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Life Insurance for Farmers

Life insurance for farmers ensures you and your family don't lose everything that you've worked for. Compare policies, filter benefits and click through for a personalised quote.

1 - 15 of 15
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
Allianz Life Plan
$1,500,000
65
$1,500,000
Data not available
Data not available
$12,515 million
Our verdict: Allianz offers competitive maximum payouts of up to $1.5 million. With a policy cancellation rate of 8.4%, Allianz betters the industry average of 10.9%.
Kogan Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: Children’s cover can be added to your policy – most providers don’t offer this. With Kogan, expect an easy application process with no medical test.
Australian Seniors Life Insurance
$200,000
79
$200,000
88.90%
2.4 months
$53,238 million
Our verdict: Australian Seniors lets you take out cover up to the age of 79. No medical exams or blood tests needed to apply.

Keep in mind: Low cover limit of up to $200,000 and no option to add TPD or Trauma cover.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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  • We've done 100+ hours of policy research to help you understand what you're comparing.

As a farmer, there's a lot of responsibility on your shoulders. Life insurance is designed to help ease that burden. It ensures that you and your family don't lose everything that you've worked for if you pass away or something stops you from working permanently.

How does life insurance work?

Life insurance provides financial protection if something life-changing happens to you, like a serious illness, disablement or death. You purchase a policy from a life insurance provider and pay regular premiums for it (either weekly, monthly or annually). In return, they agree to pay a substantial sum of money to your beneficiaries (the people you list on your policy) if you are seriously injured, become ill or die. With most life insurance policies, you will usually receive your payout in the form of a lump-sum payment.

Can farmers get life insurance?

Yes. Farmers can choose from a range of life insurance options, including:

  • Life insurance (death cover): This is the main type of life insurance. It pays out a lump sum payment when you die, with the money going to the people you nominate on your policy. It can cover any immediate expenses, as well as pay off your mortgage, manage any ongoing costs and allow your family to maintain their current lifestyle.
  • Trauma cover: This covers you in case you're diagnosed with a critical illness. It pays you a lump sum, which you can use to cover costly medical and rehabilitation costs.
  • Total and permanent disability (TPD) insurance: You might find this bundled with life insurance. It provides you with a lump sum payment if you're forced to permanently quit work due to serious illness or injury.
  • Income protection insurance: This type of insurance provides you with up to 75% of your working income (usually based on the previous 12 months) if you're not able to work due to injury or illness. You'll usually receive it in monthly instalments.

How are farmers categorised when buying life insurance?

Insurers classify different types of agricultural workers based on the kind of work they do. This means that there are different classifications for different farmers. Here are some common ways insurers might categorise you:

Job typeClassification
Farm labourer/employeeHigh risk. Farmworkers will typically have to pay a higher premium to get life insurance.
Farm managerThis depends on the individual considerations of your role, your duties and where you live.
Farm ownerMedium to high risk. You will likely have a premium loading applied to your policy. However, harvesting contractors are often uninsurable.

Key benefits of life insurance for a farmer

Some of the benefits of getting life insurance if you are a farmer include:

  • Enough cover to pay off debts and more. There are comprehensive life insurance policies, like ones from NobleOak, that provide up to $25,000,000 of cover to be paid out to your beneficiaries or your estate when you die. This ensures that you leave behind enough to pay off any debts that you may still have and to allow your family to comfortably get by.
  • You won't need to sell your farm. There's often a significant emotional attachment to the farm that you work and live on. Maybe it's been in the family for generations or you would like it to be. Life insurance can reduce or eliminate farm debts so that you and your family don't need to worry about selling your farm if something serious happens.
  • Spouse cover. If you become unable to work or you die, it's likely that someone else will need to be hired to help your spouse to continue to run the farm. Life insurance can ensure that you have enough money to pay someone to help your partner do essential chores and duties around the farm.
  • Terminal illness benefit. If you're diagnosed with a terminal illness and given less than 12 months to live, some life insurance policies will advance your life insurance cover, paying you a substantial benefit before you pass away.
  • Funeral benefit. Some insurers will also pay a funeral advance benefit when you pass away, so that your family can cover all of the associated expenses.

