Farmers Life Safeguard Plus 7 (w/ liquidity)
Product Overview
Basic Features
| Feature | Details |
|---|---|
| Product Name | Farmers Life Safeguard Plus 7 (w/ liquidity) |
| Insurer | Farmers Life Insurance Company |
| Ratings |
|
| Agent/Broker | PlanEasy Inc. |
| Annuity Type | Multi-Year Guaranteed Annuity (MYGA) |
| Term | 7 Years |
| Current Rate for $0+ | 5.60% |
| Last Rate Change | 02/24/2025, +10bps |
| Interest Type | Compound Interest |
| State Availability | AL, AK, AZ, AR, GA, IN, IA, LA, MA, MS, MT, NE, NV, NM, ND, OH, OK, PA, TN, TX, WV, WY, KY |
| Free Withdrawals |
|
| Free RMDs | Yes |
| Death Benefit | Yes |
| MVA | Yes |
| Nursing Home Waiver | No |
| Terminal Illness Waiver | No |
| Surrender Charge by Year | 9.0%, 8.0%, 7.0%, 6.0%, 5.0%, 4.0%, 3.0% |
| Funding Sources | Personal Investment, Cash, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, Pension |
| Terms Available | 3, 5, 7, 10 Years |
| Age Restrictions | 18 to 95 Years Old |
Quick Summary
The Farmers Life Safeguard Plus 7 (w/ liquidity) is a 7-year Multi-Year Guaranteed Annuity (MYGA) issued by Farmers Life Insurance Company and sold through PlanEasy Inc., a national online annuity agency.
Earn a guaranteed compound interest rate on this fixed annuity:
Your compound rate is locked in for 7 years, ensuring predictable, tax-deferred growth.
This fixed annuity is a strong alternative to bank CDs, offering stable returns with tax-deferred benefits.
The product has interest onlyinterst only
Withdrawals for RMDs are free.
There is also a traditional accumulated account value death benefit for your beneficiaries.
Earn a guaranteed compound interest rate on this fixed annuity:
- 5.60% for $0+
Your compound rate is locked in for 7 years, ensuring predictable, tax-deferred growth.
This fixed annuity is a strong alternative to bank CDs, offering stable returns with tax-deferred benefits.
The product has interest onlyinterst only
Withdrawals for RMDs are free.
There is also a traditional accumulated account value death benefit for your beneficiaries.
Key Details
- Ratings: Farmers Life Insurance Company is rated B++ by A.M. Best.
- Guaranteed Rates: 5.60% for premiums of $0+. This fixed guaranteed rate ensures predictable tax-deferred growth, making it an excellent alternative to bank CDs.
- Term: The interest rate is guaranteed for 7 years with a surrender charge schedule of the same duration.
- Free Withdrawals: Yes, there is liquidity as the product allows for interest only in year 1 and interest only in year 2+ that do not incur any surrender charges.
- RMDs: Yes, RMDs can be taken out without penalty.
- Age Eligibility: Available for owners between 18 to 95 years old.
- Minimum Premium: Investors can contribute a minimum of $0
- Death Benefit: Yes, the product has a traditional death benefit of the annuity's accumulation value, available to the beneficiary with no surrender charges.
- Market Value Adjustment (MVA): Yes, the MVA is applicable to any withdrawals that also incur surrender charges.
- Nursing Home Waiver: No, there is no nursing home waiver.
- Terminal Illness Waiver: No, there is no terminal illness waiver.
Current & Historical 7-Year Rates
| Premium Band | Effective Date | Guaranteed 7-Year Yield to Surrender |
|---|---|---|
| $0+ | 02/24/2025 | 5.60% |
| 01/30/2025 | 5.50% | |
| 01/11/2025 | 5.40% | |
| 12/14/2024 |
Available Terms & Current Rates
| Premium Band | Term | Guaranteed Yield to Surrender |
|---|---|---|
| $0+ | 3 | 5.05% |
| 5 | 5.60% | |
| 7 | ||
| 10 | 5.65% |