Farmers Life At a Glance: Rates, Products and Reviews

Today’s Best Farmers Life Annuity Rates

Term	Product	AM Best Rating	Rate
5 Years	Safeguard Plus	B++	5.40 %
7 Years	Safeguard Plus	B++	5.40 %
10 Years	Safeguard Plus	B++	5.45 %

Compare Farmers Life Annuity Rates

Additional Products Offered by Farmers Life

Farmers Life sells two annuity products. The first is Safeguard Plus^®, a multi-year guaranteed annuity (MYGA). The second is Farmers Harvest^®, an indexed annuity.

Farmers Life’s MYGA

Safeguard Plus^® is a MYGA with interest rate guarantee periods of three, five, seven or 10 years. This annuity must be purchased with a single premium of at least $10,000.

Customers can choose an optional enhanced benefit rider that allows owners to access their account value without surrender charges or a market value adjustment (MVA). This rider is activated if the owner is diagnosed with a terminal illness or confined to a qualified nursing care facility.

Farmers Life offers another optional rider for those concerned about accessing the money in their annuity. With the 5% free withdrawal rider, owners can access the greater of 5% of the contract value or their required minimum distribution (RMD) without paying surrender charges or an MVA.

Otherwise, Safeguard Plus^® owners can only withdraw the accumulated interest earned in any year without penalty. Each rider reduces the annuity’s crediting rate by 0.10% if selected.

Farmers Life’s Indexed Annuity

Farmers Harvest^® is an indexed annuity, which Farmers Life refers to as a fixed indexed annuity. The product is offered with surrender periods of five years, seven years or 10 years.

Like Safeguard Plus^®, Farmers Harvest^® requires a minimum premium of $10,000. But, unlike its MYGA counterpart, this indexed annuity allows for flexible premiums; owners can make additional contributions of $5,000 or more. 

With Farmers Harvest^®, you can even get a bonus added to your premium if you select the premium bonus rider on a seven-year or 10-year contract. This rider adds between 5% and 10% to your premium contribution depending on your age and the contract’s surrender charge schedule.

Other optional riders include:

• Enhanced Death Benefit Rider, which provides the full contract value to beneficiaries
• Enhanced Liquidity Rider, which increases the penalty-free withdrawal amount from the standard 10% to 20% of contract value
• Enhanced Benefit Rider, which is similar to the one offered for Safeguard Plus^®

The liquidity and benefit riders must be purchased as the Enhanced Liquidity Package; these two riders cannot be purchased separately.

About Farmers Life

Farmers Life was founded in 1997, selling life and disability insurance. Today, the company focuses its efforts on selling fixed and indexed annuities in 12 states.

According to data from the National Association of Insurance Commissioners (NAIC), Farmers Life sold over $45 million in individual annuity premiums in 2022. The company owns 0.016% of the U.S. annuity market.

Credit Ratings

If you’re thinking of buying an annuity, it’s important to know about credit ratings for annuity providers. These ratings show how financially stable the provider is. Keep in mind that different rating companies use different rating scales.

Farmers Life Credit Ratings

Rating Company	Credit Rating
AM Best	B++
Fitch	Not Rated
S&P	Not Rated

What Customers Are Saying About Farmers Life

Farmers Life has not had any customer complaints registered with state insurance commissions in the last three years, according to the NAIC.

The NAIC tracks the consumer complaints that each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint Index.NAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market.

NAIC Complaint Index for Farmers Life

All Policy Types	0.00
Individual Annuities Only	0.00

These numbers indicate that Farmers Life receives significantly fewer complaints from customers than the industry average.

Farmers Life did not appear in either the 2022 or 2023 editions of the J.D. Power Customer Satisfaction Index Ranking, which measures the overall customer satisfaction of annuity providers.

Farmers Life Pros & Cons

Farmers Life Insurance Company can be a solid choice for an annuity provider, depending on your priorities. Before purchasing an annuity from any provider, consider the advantages and disadvantages of the company and its products.

Pros

• High customer satisfaction: Farmers Life has not had any customer complaints reported to state insurance commissions in recent years.
• Premium bonus for indexed annuity: the Farmers Harvest^® indexed annuity comes with a premium bonus rider that boosts your contributions to get even more value out of your annuity.

Cons

• Lack of product variety: Farmers Life only sells two annuity products: one MYGA and one indexed annuity.
• Limited availability: The provider only sells annuities in 12 states: Alaska, Arkansas, Arizona, Massachusetts, Mississippi, Nebraska, Ohio, Pennsylvania, Tennessee, Texas, West Virginia and Wyoming.
• Charges for features that competitors include for free: Some of the riders Farmers Life offers at an additional charge, such as the enhanced benefit or 5% free withdrawal riders, are benefits many annuity providers include for free on their annuity contracts.

Provider Rating Methodology

Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the amount of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market. score.

Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.

Annuity.org’s Top-Ranked Providers

Provider	Annuity.org Star Rating
Mass Mutual
New York Life
Pacific Life
Midland National
North American
Western & Southern

Our Rating Panel

The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.