Expanded Product Line Aims to Address Growing Retirement Needs
KNOXVILLE, Tenn., Sept. 28, 2023 /PRNewswire/ -- Farmers Life Insurance Company, a Tennessee domiciled life insurance company, has officially launched its first fixed index annuity (FIA) product called the Harvest. This retirement solution seeks to provide meaningful accumulation potential without exposure to market declines, helping consumers protect a portion of their long-term savings from a growing number of risks and uncertainties.
"This is yet another exciting milestone for Farmers Life, as we continue to develop and deliver highly competitive products that meet critical and pervasive planning needs for a growing number of Americans," said Ben Jacobs, CEO of Farmers Life. "By identifying gaps in the marketplace, innovating to close those gaps, and providing superior customer service throughout the life of our policies, we're working to maintain our position as one of the fastest growing insurance companies in the nation."
The Harvest FIA, which is currently available in 5-, 7- and 10-year durations, was produced by Farmers Life internally, and will be distributed exclusively through select agencies and insurance marketing organizations. The product features three first-to-market indices from some of the most well-known index providers in the industry: a new volatility-controlled version of the Nasdaq-100® Index, a global multi-asset index from Bloomberg and an index highlighting companies with increasing dividends from S&P Dow Jones Indices.
To help consumers customize the policy to meet their unique needs, a premium bonus option and an enhanced liquidity package are also available, as well as enhanced cap rates and participation rates. The Harvest will be available in all states in which Farmers Life maintains a certificate of authority.
The introduction of the Harvest FIA comes amid Farmers Life's continued success with its Safeguard Plus™ Multi-Year Guaranteed Annuity (MYGA), which currently features some of the highest crediting rates in the market.
"As we approach Peak 65, a time in which we'll have more boomers reaching retirement age than ever in history, we believe it's important to offer a combination of flexibility and safety to everyday Americans who deserve an opportunity to enjoy the retirement lifestyle they've spent their lives working and planning for. The Harvest is a perfect complement to the Safeguard Plus for addressing a broader array of needs," Jacobs stated.
For more information and marketing materials, visit farmerslifeins.com/products.
About Farmers Life Insurance Company
Founded in 1997 as a small credit life and disability insurance company, Farmers Life Insurance Company was built on a commitment to meeting the moment for individuals, families and businesses planning for the future. By combining a forward-thinking approach with the sound fundamentals of financial management, we work to develop and deliver solutions that help millions of everyday Americans actively pursue financial independence as they define it. Learn more at farmerlifeins.com.
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SOURCE Farmers Life Insurance Company