As climate-related shocks on agriculture production intensify, weather index crop insurance has emerged as one potential risk management strategy for farmers. Nevertheless, sustainable uptake of this risk management strategy will largely depend on farmers’ willingness to pay for the associated premiums. This study identifies various socio-economic factors that influence farmers' purchase of index insurance for staple food in rural Malawi. It further establishes an associated willingness to pay per hectare per cropping season. We use a hypothetical rainfall index insurance program to estimate insurance demand. The study highlights several determinants of willingness to pay for an index insurance product. Results suggest that gender, the previous record of climate shocks, extension contact, and access to remittances significantly influence willingness-to-pay for weather index insurance for a staple food crop. Both parametric and non-parametric estimates of willingness-to-pay are in the range of US$5.5 to US$15 per hectare per cropping season. At the infancy stage, government subsidies for insurance premium and linkage of premium payments to Village Savings Groups will be crucial.