Safeguard Plus (5-Year)

Initially created as a small credit life and disability insurance company in 1997, Farmers Life Insurance Company has flourished over the decades by consistently providing groundbreaking insurance solutions to its customers. With remarkable customer service and a diverse portfolio of life, insurance, annuity, and retirement planning products, the company’s mission is to meet the exclusive needs of its clients on a day-to-day basis. Serving clients nationwide, Farmers Life continues to expand its product offerings regularly.

Safeguard Plus (5-Year)

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About Product

Premium Type

Single Premium

Fee withdrawal:

None

Market Value Adjustment

Yes

Return Of Premium

Minimum Contribution

$10,000

Maximum Contribution

$1,000,000

Min Age Qualified

Max Age Qualified

Types Of Funds

Non-Qualified, Traditional IRA, Pension, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, Roth Conversion (Partial), and Roth Conversion (Full)

Launch Date

04/01/2022

MYGA Interest Rates

Term	Rate Annual percentage yield (APY) earned over the investment term
5 years	6%

There’s no better time than today to be planning for a more confident tomorrow. Yet both the marketplace and life are filled with uncertainty. With so many options available for protecting your assets and maximizing your savings, it can be difficult to decipher which strategies meet your needs. Our signature Farmers Safeguard Plus multi-year guaranteed annuities (MYGAs) may be right for you if you’re looking for:

A straightforward way to safely grow your savings on a tax-deferred basis
A guaranteed fixed rate of interest over a pre-determined period of time
Protection from market risk
Options for accessing a portion of your funds should you require them to satisfy requirement minimum distributions (RMDs) or other financial obligations
Full access to your account for unexpected health care costs, namely qualifying nursing home care, or in the event of terminal illness
The option of turning your annuity into guaranteed payments for life
The ability to provide a legacy for loved ones through a death benefit. Designed for real people and real life, these simple-to-understand annuities can help achieve your unique financial goals while making it easier for you to adapt as your needs change and your life evolves.

Penalty free withdrawals
Any amount during the first 30 days of each Multi-Year Interest Rate Guarantee

Optional Penalty free withdrawal riders are available at an additional cost.

Market Value Adjustment (MVA)
During each Multi-Year Interest Rate Guarantee Period, any amount surrendered is subject to a Market Value Adjustment (MVA). The MVA may increase or decrease the amounts payable. Generally, if interest rates rise after the beginning of the current Multi-Year Interest Rate Guarantee Period, the MVA will decrease benefits; if interest rates fall, the MVA will increase benefits. The MVA is waived for the amount of any benefit for which Surrender Charges are waived.

Death Benefit
Prior withdrawals reduce benefit amounts. The Cash Surrender Value will be paid as a lump sum or via any of the other annuitization options available to the designated beneficiary(s) (unless the spouse was named as joint owner, in which case the policy and its provisions may continue).
Optional Death benefit riders are available at an additional cost.

Riders

Name	Inbuilt	Fee
5% Free Withdrawal Rider	No	0.10% rate reduction
Enhanced Benefit Rider	No	0.10% rate reduction

Waivers

Death

No surrender charges or MVA will be assessed, and your beneficiary does not need to wait until the end of the contract term to access to the money.

Annuitization

Creating an income stream for life can help you minimize worry about outliving your assets. On your annuity date, you have the option of annuitizing your contract, or turning your annuity into scheduled payments for life. The annuity date is set in your contract.

Surrender Window

During the first 30 days of a Multi-Year Interest Rate Guarantee Period, you may take a penalty-free partial or total withdrawal of your principal and earned interest without being subject to a surrender charge or MVA.