculture/hsagriculture.htm

Whole of life insurance guarantees your loved ones a pay out when you pass away, making it a form of life assurance.

This makes it an ideal option for providing an inheritance.

Farming is often a family run business that’s passed down through generations, by guaranteeing your loved ones an inheritance you can provide the funds to ensure the farm can keep running for years to come.

However, as cover lasts for life, you can risk paying more into the policy than it will pay out if you take out cover at a young age.

For this reason, whole of life cover can be well suited to those later on in life who are still in good health.

Compare whole of life policies through Reassured.

When disclosing that you’re a farmer, insurers may ask some additional questions about your occupation.

This is so they can get a better idea of the risk involved with your line of work.

Due to the different underwriting processes used, the questions asked can vary between providers.

The level of risk you pose can also vary between the different providers so comparing quotes will help you to secure more favourable terms.

Rest assured, it’s unlikely that you’ll be declined due to being a farmer and depending on the type of farming you do it can be possible to secure cover on standard terms.

Why not use our award-winning life insurance broker service to compare quotes from some of the UK’s leading insurers?

Writing your life insurance policy in trust is a process that detaches your life insurance policy from your estate (any money, possessions or property you own).

Inheritance tax is charged at 40% on any estate that’s valued at over £325,000.

As a farmer, it’s likely that your estate will be made up of land and property, easily taking it over this threshold and leaving your loved ones vulnerable to inheritance tax.

By writing your life insurance in trust, your loved ones may not have to pay inheritance tax on the pay out - meaning they can make the most of your selfless investment.

At Reassured we offer a FREE trust writing service with the majority of the policies we sell. Our dedicated team can guide you through the whole process to ensure your policy is exactly as you wish.