Farm Bureau Financial Services was initially founded back in 1939 when the state Farm Bureau founded Iowa Farm Mutual Insurance Company with the purpose of meeting the unique liability insurance needs of farmers.
Over the years, the company grew – and expanded its product line – to include life insurance and retirement annuities. Today, the company has roughly 4,000 agents who actively market the company’s insurance and annuities (both fixed and fixed indexed).
Based on the financials of all three subsidiaries of the Farm Bureau Financial Companies – which include Farm Bureau Life Insurance Company, Farm Bureau Property and Casualty Company, and Western Agricultural Insurance Company – A.M. Best has provided a rating of A (Excellent).
Farm Bureau Annuities
Farm Bureau offers both fixed and fixed indexed annuities. Fixed annuities offer a set interest rate, which in turn ensures that your balance will grow at a steady rate. Indexed annuities allow the opportunity to earn higher growth, while at the same time keeping your principal safe in any type of market condition. For this reason, fixed indexed annuities are often referred to as providing the “best of both worlds”.
As with other types of annuities, the growth that takes place in these products is tax-deferred. This means that you don’t have to pay taxes on the gains until the time of withdrawal. This tax deferral can, in turn, allow your money to grow and compound exponentially over time.
Both the fixed and the fixed indexed annuities that are offered through Farm Bureau provide a guaranteed minimum interest rate of 1%. To view the current interest rates for all of the annuities sold through Farm Bureau Financial Services, go HERE.
You can choose how and when you want your income to be paid out – including the lifetime income option which will continue to pay you (as well as another individual, if you choose the joint-life option) for the remainder of your lifetime – regardless of how long that may be.
Should You Purchase an Annuity Through Farm Bureau?
Whether or not you should purchase an annuity through Farm Bureau Financial Services will depend on a number of factors. These include your income objectives, as well as your age, time until retirement, and any other future income sources that you may have.
Because all annuities are not exactly the same, it is important that you have a good understanding of how these products work. That way, you can narrow down your options, and bypass the ones that won’t work to your advantages.
Doing so can be difficult and time-consuming, though – that is, unless you have an annuity expert who can guide you through the process, and who has already done a lot of the legwork for you.
That’s where Annuity Gator comes in.
Our primary goal at Annuity Gator is to provide in-depth information about annuities that is easy to understand, and that can help consumers to better understand the way that annuities work, along with what to look out for, such as hidden charges and fees.
We can also compare annuities with you. That way, even if you already own an annuity, we can help you to determine whether or not it is providing you with the benefits you had hoped for. So, if you have any questions regarding Farm Bureau’s annuities – or for that matter, about any annuity – feel free to reach out to us directly by phone at (888) 440-2468. Or, you can go to our secure online contact form to set up a time to chat with one of our trained annuity experts.
The Annuity Gator
P.S If you would like to read more of our Farm Bureau annuity reviews here are some links to check out:
- Independent Review of the Farm Bureau Select IV New Money 4 MYGA Annuity
- Independent Review of Farm Bureau Life Select 4 Portfolio 6 Fixed Annuity
- Independent Review of the Farm Bureau Accumulock Indexed Annuity
- Independent Review of the Farm Bureau Life Select IV Portfolio 10 Fixed Annuity