Land Bank

Land Bank and Land Bank Life are both registered Insurance companies owned by the Land and Agricultural Bank of South Africa.

They provide specialist insurance and risk management solutions for agricultural farmers and are regulated by the respective insurance Acts.

Meeting the unique insurance needs of farmers: An overview of Land Bank and Land Bank Life

They were established in 2012 and began trading two years later by request from the farming communities who recognised the need for financial security and to enable the continuation of activities even if the farm owner has passed away.

Insurance designed for the agricultural industry

They’re the second-largest insurer in South Africa and the only insurance provider owned by the state to operate in this sector.

Whether you’re an established commercial farmer or an emerging agricultural farmer, Land Bank life insurance has an insurance solution for you.

They provide insurance to farmers anywhere in the country with their 27 service centres. They have over half a century’s worth of experience so they can provide you with exactly what you need.

Their extensive experience gives them a unique insight into what you and your family need. If you are an agricultural farmer or are in the agricultural sector Land Bank can provide you with exactly the short-term insurance, you need.

Continue your farm legacy

If you plan to leave your farm to your loved ones one day, or in the event, you become disabled and are no longer able to do the work a farm requires, you can give your loved ones the financial security to ensure that the legacy you have built lives on.

Land Bank Life Insurance Company allows you to leave them a farm that is completely debt free and ensures that they have the resources necessary to maintain and sustain the farm.

Land Bank Insurance is committed to ensuring that they practice responsible lending habits and that the farmers they insure also maintain environmentally friendly agricultural practices that have long-term sustainability.

Agricultural farming is a family business so ensure your family can hold onto the farm and continue to produce quality products when you’re no longer able or available to do so.

Land Bank Life Insurance has two long-term life insurance options available.

Level Term Life Insurance or Declining Term Insurance solutions both cover death and disability for farmers who already have an agricultural loan.

This means that a debt owed by a farm owner or financial borrower can be settled in the event of death and farming activities could be continued by heirs. This is the ultimate provision for financial and legacy security for you and your family.

Level-term life insurance plan

Allows you to stick to your budget and protect your family. This type of plan offers rates that stay the same for the period you choose and does not increase every year.

It also means that the death benefit is the same the entire time you own it. Your beneficiaries will get paid the same pay-out amount regardless of when you die if your policy is active.

This predictability allows you to know how much you will be leaving your beneficiaries no matter when you die, and if you don’t outlive your policy.

With this insurance option, you can benefit from your good health. Throughout the duration of the policy, you’ll continue to pay the same monthly premium and receive the same level of coverage. Therefore, regardless of how many years of coverage you receive, the premium and the benefits that are paid out remain consistent.

Declining term insurance

When you pass away, your beneficiaries should be given enough money, according to a declining term insurance policy, to cover any outstanding debt.

It’s a sort of renewable term life insurance, with coverage eroding at a set rate during the course of the policy. Until the insurance pays out or the coverage period is over, the size of the policy keeps shrinking.

The greatest option for covering a loan or other financial obligation that will get smaller over time is a declining term life insurance policy. It expires together with the death benefit coverage at the conclusion of a decreasing term life insurance policy.

Death and disability

The declining term and level-term insurance allow you to cover any agricultural loan balance you may have in place when you die. Your insured sum stays constant for the period that you are insured. Your loan balance will be covered by this insurance. Arrears on your loan will not be covered.