Farmers Life At a Glance: Rates, Products and Reviews

Farmers Life Insurance Company was founded in 1997 as a small credit life and disability insurance company. Today, annuity products are available, but Farmers Life insurance is no longer offered. According to the National Association of Insurance Commissioners (NAIC), accounts for 0.01% of market share complaints with $230 million in annual premiums.

Based today in Knoxville, Tennessee, it still prioritizes the same values it did upon founding: family values and friendly service. In addition to its annuity products, it offers several educational resources to help expand your financial knowledge and make the best investment decisions for your needs.

Farmers Life retirement planning products include fixed index annuities and multi-year guaranteed annuities (MYGAs).

Farmers Life offers fixed index annuities from its Farmers Harvest series. These annuities have a flexible structure and added protection. Annuitants can choose from a fixed account or four market indexes, or a combination of the two. Either way, there is built-in protection against market downturns. Terms are also flexible, with the option for five, seven and 10 years. A death benefit includes a Spousal Continuation feature and an optional Enhanced Liquidity Package.

Farmers Life also offers multi-year guaranteed annuities through its Safeguard Plus series. It offers guaranteed growth with penalty-free withdrawals and is available for three, five and seven years. The Spousal Continuation feature and a death benefit are included with this annuity, and annuitants can add an Enhanced Benefit rider or 5% Free Withdrawal rider.

Farmers Life offers highly customizable annuities with add-on benefits and protections. Annuitants can add a premium bonus or choose the 5% Free Withdrawal rider to access 5% of the contract value or required minimum distribution (RMD) without fees. The Enhanced Benefit Rider and Enhanced Liquidity Packages can also be added to provide protection in the event of a terminal illness or qualified nursing care.

Farmers Life does not publicly disclose its fee schedule for annuity products, making it hard for potential investors to understand associated costs. These can include surrender charges, management fees and more.

Consult a financial advisor for clarity on fees and features. They can provide personalized guidance, assess your financial goals and help you compare options from different providers.

Farmers Life is a smaller annuity company, so it does not rate with all the rating agencies typically used to determine a company’s customer satisfaction and financial stability. There are no ratings by the Better Business Bureau, and it does not rate in the J.D. Power 2023 U.S. Individual Annuity Study. It is also not rated by S&P Global or Fitch Ratings.

The NAIC rates it for its customer complaint index, which is an impressive 0.00. NAIC reports no complaints, which is rare among life insurance and annuity providers.

Additionally, it receives a B++ (Good) rating from AM Best for financial strength.

Farmers Life may be a smaller credit life and disability insurance company, but it is worth considering when you want a fixed index or a multi-year guaranteed annuity. Even though options are limited, Farmers Life annuities are highly customizable. However, if you are looking for insurance, you will want to look elsewhere as this provider sticks to annuities and does not offer insurance products.

To best assess your options for retirement, ask a financial advisor whether Farmers Life might be right for you.

Editor Norah Layne contributed to this article.