Farmers Life Insurance Company is a Knoxville, Tennessee carrier that holds a B++ (Good) rating from AM Best, the 5th of 15 rungs on that scale. It sells through the independent agent channel, and its main annuity is the Safeguard Plus MYGA series, which prices competitively for its rating tier.
An important clarification before you go further: this company is not the Farmers you are probably thinking of. Farmers Life Insurance Company has no connection to Farmers Insurance Group, the auto and home insurer, or to its life subsidiary Farmers New World Life Insurance Company, or to Zurich Insurance Group. It is a separate company founded in 1997 as a small credit life and disability insurer. The names are similar and the two are routinely confused, including by sources that should know better.
This review covers Farmers Life’s financial strength, annuity product lineup, and contact information.
Farmers Life at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Farmers Life Insurance Company |
| Corporate Affiliation | Independent; NOT affiliated with Farmers Insurance Group or Zurich |
| Headquarters | Knoxville, Tennessee |
| AM Best Rating | B++ (Good), 5th of 15 |
| Products Offered | MYGAs (Safeguard Plus series), Fixed Annuities |
| States Available | Most states (varies by product) |
| Minimum Premium | $5,000 (varies by product) |
Farmers Life’s Financial Strength
Farmers Life carries a B++ (Good) rating from AM Best, which is the 5th rung of 15 and sits below the A- threshold many buyers and planners use when screening carriers. Weiss, the most conservative of the rating agencies, rates it D. Neither figure means the company cannot pay its claims, and state guaranty association coverage applies either way, but this is a lower rating tier than most carriers we cover and it deserves to be stated plainly rather than buried.
Farmers Life does not sell auto or homeowners insurance. That is Farmers Insurance Group, a different company. Farmers Life writes life and annuity business only, distributed through independent agents rather than a captive agent force.
What Types of Annuities Does Farmers Life Offer?
- Multi-Year Guaranteed Annuities, Safeguard Plus Series: Farmers Life’s Safeguard Plus MYGA series is the company’s primary annuity offering in the independent channel. Available in multiple term lengths, it provides a guaranteed fixed rate for the full contract term with no market exposure. Rates often price well against other carriers in the same B++ tier, which is part of the trade-off: a lower-rated carrier typically has to pay more to attract deposits.
Farmers Life MYGA Rates
Current Farmers Life MYGA rates from our live rate feed:
Current MYGA Rates
Live rates from AnnuityRateWatch · Rates updated July 26, 2026
| Product | Term | Rate (APY) | Min Premium | Last Rate Change | |
|---|---|---|---|---|---|
|
Farmers Safeguard Plus 3
AM Best B++ |
3 Years | 5.65% | $10,000+ | Apr 1, 2026 | View Details → |
|
Farmers Safeguard Plus 5
AM Best B++ |
5 Years | 6% | $10,000+ | Apr 1, 2026 | View Details → |
|
Farmers Safeguard Plus 7
AM Best B++ |
7 Years | 5.95% | $10,000+ | Apr 1, 2026 | View Details → |
|
Farmers Safeguard Plus 10
AM Best B++ |
10 Years | 6.05% | $10,000+ | Apr 1, 2026 | View Details → |
Rates apply to standard products. State availability varies. Not an offer or solicitation. Always verify current rates before purchasing.
Who Is Farmers Life Best For?
- Yield-focused buyers who are comfortable below the A- tier: Safeguard Plus competes well on rate against other B++ carriers. If your screen requires A- or better, Farmers Life will not clear it, and that is a reasonable screen to have.
- Buyers who have compared the alternatives: because the rating sits below A-, Farmers Life makes most sense when you have looked at A-rated carriers at similar terms and decided the extra yield is worth the tier difference.
- Independent agent channel buyers: Farmers Life’s MYGA products are available through independent agents, any independent annuity specialist can present Safeguard Plus alongside competing products for a true apples-to-apples rate comparison.
Frequently Asked Questions About Farmers Life
Is Farmers Life a safe company for annuities?
Farmers Life holds a B++ (Good) rating from AM Best, the 5th of 15 rungs, and a D from Weiss. That is below the A- tier many buyers screen for, so size the allocation accordingly. State guaranty associations provide backstop protection up to state-specific limits. Coverage limits vary by state; see NOLHGA.com for details. Always verify both the current rating and your state’s coverage limits.
What types of annuities does Farmers Life offer?
Farmers Life offers MYGAs through independent agents and financial professionals. Product availability, rates, and features vary by state. Use our rate comparison tool to see what’s currently available from Farmers Life and competing carriers.
How do I buy an annuity from Farmers Life?
Farmers Life annuities are sold through licensed insurance agents and financial professionals. My Annuity Store is an independent platform that can quote Farmers Life alongside 90+ top annuity companies so you can compare rates, terms, and financial strength ratings in one place. Request a free quote or call 855-277-8088 to get started.
How Does Farmers Life Compare to Other Carriers?
The annuity marketplace in 2026 is competitive, with dozens of carriers vying for your business. Before committing to any single carrier, it pays to compare at least three to five options side by side. Key factors to evaluate include:
- AM Best financial strength rating – look for A- or higher for maximum peace of mind
- Guaranteed interest rate and term – even a 0.10% difference compounds significantly over a 5- to 10-year contract
- Surrender charge schedule – understand when you can access your money penalty-free
- Free withdrawal provisions – most carriers allow 10% annual withdrawals without penalty
Our live rate comparison tool shows current rates from Farmers Life and all competing carriers updated daily. You can also request a personalized comparison from our team.
Contact Farmers Life Insurance Company
| Contact Method | Details |
|---|---|
| Website | www.farmerslife.com |
| Customer Service | 1-888-827-5433 |
| Mailing Address | Farmers Life Insurance Company 3 Parkway N, Suite 500 Deerfield, IL 60015 |
| Hours | Monday–Friday, 8 a.m.–5 p.m. CT |
Compare Farmers Life Against Other Carriers: My Annuity Store compares Farmers Life against 90+ top annuity companies, including Athene, MassMutual, F&G, and Symetra. Get a free comparison quote or call 855-277-8088.
Farmers Life Insurance Company Pros and Cons
Pros
- Prices competitively for its rating tier, which is often how a B++ carrier attracts deposits
- Straightforward MYGA lineup with no riders or moving parts to evaluate
- Sold through independent agents, so it can be quoted against other carriers side by side
- Low minimum premium, around $5,000 depending on product and state
Cons
- AM Best B++ (Good), the 5th of 15 rungs and below the A- minimum many buyers screen for
- Weiss rates the company D, the most conservative agency opinion on this carrier
- Frequently confused with Farmers Insurance Group and Zurich; there is no affiliation with either
- MYGA and fixed only, with no index, income or variable products
- Not available direct to consumer; must be purchased through a licensed agent
