Farmers Life Insurance Company
5.0
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Farmers Harvest 7 with Enhanced Liquidity

The Farmers Harvest 7, with Enhanced Liquidity, is an excellent annuity option to secure your golden years. It guarantees a steady income, ensuring you can enjoy retirement without monetary worries. It's like a safety net for your sunset years!

Its enhanced liquidity feature shines, allowing more flexibility than ever. You can access your money when you need it most. With Farmers Harvest 7, planning for your future is not only secure, but also comfortable and hassle-free.

Farmers Harvest 7 with Enhanced Liquidity-brochure Farmers Harvest 7 with Enhanced Liquidity-brochure

Farmers Harvest 7 with Enhanced Liquidity

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About Product

Type
Fixed Index
Purpose
Accumulation
Term
7 Years
Surrender schedule
9%
8%
7%
6%
5%
4%
3%
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 6 7
Penalty 9% 8% 7% 6% 5% 4% 3%

Hypothetical Projection

Comparison against S&P 500 using current rates
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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

Withdrawal Provisions

Penalty-free surrenders and withdrawals After the 30 days, 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. Enhanced Liquidity RiderIf 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. 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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