Too many farmers claim they “can’t afford” life insurance premiums—but turn around and spend thousands on tractors, trailers, and toys.

In this episode, Mary Jo Irmen challenges that mindset head-on. She walks through why premiums should be treated like any other farm expense, how to rewire your thinking around affordability, and why putting off Infinite Banking is a costlier mistake than you think. If you’ve ever said “I’ll start when I have more money,” this episode is your wake-up call.

🔑 KEY TAKEAWAYS

How to treat your premium like any other line-item farm expense

Why “I can’t afford it” is usually just a mindset problem

The difference between a luxury and a necessity—and why life insurance isn’t a luxury

What farmers get wrong about return on investment in IBC

How to shift your break-even numbers to include a policy premium

Why waiting costs more than starting small

⏱️ EPISODE TIMECODES

(00:00) – Why farmers say they don’t have “extra money”

(00:29) – Make your premium a fixed expense

(01:08) – You borrow for tractors—why not for banking?

(02:08) – Rethinking your breakeven to afford premiums

(03:17) – Why so many farmers have zero life insurance

(04:24) – We budget for property insurance—but not death?

(06:00) – Whole life + IBC is not a luxury

(07:22) – The grain bin analogy: investing before return

(09:08) – If you die, who’s cleaning up your mess?

(09:54) – What if you just needed 5¢ more per bushel?

(11:04) – Turning $500k/year into $24M of death benefit

(13:14) – Life insurance = scam? Or is the real scam the 401(k)?

(14:25) – The power of a steady, boring policy

(16:04) – Calculate your premium and just bake it in

(17:00) – Reread the book and rewire your brain

(18:04) – Email questions—but don’t expect magic answers

(18:45) – Book your appointment (yes, it’s worth the wait)

📚 RESOURCES & LINKS 📘 Grab your copy of Farming Without the Bank: 👉 https://www.farmingwithoutthebank.com/book

📅 Read the book? Book a meeting with Mary Jo: 👉 https://www.farmingwithoutthebank.com/contact

💬 Got questions or a podcast topic? 📨 [email protected]

👍 Follow on Facebook: 🔗 https://www.facebook.com/FarmingWithoutTheBank

🔥 WANT TO KEEP LEARNING? Binge past episodes and learn how real farmers are using IBC to transform their operations. You’ll never look at money—or “expenses”—the same way again.