Annuities
Your financial future depends on how you save today. If you want financial security in your retirement, you need to plan now. Making use of compound interest while you are young will allow you to enjoy the benefits of saving, even more than someone who started saving just before retirement.
An annuity can guarantee a stream of income that will help you maintain a comfortable lifestyle in your retirement. There are several types of annuities to choose from. Finding the one that’s best for you often depends on how you choose to make your contributions. ELCO Mutual offers several annuity options for you to consider.
Guardian Eagle Flex
Flexible Premium Deferred Annuity (FPDA)
A flexible premium deferred annuity is a simplified and flexible deferred annuity offering. You may choose to contribute monthly, quarterly, semiannually or annually. You may change the amount and frequency of payments at any time. Premium contributions may be as little as $100 or as much as $100,000 per year (premiums exceeding $100,000 will require home office approval). Premiums can be added from any account to your FPDA. The Flexible Premium Deferred Annuity gives you the ability to customize your retirement planning strategy and ensure that you are receiving continued growth.
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Guardian Eagle
Single Premium Deferred Annuity (SPDA)
A single premium deferred annuity allows for one single lump-sum contribution. ELCO’s SPDA’s offer the additional flexibility of allowing additional premiums during the first 90 days of the contract. Short terms of 1, 2,4 and 5 year contracts are available as well as a longer term 7 year and ten-year plans. Interest yields are generally higher with the longer term contracts. Another advantage of ELCO is that the interest rate is guaranteed for the term you select. This is a great feature which allows you to know exactly what the accumulation results will be from your invested funds.
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Single Premium Immediate Annuities
Unlike deferred annuities, an immediate annuity generates income payments for you in the manner you wish to be paid. You can receive annuity payments for a fixed period of time, for your lifetime or for your lifetime including a guaranteed number of payments. Immediate annuities can be used to fund retirement income, premiums for long term care policies, other financial obligations, or for any reason you may choose.
