Agent FAQ

Insurance Agent Questions Answered

If you’re interested in working with ELCO Mutual but are still looking for additional information about our company or process, read the answers to some of the questions we most commonly receive from agents.

What is the phone number for underwriting?

The phone number for MRS is (844) 442-9994. The underwriting call center is open Monday through Friday from 8:00 am to 9:00 pm CST and Saturday from 8:00 am to 3:00 pm CST. 

Where does ELCO Mutual do business?

ELCO Mutual does business in 43 states and the District of Columbia. We do not currently do business in the states of Connecticut,  Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont.

Product availability varies by state.

How much Errors and Omissions (E&O) coverage do I need?

ELCO Mutual requires that you have at least $1,000,000 of liability coverage in order to be contracted. If you have any questions, please contact us.

ELCO Mutual also partners with NAPA on a private label E&O which can be found here.

What is ELCO Mutual's underwriting process?

ELCO Mutual utilizes a simplified underwriting process that doesn't require any medical exams. We use basic health questions and a quick phone call to determine eligibility and price.

How long does it take to get contracted?

ELCO Mutual has an average turnaround time of approximately 48-72 hours. These times will vary depending on the amount of information we receive, the debit check, and the background investigation.

Can I contract directly?

ELCO Mutual partners with agency managers and marketing partners for a majority of its products. The immediate annuities, preneed, and life insurance products fall into this category. However, interested agents can contract directly for the deferred annuity products. We always recommend working with one of our trusted partners. To learn more, give us a call at (888) 240-3351.

When are commissions paid?

Commission cycles are run at the end of business on Wednesday with checks being sent promptly Thursday morning. We also run a Friday night commission cycle that will send out payments on Monday. If you elect for EFT payments, you will find your commissions hitting your account the next business day after payment is sent. For example, the Wednesday cycle will have payments sent Thursday, which means payments will promptly appear on Friday in bank accounts.  

What is the contracting process?

After you reach out to us, we’ll arrange for you to meet our team via phone and ask any questions you may have before we get started. Then, you’ll fill out a brief digital application. After our team has completed our due diligence, we’ll make a decision and notify you via email. If you’re approved, we’ll also send you marketing and sales materials to help you get started.

Where is ELCO located?

ELCO Mutual is located in Lake Bluff, Ill., which is approximately 40 minutes north of Chicago and an hour south of Milwaukee.

Does ELCO have private label E&O?

Yes, ELCO Mutual partners with NAPPA. You can learn more about the coverage here: