Farmers Life Insurance Company holds an A (Excellent) rating from AM Best and is part of the Farmers Insurance Group — backed by Zurich Insurance Group, one of the world’s largest insurance organizations. Farmers Life focuses on the independent agent channel with a straightforward fixed annuity lineup, most notably the Safeguard Plus MYGA series, which has gained traction among rate-focused buyers looking for A-rated financial strength combined with competitive guaranteed yields.
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 |
| Parent Company | Farmers Group, Inc. (Zurich Insurance Group) |
| Headquarters | Woodland Hills, California |
| AM Best Rating | A (Excellent) |
| 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 an A (Excellent) from AM Best, reflecting the institutional backing of Zurich Insurance Group — a Swiss-based global insurer with over $400 billion in total assets worldwide. The Farmers brand has deep recognition among U.S. consumers, particularly in the Western states where Farmers Insurance has its strongest distribution presence.
While Farmers Life is primarily known for its auto and homeowners insurance through the Farmers captive agent channel, its MYGA products are distributed through the independent agent channel — making them accessible to buyers who don’t have an existing Farmers agent relationship.
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 are frequently competitive within the A-rated tier, making Farmers Life worth including in multi-carrier comparisons.
Farmers Life MYGA Rates
Current Farmers Life MYGA rates from our live rate feed:
Current MYGA Rates
Live rates from AnnuityRateWatch · Rates updated April 7, 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?
- MYGA buyers who want A-rated financial strength with competitive yields: Farmers Life offers solid A-rated backing with Safeguard Plus rates that compete well against peers in the same rating tier. For buyers who want to stay within the A-rated category while maximizing yield, Farmers Life belongs in the comparison.
- Buyers in Western states familiar with the Farmers brand: Farmers Insurance’s strong regional presence in California, Texas, and the Western U.S. means many buyers have existing familiarity with the brand, which can add comfort when evaluating their annuity products.
- 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.
Farmers Life Pros and Cons
Here is a balanced look at Farmers Life’s strengths and limitations for annuity buyers:
Pros
- Solid financial strength with an A-range AM Best rating
- Offers MYGA products with guaranteed rates and predictable returns
- Available through independent agents, allowing side-by-side comparisons with other carriers
Cons
- Not the highest-rated carrier available, so buyers should weigh the rate vs. rating trade-off
- Product availability varies by state, so not all products may be offered where you live
- Surrender charges apply during the contract term, which limits liquidity
Frequently Asked Questions About Farmers Life
Is Farmers Life a safe company for annuities?
Farmers Life holds an A-range AM Best rating (A (Excellent)), which indicates a strong ability to meet ongoing policyholder obligations. In addition, annuity contracts are backed by your state guaranty association, which provides a secondary layer of protection typically covering $250,000 per contract. 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 advisors. My Annuity Store is an independent platform that can quote Farmers Life alongside 20+ other carriers so you can compare rates, terms, and financial strength ratings in one place. Request a free quote or call 855-583-1104 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 alongside Athene, MassMutual, F&G, Symetra, and 20+ other top-rated carriers. Get a free comparison quote or call 855-583-1104.
