Farmers Life Safeguard Plus 7
Current Fixed Rate
5.70%
The Farmers Life Safeguard Plus 7 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.
The policy provisions also include a market value adjustment. At maturity, owners have a 30-day window to renew, transfer, or withdraw their full account balance. If no action is taken, a new term (with surrender penalties) and a new rate become effective.
More Annuity options from: Farmers Life Insurance Company
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.
Additional Details
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Term
7 Years
Free Withdrawals Yr1 / Yr2+
Int / Int
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
Maximum Age
90
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
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.
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.
About Farmers Life Insurance Company
Farmers Life Insurance Company
AM Best Rating: B++ Good (5th of 13 ratings)
https://farmerslifeins.com/
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.