Risk management is an important issue in modern agricultural management. With the deepening of agricultural market reform, the broiler industry is affected by multiple risks. As an effective modern risk management tool, agricultural insurance has played an important role in ensuring the sustainability of industrial development and reducing the fluctuations of farmers’ income. Based on the Behavioral Finance theory, using the survey data of five main broiler production areas, and employing the Orderly Logit Model, this paper analyzed the impact of risk perception and insurance cognition on breeders’ willingness to purchase broiler insurance and the interaction effect between these two factors. Results show that although 66.43% of respondents recognize the importance of broiler insurance, 86.43% of them had little knowledge of the insurance content. In addition, only 20.71% of the breeders have a strong willingness to buy insurance, which is relatively low. Production risk perception has a positive effect on breeders’ demand towards insurance. As to insurance cognition, breeders’ awareness of its importance has a positive effect on their demand. However, their knowledge of insurance content has a significant inhibitory effect. This phenomenon is resulted from the fact that current design of broiler insurance products is unreasonable, and the content does not match breeders’ need. There is an interactive promoting effect between risk perception and insurance cognition. The effect of risk perception on breeders’ willingness to purchase insurance would increase as they lay more importance on it while weaken as their understanding of insurance increases. Therefore, the government should provide more risk management training for breeders, improve their risk management awareness, optimize the content of current broiler insurance to match with breeders’ need, and increase their cognition of broiler insurance through extensive publicity.