Farmers Life Safeguard Plus 10
Current Fixed Rate
Rate Effective Date September 10, 2026
The Farmers Life Safeguard Plus 10 is a single premium, multi-year fixed annuity with a ten-year rate guarantee. 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.
It offers four optional riders that reduce the yearly interest rate when elected. The Earned Interest Rider, 5% Free Withdrawal Rider, and the Enhanced Benefit Rider reduce the yearly rate by .10% if added. The Death Benefit Rider reduces the yearly rate by .25%.
Consumers cannot elect both the Earned Interest and 5% Free Withdrawal Rider. Only one can be added at the onset for the duration of the contract.
This annuity accepts both qualified and non-qualified deposits (including Roth Conversions) and includes a Market Value Adjustment (MVA).
More Annuity options from: Farmers Life Insurance Company
Notable Features
The contract offers four optional riders. There are two that allow for withdrawals during the surrender term. One allows for earned interest withdrawals each year. The other allows for a 5% free withdrawal based on the contract value at the last anniversary. The 5% withdrawal rider also allows for penalty-free Required Minimum Distributions. Only one of these two can be added to your policy.
The Death Benefit rider provides the full accumulated death benefit penalty-free during the surrender phase of the contract. The final rider (Enhanced Benefit) provides access to the account value in terminal illness and nursing home situations while in surrender.
Additional Details
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Term
10 Years
Free Withdrawals Yr1 / Yr2+
Optional
Additional Withdrawal Information
If elected, the optional 5% Free Withdrawal Rider permits annual penalty-free withdrawals of the greater of 5% of contract value or the RMD amount without surrender charges or MVA. The optional Earned Interest Withdrawal Rider gives access to the greater of the accumulated interest earned in a Contract Year or the Required Minimum Distribution (RMD) without incurring Surrender Charges or an MVA. On each policy anniversary, accumulated interest is reset to zero if not taken.
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 2.5%, 1.5%, 0.9%, 0%
Maximum Age
90
Minimum Investment
$10,000
Maximum Investment
$1,000,000 without prior approval
What We Like About This Annuity
This annuity can be tailored to meet most owners’ needs. Four optional riders provide significant flexibility while locking in higher yearly rates. Only $10K is needed to start the contract, and the policy can be purchased up to age 95. It has a fair surrender schedule for a ten-year contract.
Other Popular Products
Farmers Life also offers a fixed-indexed annuity called the Harvest FIA. It has 5, 7, and 10 year terms, a competitive annuity 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 Insurance Company
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.
Recently, they revamped their fixed annuity portfolio to offer higher rates and more customization options for consumers.