Crop and Life Insurance

Progressive Farm Credit Services offers a full line of crop and life insurance products to help you manage the risks of your farming operation from the top insurance providers like Farmers Mutual, Rain & Hail, Crop One, and Producers Ag. 

Our life insurance companies provide very competitive rates and a wide range of products so we can tailor a policy to fit your needs, whether you are a young farmer beginning his career or someone who is concerned with protecting his/her estate for their loved ones. 

Crop Hail Insurance

Your family’s livelihood depends on the quality of your harvest each year.  With today’s high cost of producing a crop, crop insurance is as much a necessity as any other insurance product you buy. Hail insurance provides protection for more than losses due to a hail storm. Losses due to fire, whether in the field or grain bin, are also covered. Vandalism and transit coverage to the first place of storage within a 100 mile radius are two other benefits provided in a hail policy. With Mother Nature’s unpredictable wrath in this part of the country, you’ll have peace of mind with crop hail insurance from Progressive Farm Credit.  Contact your local Progressive Farm Credit office to discuss policy options to keep your crops and the future of your farm protected.

With Mother Nature’s unpredictable wrath in this part of the country, you’ll have peace of mind with crop hail insurance from Progressive Farm Credit.  Contact your local Progressive Farm Credit office to discuss policy options to keep your crops and the future of your farm protected.

Multi Peril Crop Insurance

No one needs to tell you that farming takes a lot of faith in avoiding things that are out of your hands, like weather, insects and disease.  No matter how well you’ve done your job, a tough year with any of these foes can absolutely destroy a crop and put the farm in danger of serious financial trouble. 

There are many levels and types of Multi Peril Crop Insurance. All premiums are subsidized by the Federal Government. Some policies guarantee production based upon your farm’s history. There are policies that guarantee an income per acre which is also based upon your production history and market prices that are established in the spring and fall. The guarantee is based upon the higher of the two prices.

GRP (Group Risk Plan) and GRIP (Group Risk Income Protection) are two additional types of Multi Peril Crop Insurance. The GRP program is intended for those growers who have a yield that corresponds with the county yield. The grower can elect to insure up to 70% to 90% in increments of 5% of the county average yield. When the county yield falls below the selected coverage level percentage, the grower is indemnified accordingly, regardless of the individual yield of the grower. GRIP is similar to GRP except revenue rather than yield is the basis of coverage. The insured is paid in the event the county average per acre revenue falls below the insured’s county trigger revenue. Coverage levels are available from 70 to 90% in increments of 5% of the county trigger revenue. Protection per acre is available from 60 to 100% of the county maximum protection per acre listed in the county actuarial (maximum protection per acre equals expected county yield, times the expected price, times 150%). Coverage is expressed as a county revenue trigger (expected county yield times expected price times coverage level). A Harvest Revenue Option is also available which provides additional dollar protection if the Harvest Price increases above the Expected Price. It’s very important to remember individual losses are not protected; losses are determined based upon the county as a whole.

Catastrophic Crop Insurance (CAT) is the lowest level of Multi Peril coverage available and 100% of the premium is paid by the U. S. Government (your cost is only the $100 per crop per county administrative fee). Should the USDA declare a disaster in your area, the CAT level of coverage allows participation in the disaster program. If a producer does not have a multi-peril policy, he would be required to buy a higher level of coverage than the CAT level for 2 years to be eligible for any benefits associated with the disaster program. There are other FSA programs that require proof of crop insurance and the CAT level satisfies this requirement. While CAT insurance is considered “minimum level” coverage, claims paid on these policies have been in the thousands of dollars.

With all of the uncertainties in farming, leaving your yields unprotected is flirting with disaster.  To find out more about each of our available crop protection plans, contact your local Progressive Farm Credit office today.

Progressive FCS is an equal opportunity provider.

 

Term Life Products

“The unexpected.”  More often that not, that’s how we define a death in the family.  But it is, of course, inevitable.  So while it may be unexpected, we still need to prepare for it as if it could happen at any time.  That’s why Progressive Farm Credit offers a variety of term life insurance products. 

Not all families’ needs are the same so a ‘one size fits all’ does not provide the best coverage in many cases. Some of our policies have a return of premium feature. This is especially attractive and affordable to someone who is young and in good health. With this option, 100% of the premiums are returned to the policy owner at the end of the term if no benefits have been paid.

Some policies have disability riders which help pay expenses while the insured is recovering from an accident or illness. In addition, many of our term policies can be converted to other plans.  

Most term policies are for a certain benefit amount for a certain length of time.

To discuss the term life insurance option that best fits you, contact your local Progressive Farm Credit office today.

 

Credit Life Products / Mortgage Life Products

Nobody likes to think about it, but it’s important to consider the effect that death could have on the future of your home, your farm and your family.  Credit life insurance is essentially coverage for your loan.  A credit life or mortgage life insurance policy will pay off your loan at any given point, should the policy holder pass away. 

Credit life insurance is the ideal way to ensure that your family won’t be burdened with an unbearable debt in the face of an already difficult situation. 

Contact your local Progressive Farm Credit office to discuss life insurance options to fit your needs.