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Nationwide: Protecting Farming and Ranching Families with Life Insurance

Protect Your Family & Your Farm Throughout Your Career

The following information is provided by Nationwide, the #1 farm and ranch insurer in the U.S.1

How much would you pay to help provide your family with added financial security after you are no longer around to support them? 

That price is likely well within your reach.

As a farmer just getting started, you may have incurred personal debt in order to finance the growth of your farm.  This debt has a life of its own and will survive your premature passing.  This debt means that less of your assets will be available to support your loved ones.  A level term life insurance policy that covers the duration of your debt is an easy and cost-effective way to help make sure your debt does not burden your loved ones after your passing. 

 

$250,000 30-year level term $500,000 30-year level term $1,000,000 30-year level term
$310 per year $540 per year $965 per year2

How can you simultaneously create an emergency cash savings fund and forever protect your family from financial distress? 

More established farm operators can consider adding a permanent, cash accumulating life insurance policy to their personal balance sheet.  

Farms, land, and equipment all possess varying degrees of liquidity risk – the risk that an asset will not sell quickly or profitably due to a lack of demand.  Whether the cash in the policy allows you to bide your time for a better offer or allows your family to keep the tractor running if you’re not around, a permanent, cash accumulating life insurance policy can become the cornerstone of your family’s financial plan. 

$250,000 Indexed Universal Life $500,000 Indexed Universal Life $1,000,000 Indexed Universal Life
$2494 per year $4611 per year $8924 per year3

What do you want to happen to your farm when you’re no longer able to run it? 

Life insurance can be part of the transition of your farm to the next generation. 

A buyout funded with life insurance can ensure that the next generation has the funds to purchase your farm or that your spouse and children that may not work the farm receive the financial benefits of your life’s work.  Even if the next generation is not your successor, a buyout funded with life insurance amongst co-owners can help the farm continue operating while your family is financially taken care of.

The legacy that you leave is about more than just money.  Still, your financial legacy should enhance and promote the values you instilled in your loved ones and encourage similar, positive financial behaviors: Being responsible by insuring debt, being prudent by saving for an emergency, and making sure your family will be financially secure with you, or without you. 

 

Learn more by viewing our on-demand financial webinars at www.nationwide.com/southernstates.    

Nationwide® Agribusiness is the number 1 insurer of farms in the U.S. and a leading insurer of commercial agribusiness. Go to nationwide.com/southernstates to find a local agent.

 

Federal income tax laws are complex and subject to change. The information in this paper is based on current interpretations of the law and is not guaranteed. Neither Nationwide, nor its employees, its agents, brokers or registered representatives gives legal or tax advice. You should consult an attorney or competent tax professional for answers to specific tax questions as they apply to your situation.

Products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.

Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2021 Nationwide 

LAM-3369AO.1 (05/21)

 

1 AM Best, By direct written premium, as of 2019.

2 Nationwide® Guaranteed Level Term, 35-year-old male, preferred NT, as of May 2021. Hypothetical example.  Actual results may vary.

3 Nationwide® Indexed UL Accumulator II 2020, 45-year-old male, preferred NT, as of May 2021. Hypothetical example.  Actual results may vary.

At Southern States®, we are proud to be a farmer-owned cooperative. Southern States has partnered with Nationwide® to offer Southern States Cooperative member-producers in North Carolina and Virginia special discounts on farm insurance. In addition to giving you exclusive insurance savings, we're also joining forces to support the cooperative that means so much to you.


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