Farmers Life Insurance Company
4.4
based on complex data
Annuity Educator Rating
Annuity review

Farmers Harvest 10

The Farmers Harvest 10 Annuity is a great plan for those eyeing a secure future. Its flexibility and consistency stand out, assuring steady retirement income and maintaining your peace of mind.

It's a user-friendly tool to grow your nest egg while protecting what you’ve worked hard for. I highly recommend it for any retiree or future planner!

Farmers Harvest 10-brochure Farmers Harvest 10-brochure

Farmers Harvest 10

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About Product

Type
Fixed Index
Purpose
Accumulation
Term
10 Years
Surrender schedule
9%
8%
7%
6%
5%
4%
3%
2.5%
1.5%
0.9%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$10,000
Maximum Contribution
$1,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, IRA-Roth, SIMPLE IRA, 1035 Exchange, and TSP
Launch Date
09/26/2023
The Farmers Harvest is an individual modified single premium fixed indexed annuity (FIA) that offers  
  • An opportunity to protect and grow your nest egg;
    Keep your retirement savings protected from market downturns while enjoying the ability to continue accumulating funds tax deferred as you approach retirement. 
  • Protection from unexpected retirement expenses;
    Customize the product by purchasing optional benefit riders to have more flexibility over when and how your funds are available to you as life unfolds. 
  • Diversification through various index options; and
    With a number of indices and crediting strategies available, you can allocate premiums to capture interest credits in varying market environments. 
  • The ability to generate an income you cannot outlive.
    Through annuitization, you can create a stream of “paychecks” that makes it easier to meet your basic retirement needs and increase your confidence in the future.  
Several product variations will be offered based on the length of the surrender charge period and the election of optional benefit riders. Three surrender charge periods will be offered (5, 7, and 10-years) along with the following optional benefit riders. 
  • Premium Bonus Rider 
  • Enhanced Death Benefit Rider 
  • Enhanced Liquidity Rider 
  • Enhanced Benefit Rider (Terminal Illness/Confinement Waiver of Surrender Charges).
Available in states: AL, AK, AZ, AR, GA, IL, IN, IA, LA, MA, MS, MO, NE, NV, NM, ND, OH, OK, PA, TN, TX, UT, WV, and WY

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
4% Fixed
1-Year S&P 500 PTP Cap
Point to Point
Annual
9.5% Cap
1-Year S&P 500 PTP Enhanced Cap
Point to Point
Annual
11.5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
45% Participation
1-Year S&P 500 PTP Enhanced Participation Rate
Point to Point
Annual
55% Participation
1-Year S&P U.S. Dividend Growers VA RC2 7.5% PTP Participation Rate
Point to Point
Annual
90% Participation
1-Year S&P U.S. Dividend Growers VA RC2 7.5% PTP Enhanced Participation Rate
Point to Point
Annual
110% Participation
1-Year Nasdaq-100 Volatility Control 7% PTP Participation Rate
Point to Point
Annual
115% Participation
1-Year Nasdaq-100 Volatility Control 7% PTP Enhanced Participation Rate
Point to Point
Annual
140% Participation
1-Year Bloomberg Global Momentum Diversified Leaders 5% ER PTP Participation Rate
Point to Point
Annual
140% Participation
1-Year Bloomberg Global Momentum Diversified Leaders 5% ER PTP Enhanced Participation Rate
Point to Point
Annual
165% Participation

Surrender schedule

Year 1 2 3 4 5 6 7 8 9 10
Penalty 9% 8% 7% 6% 5% 4% 3% 3% 2% 1%

Hypothetical Projection

Comparison against S&P 500 using current rates
indexed chart
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Riders

No Riders for Farmers Harvest 10 annuity.

Waivers

No Waivers for Farmers Harvest 10 annuity.

Premium Notes

Premium
Minimum premium: $10,000 
Maximum premium: $1,000,000 (without home office approval) 
Minimum additional premium: $5,000

Withdrawal Provisions

Penalty-free surrenders and withdrawals After the first contract year, the greater of: 10% of the Contract Value as of the last Contract Anniversary; orThe Required Minimum Distribution (RMD) if your annuity is part of a tax-qualified plan that includes RMDs. Market Value Adjustment An MVA will apply to any full surrender or partial withdrawal that exceeds the maximum penalty-free withdrawal during the Surrender Charge Period. Depending on the direction interest rates move, the MVA may increase or decrease benefits available under the contract. Generally, if interest rates rise after the beginning of the Surrender Charge Period, the MVA will decrease the surrender value. If interest rates have declined, the MVA will increase the surrender value. The MVA is waived whenever Surrender Charges are waived. MinimumsMinimum surrender and withdrawal amount: $100 Minimum account balance after surrenders and withdrawals: $2,000 

Company Founded: 1997
Good Rated Company
Farmers Life Insurance Company
Company Ratings
4.4
  • A.M. Best B++
Assets: $306,792,604
Tennessee

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