Reassured, the UK’s largest life insurance broker, has reported a significant increase in farmers seeking life insurance products following the government’s decision to reduce tax relief on inherited agricultural assets.
The change, announced in the Budget on September 18, will impose a 20% inheritance tax on agricultural assets valued above £1 million from April 2026, a shift from the current exemption.
Chancellor Rachel Reeves' announcement has sparked widespread concern among farmers, many of whom argue that the new tax will force them to sell land to cover the liability. Demonstrations in London highlighted the opposition from farmers, who claim that while they are land rich, their liquid assets may not suffice to meet the tax burden.
Reassured has observed a notable increase in online interest, with Google trends reflecting a rise in searches related to life insurance and farmers since the Budget announcement.
Additionally, the company reported a 43% increase in enquiries where inheritance tax was cited as the primary reason for seeking life insurance coverage.
Mark Townsend (pictured above), chief executive officer of Reassured, commented on the trend, stating that many British farmers are concerned about the financial implications of the upcoming tax.
“We’ve noted a sharp rise in the number of farmers who are looking for life insurance products as a buffer against this incoming tax rise. Life insurance can help to offset inheritance tax and our advised arm of our business can assist farmers who are looking to explore this option,” Townsend said.
Reassured, which specialises in arranging life insurance policies across the UK, has helped protect over 1.2 million families and continues to expand its services to meet growing demand.
In November, the company also announced the appointment of Philip Byrne as chief risk and compliance officer. Byrne was described as having extensive experience in risk and compliance within the financial services sector.
Byrne will focus on strengthening the firm’s governance framework and risk management strategies. He will also play a pivotal role in ensuring the company delivers positive customer outcomes as it continues investing in technology to enhance its products and digital capabilities across multiple channels.
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