Ep. 308 - Premiums Should be Recorded as an Expense

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?
📨 [e-mail]

👍 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.