Company Information
Company Name
Farmers Life Insurance Company
Product Name
Farmers Life Safeguard Plus 7
Description
This is a single premium, multi-year fixed annuity with a seven-year rate guarantee. It accepts both qualified and non-qualified deposits. This contract includes penalty-free interest withdrawals, full account value at death, and spousal continuation options. A Market Value Adjustment is also part of the policy provisions. Owners have a 30-day window at maturity to renew, transfer, or withdraw all funds.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / Int
Rate
5.40%
Term
7 Years
Minimum Investment
$ 10,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
This longer term annuity allows for free month interest withdrawals. There are no surrender penalties at death and optional riders can be added if desired. RMD friendly for IRA policies.
Notable Features
The contract offers two optional features. They are a 5% free withdrawal and an enhanced death benefit (nursing home and terminal illness) rider. Each reduces to the interest rate by .10% on a yearly basis.
Other Popular Products
Farmers Life also offers a fixed-indexed annuity called the Harvest FIA. It has 5, 7, and 10 year terms, a premium bonus and several indexing options for higher growth potential.
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About Farmers Life
This niche insurance company was founded in 1997 as a small credit life and disability carrier. They are located in Knoxville, TN and serve the individual, family & business markets.
More recently, they’ve started specializing in fixed and indexed annuity policies. Family values, friendly service, and financial stability are three of their core values as they look to meet the needs of consumers nationwide.