Farmers Harvest 5 with Enhanced Liquidity
The Farmers Harvest 5 with Enhanced Liquidity annuity is a fantastic choice for retirees desiring a reliable income stream, with both the safety and added advantage of flexibility. Honeycomb note-worthy is its increased liquidity, so you're never stuck if unexpected expenses arise.
Featuring peace of mind and financial stability, this annuity helps you reap the rewards of your hard-earned money right into your golden years. With the Farmers Harvest 5, you truly plant today what you want to enjoy tomorrow.
Farmers Harvest 5 with Enhanced Liquidity
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Ratings:
- A.M. Best B++
About Product
Type
Fixed Index
Purpose
Accumulation
Term
5 Years
Surrender schedule
9%8%7%6%5%
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
|
3.75%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.75%
Cap
|
| 1-Year S&P 500 PTP Enhanced Cap |
Point to Point
Annual
|
9.5%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
35%
Participation
|
| 1-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Annual
|
45%
Participation
|
| 1-Year S&P U.S. Dividend Growers VA RC2 7.5% PTP Participation Rate |
Point to Point
Annual
|
70%
Participation
|
| 1-Year S&P U.S. Dividend Growers VA RC2 7.5% PTP Enhanced Participation Rate |
Point to Point
Annual
|
90%
Participation
|
| 1-Year Nasdaq-100 Volatility Control 7% PTP Participation Rate |
Point to Point
Annual
|
90%
Participation
|
| 1-Year Nasdaq-100 Volatility Control 7% PTP Enhanced Participation Rate |
Point to Point
Annual
|
115%
Participation
|
| 1-Year Bloomberg Global Momentum Diversified Leaders 5% ER PTP Participation Rate |
Point to Point
Annual
|
115%
Participation
|
| 1-Year Bloomberg Global Momentum Diversified Leaders 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
140%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Enhanced Liquidity Package | Yes |
Waivers
Nursing Home
In the event you are continuously confined in a qualified nursing care facility for at least 90 days, the Enhanced Benefit Rider allows you to access your funds after the first contract year without paying Surrender Charges or an MVA.
Terminal Illness
In the event you are diagnosed with a terminal illness that is expected to result in death within one year, the Enhanced Benefit Rider allows you to access your funds after the first contract year without paying Surrender Charges or an MVA.
Premium Notes
Premium
Minimum premium: $10,000
Maximum premium: $1,000,000 (without home office approval)
Minimum additional premium: $5,000
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 30 days, the greater of:
After the 30 days, the greater of:
- 10% of the Contract Value as of the last Contract Anniversary; or
- The Required Minimum Distribution (RMD) if your annuity is part of a tax-qualified plan that includes RMDs.
Enhanced Liquidity Rider
If no withdrawals were taken in the prior contract year, the Enhanced Liquidity Benefit Rider allows for the penalty-free withdrawal amount to increase to 20% of the Contract Value. It also reduces the waiting period from one year to 30 days. This provision effectively allows unused penalty-free withdrawal benefits to be carried over for one year.
If no withdrawals were taken in the prior contract year, the Enhanced Liquidity Benefit Rider allows for the penalty-free withdrawal amount to increase to 20% of the Contract Value. It also reduces the waiting period from one year to 30 days. This provision effectively allows unused penalty-free withdrawal benefits to be carried over for one year.
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.
Minimums
Minimum surrender and withdrawal amount: $100
Minimum account balance after surrenders and withdrawals: $2,000
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.
Minimums
Minimum surrender and withdrawal amount: $100
Minimum account balance after surrenders and withdrawals: $2,000
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