Criteria to be aware of

To ensure you know exactly what you're paying for, be aware of the following criteria:

  • Maximum cover level. All policies will have a maximum benefit level. This is the maximum lump sum amount that you will receive when you pass away. When calculating how much you think you will need, take into consideration debts, loan repayments, bills and living expenses. If you're unsure how much you need, it might be worth speaking to an adviser.
  • Maximum entry age. To be eligible to apply for life insurance, it's common that you will have to be below a certain age, usually around 70. It is still possible to get life insurance when you are older than 70 though. Life insurance is also generally only available to Australian residents and citizens.
  • Expiry age. Different to a maximum entry age, policies with an expiry age will have an age limit after which you can't make any more claims. 99 is a common expiry age for life insurance.
  • Stepped or level premiums. Stepped premiums increase with your age, while level premiums remain the same despite your age. Level premiums are usually more expensive at the beginning but will be cheaper than stepped premiums as time goes on.
  • Future insurability. A Guaranteed Insurability Feature ensures that you are still covered as you get older and your personal situation inevitably changes.

How does life insurance work?

Life insurance provides financial protection if something life-changing happens to you, like a serious illness, disablement or death. You purchase a policy from a life insurance provider and pay regular premiums for it (either weekly, monthly or annually). In return, they agree to pay a substantial sum of money to your beneficiaries (the people you list on your policy) if you are seriously injured, become ill or die. With most life insurance policies, you will usually receive your payout in the form of a lump-sum payment.

Can farmers get life insurance?

Yes. Farmers can choose from a range of life insurance options, including:

  • Life insurance (death cover): This is the main type of life insurance. It pays out a lump sum payment when you die, with the money going to the people you nominate on your policy. It can cover any immediate expenses, as well as pay off your mortgage, manage any ongoing costs and allow your family to maintain their current lifestyle.
  • Trauma cover: This covers you in case you're diagnosed with a critical illness. It pays you a lump sum, which you can use to cover costly medical and rehabilitation costs.
  • Total and permanent disability (TPD) insurance: You might find this bundled with life insurance. It provides you with a lump sum payment if you're forced to permanently quit work due to serious illness or injury.
  • Income protection insurance: This type of insurance provides you with up to 75% of your working income (usually based on the previous 12 months) if you're not able to work due to injury or illness. You'll usually receive it in monthly instalments.

How are farmers categorised when buying life insurance?

Insurers classify different types of agricultural workers based on the kind of work they do. This means that there are different classifications for different farmers. Here are some common ways insurers might categorise you:

Job typeClassification
Farm labourer/employeeHigh risk. Farmworkers will typically have to pay a higher premium to get life insurance.
Farm managerThis depends on the individual considerations of your role, your duties and where you live.
Farm ownerMedium to high risk. You will likely have a premium loading applied to your policy. However, harvesting contractors are often uninsurable.

Key benefits of life insurance for a farmer

Some of the benefits of getting life insurance if you are a farmer include:

  • Enough cover to pay off debts and more. There are comprehensive life insurance policies, like ones from NobleOak, that provide up to $25,000,000 of cover to be paid out to your beneficiaries or your estate when you die. This ensures that you leave behind enough to pay off any debts that you may still have and to allow your family to comfortably get by.
  • You won't need to sell your farm. There's often a significant emotional attachment to the farm that you work and live on. Maybe it's been in the family for generations or you would like it to be. Life insurance can reduce or eliminate farm debts so that you and your family don't need to worry about selling your farm if something serious happens.
  • Spouse cover. If you become unable to work or you die, it's likely that someone else will need to be hired to help your spouse to continue to run the farm. Life insurance can ensure that you have enough money to pay someone to help your partner do essential chores and duties around the farm.
  • Terminal illness benefit. If you're diagnosed with a terminal illness and given less than 12 months to live, some life insurance policies will advance your life insurance cover, paying you a substantial benefit before you pass away.
  • Funeral benefit. Some insurers will also pay a funeral advance benefit when you pass away, so that your family can cover all of the associated expenses.

Criteria to be aware of

To ensure you know exactly what you're paying for, be aware of the following criteria:

  • Maximum cover level. All policies will have a maximum benefit level. This is the maximum lump sum amount that you will receive when you pass away. When calculating how much you think you will need, take into consideration debts, loan repayments, bills and living expenses. If you're unsure how much you need, it might be worth speaking to an adviser.
  • Maximum entry age. To be eligible to apply for life insurance, it's common that you will have to be below a certain age, usually around 70. It is still possible to get life insurance when you are older than 70 though. Life insurance is also generally only available to Australian residents and citizens.
  • Expiry age. Different to a maximum entry age, policies with an expiry age will have an age limit after which you can't make any more claims. 99 is a common expiry age for life insurance.
  • Stepped or level premiums. Stepped premiums increase with your age, while level premiums remain the same despite your age. Level premiums are usually more expensive at the beginning but will be cheaper than stepped premiums as time goes on.
  • Future insurability. A Guaranteed Insurability Feature ensures that you are still covered as you get older and your personal situation inevitably changes.

Still not sure which life insurance product is right for you?

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Frequently asked questions

Written by

Gary Ross Hunter

Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full profile

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