For young farmers, building a successful operation requires grit, long hours and constant reinvestment. What’s often harder to prioritize is long-term planning.
At the 2026 Young Farmer Leaders Conference, Farm Bureau Insurance Michigan Life and Annuity Development Specialist Kris Riegler encouraged attendees to think beyond daily operations and focus on securing the future of their farms and families.
Unlike most businesses, a farm’s value is tied up in land, equipment and livestock — not cash. That can create serious challenges if something unexpected happens. Life insurance can provide immediate financial support to keep the operation running, cover debts, or prevent the forced sale of land.
“Farms don’t have piles of cash sitting around,” Riegler said. “When something unexpected happens, that can create real problems.”
Life insurance can also play a critical role in succession planning. In many farm families, one child intends to continue the operation while others pursue different paths. Insurance proceeds can help create fairness without dividing or selling the farm itself.
“Insurance can provide cash so the farm can stay whole while still taking care of family members who aren’t farming,” Riegler said.
Starting early allows young farmers to build protection that grows with them. Many begin with affordable term coverage and later convert to permanent policies that build cash value over time. These policies can support a wide range of needs, including buy-sell agreements, key employee protection, retirement planning, and long-term care considerations.
Farm Bureau Insurance agents and specialists work together to design plans tailored to each family’s goals and operation.
“Start with what you can afford now,” Riegler advised. “The key is getting protection in place and letting it grow with you.”
Riegler also reminded participants not to rely solely on employer-provided coverage. Many workplace policies only remain active while the employee is working, meaning illness or disability can eliminate coverage at the very time it is needed most. Personally owned policies stay in place regardless of employment status and provide dependable protection for farm families whose financial security is closely tied to the operation.
For those concerned about cost, there may be creative ways to fund protection. Programs such as Michigan’s PA 116 farmland preservation program can reduce tax burdens and free up cash flow that can be redirected toward insurance premiums. Over time, permanent policies can also build tax-advantaged cash value that may be used for major expenses such as paying down debt or supplementing retirement income, while still leaving a benefit for heirs.
The takeaway from the session was straightforward. Life insurance is not only about preparing for loss. It is a practical tool for continuity, stability, and peace of mind.
“You work your whole life to build something,” Riegler said. “Life insurance helps make sure it stays intact for the next generation.”
Farm families interested in learning more about term life insurance options or building a long-term protection plan are encouraged to explore Farm Bureau Insurance’s life products and connect with a local agent. An agent can help evaluate your operation, family needs, and future goals to develop coverage that fits your situation.
Visit the Farm Bureau Insurance website to review available life insurance policies or use the Find an Agent tool to connect with a local expert who understands agriculture and the unique challenges farm families face.