Life insurance is a valuable tool that empowers you to prepare for the future, providing peace of mind for both yourself and your loved ones. Wondering why it's essential? Let's dive in and explore how life insurance can be a game-changer.
With a whole life insurance policy with living benefits, you have the ability to accumulate cash value over time—which means you can easily accumulate more money for the future. With various policies included in this type of plan, you can receive coverage for life, increase your estate, easily transfer wealth to beneficiaries, and prepare for financial stability for yourself and your family members in the years to come.
Single premium whole life insurance with death and living benefits designed for individuals ages 6 months through 85 years. →
Whole life insurance with living benefits provides permanent coverage for the duration of your life with premium payment options. Designed for individuals ages 0-85 years. →
Final expense insurance ensures there will be funds available for financial obligations at the time of your death. Available for individuals ages 50-85 years. →
Irrevocable funeral and estate trusts that funds funeral expenses and creates immediate liquidity for your spouse and heirs →
Sorting through insurance information can be tedious, but we’re here to make your decision easier. Find the answers to some of your most important questions so you can confidently plan for your future.
Single premium whole life (SPWL) insurance provides many advantages not available through other policies. An SPWL policy is an excellent way to transfer wealth to a beneficiary on an income tax-free basis. The growth of principal is further enhanced over time with annual dividends. While dividends are not guaranteed, ELCO Mutual has not missed a dividend payment since becoming a mutual company in 1977. The product also offers the accelerated death benefit rider. This rider includes benefits for home health care, nursing home confinement, chronic illness, and terminal illness. In addition, the beneficiary can be paid either a lump sum or a pay-out between two to 20 years.
This policy can be issued to individuals ages 6 months through 85 years old. Another benefit of ELCO Mutual’s Platinum Eagle policy is the simplified underwriting. No medical exams are ever required; you only need to answer a few health questions and complete a telephone interview.
Golden Eagle whole life products offer flexibility, simplicity, and the best benefits possible. Whole life insurance with living benefits provides permanent coverage for the duration of your life, and these policies typically let you choose your number of premium payments and how often you make payments each year. Provided premiums are paid, the policy will last a lifetime, or until you turn 121—whichever comes first. The product also offers the accelerated death benefit rider. This rider includes benefits for home health care, nursing home confinement, chronic illness, and terminal illness. In addition, the beneficiary can be paid either a lump sum or a pay-out between two to 20 years.
Additionally, once a policy becomes active, the premium rates are guaranteed to remain level, meaning they will not increase over time.
Finding out if you qualify for Golden Eagle is easy. Complete a short telephone interview and answer basic health questions to determine your eligibility; no medical exams or blood tests are ever required.
Ensure there will be funds available for medical expenses, funeral costs, and other financial obligations at the time of your death. An unexpected medical event can be very costly; don’t leave this monetary burden to your family.
The level benefit policy is available for individuals between ages 50-85, and the modified and graded benefit policies can be issued to people between 50-80 years old. Determining which benefit you qualify for is as simple as answering a few basic health questions and completing a short telephone interview. No medical exams are ever required!
Provide your loved ones with peace of mind by building a comprehensive estate plan that funds funeral expenses and creates immediate liquidity for your spouse and heirs. After someone passes away, their assets can get tied up in the probate process, leaving beneficiaries with financial uncertainty as the estate is being settled. With ELCO Mutual’s Presidio Plus suite, you can ensure that, within 48 hours of your passing, your loved ones will have the funds to cover funeral costs and more.
Setting aside funds for final expenses and creating an avenue for beneficiaries to execute the estate are problems most people experience. Therefore, many people should be able to incorporate these products into their estate plan.
Yes, an accelerated death benefit rider is available at no cost on all policies. This provides you with early access to a portion of your death benefit if you are diagnosed with a terminal illness, become permanently confined in a qualified nursing facility, develop a chronic illness, or require home health care.
The amounts issued under this rider include the following:
Other benefits of the Platinum Eagle policy include
An accelerated death benefit rider is provided on all standard issue policies at no additional cost. As the policy-owner, you may request a portion of your death benefit if you meet one of the qualifying conditions.
This rider can provide your beneficiaries with a second death benefit, equal to the base policy, if you pass away due to an accident, which is defined in the policy. This feature is available for purchase for people under the age of 65, with the cost and benefit expiring on your 70th birthday. This rider is available for purchase at the time of your policy issue.
This rider is available to applicants under the age of 55, and waives premiums if you become disabled prior to reaching your 60 th birthday. This benefit and its cost both end after you reach your 65 th birthday. This rider is available for purchase at the time of your policy issue.
This rider is available for purchase with a single payment at the time of your policy issue. The lump sum buys coverage that doesn’t require any additional funding, as the policy is paid-up at issue, which creates an immediate death benefit and guaranteed cash value. The rider is also created as a separate policy and will remain in force even if the base coverage is surrendered.
Golden Eagle is a participating plan, meaning the policy can grow using a non-guaranteed dividend.
Other benefits of the Golden Eagle policy include
Yes, ELCO Mutual offers both immediate coverage and modified death benefits.
The level benefit is simplified issue, which means you only have to answer a few questions to determine your eligibility. This policy includes face amounts of $2,500-$35,000; an immediate, guaranteed death benefit; and an available single pay life rider to enhance your coverage.
The graded and modified benefits are available if you have certain health conditions that prevent you from qualifying for the immediate coverage. These policies includes face amounts of $2,500-$25,000 and have reduced death benefits during the first two policy years, with the full amount becoming available in the first year.
Both policies are participating, meaning they are eligible for dividend growth. While not guaranteed, dividends may help increase the value of the policy over time.
ELCO Mutual’s Presidio Plus is a guaranteed issue whole life policy packaged with either a funeral trust or an estate trust. You can customize your plan to protect assets, fund final expenses, and make wealth transfers free of federal income tax. Which trust you choose will depend, in part, on the size of the policy you purchase and your individual goals.
Thinking about the end-of-life process is never easy, but preparing early can eliminate unnecessary stress in the future. As you near the end of your life, nursing home costs can quickly drain your assets. This option allows you to prepare for burial costs while protecting the asset from nursing homes and other creditors.
After you pass away, your assets can be tied up in probate, leaving your loved ones to cover any final expenses in the meantime. The estate trust enables you to set aside funds that will be delivered to your beneficiaries within 48 hours of your passing, providing relief from these financial pressures.
If you're interested in getting more information about becoming an agent, fill out the form below to be contacted by a representative from ELCO Mutual.
ELCO Mutual has been assisting seniors with our financial planning since 1946 and counting. Our goal has remained the same throughout our long history: to provide personalized service, consumer friendly products, and stability for our policyholders.
Address:
916 Sherwood Drive
Lake Bluff, IL 60044
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Talk to Us: 800.321.3526
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ELCO Mutual and its representatives are not legal or certified tax professionals. For tax and/or legal advice, please contact a licensed professional. ELCO Mutual contracts with independent licensed insurance producers and does not guarantee nor certify them as financial planners. Not insured by the FDIC or associated with any government program or agency. Annuities are not associated with a bank. Withdrawals taken from annuities before the age of 59 1/2 are subject to the IRS's 10% excise tax. Individual Retirement Accounts (IRAs) cannot be opened past the age in which Required Minimum Distributions (RMDS) begin. Dividends are declared by the company's board of directors and are not guaranteed. When purchasing a single premium whole life policy, please note that the policy is a Modified Endowment Contract (MEC). Any distributions taken by the owner may be taxable (including from the accelerated death benefit rider). Death benefits for life insurance contracts are contingent on any due premiums being paid. The information on this website is intended for informational and educational purposes only and is not intended to provide investment advice or a recommendation. Clients seeking advice should consult a licensed professional. All life insurance policies and annuities are underwritten and issued by ELCO Mutual Life and Annuity. Also known as ELCO Mutual Life and Annuity Company in Florida. Policy Forms: Platinum Eagle: (ICC19-SPL-19), Golden Eagle: (ICC19-WLP-19), Silver Eagle: (ICC19-FE19, ICC21-GBWL21, ICC19-MWL19, ICC21-GIWL21m ICC21-SPLR21), Preneed: (PNMPSI20, PNMPGI20, PNSPL20), DFD: (DFD21, DFD0113), Presidio Plus: (ICC21-TSPL21), Guardian Eagle Single Premium: (ICC19-MYGA[term length]-19), Guardian Eagle Flexible Premium: (ICC16-FPA16), and Immediate Annuities: (SPIA11 and ICC17-AIFXB17). Policy forms may vary by state.
