How Does Silver Eagle Final Expense Insurance Work?Sep 14, 2023 | 5 MIN READ
To prepare yourself and your loved ones for the future, a whole life final expense insurance policy is a great way to make sure that your end-of-life expenses are properly taken care of. Silver Eagle final expense insurance has several coverage options available to ensure that your family is ready for what comes next with the help of death benefits.
What Is Silver Eagle Final Expense Insurance?
Silver Eagle final expense insurance is a whole life insurance product offered by ELCO Mutual. With this policy, you can be mindful of your family’s finances while preparing them for end of life expenses, such as funeral costs, debt payments, or outstanding medical bills.
ELCO’s Silver Eagle has four different products to help cover a variety of needs and situations. Choose from immediate, graded benefit, modified, or guaranteed issue coverage options to help keep yourself and your family covered.
If your health prevents you from qualifying for immediate coverage, the graded and modified benefits are available to keep you covered while aligning with your lifestyle and your needs.
Immediate coverage from Silver Eagle final expense insurance has three associated premium classes: premier, plus, and standard. These policies may be issued to individuals between 50 and 85 years old and can include death benefits of up to $35,000.
Policyholders under graded benefit coverage are eligible for death benefits on an incremental schedule. A portion of the death benefit will be available within the first year of the policy, followed by another incremental portion within the second year. At the beginning of the third year of the policy contract, the full death benefit amount will become available. This Silver Eagle policy is available for individuals between 50 and 80 years old and can have a death benefit of up to $25,000.
Similar to Graded Benefit policies, a modified policy is available for policyholders up to 80 years old and has a death benefit that is incrementally available for the first two years of the policy. Policyholders with modified coverage can receive a death benefit of up to $25,000 as well.
Guaranteed issue policies are available for individuals between 50 and 80 years old, and have a death benefit of up to $25,000. The death benefit becomes available on a graded schedule and is eligible for a return of premium plus interest. The guaranteed issue plan is not a participating insurance plan, meaning it does not pay dividends to policyholders.
When Is the Death Benefit Available?
All coverage options from Silver Eagle final expense insurance products have a death benefit, though the death benefit amount will vary with each plan. Plans with immediate coverage (Premier, Plus, and Standard premium classes) mean that you are eligible for the full benefit on day one of the plan.
Graded benefit coverage allows for you to receive a death benefit after a given period of time. With Silver Eagle final expense insurance, 30 percent of the death benefit is available during the first year of coverage and 70 percent is available in the second year. By the third year of the policy, the full death benefit amount becomes available.
For modified and guaranteed issue coverage, a return of premium plus interest is available within the first two years of the policy.
How Much Final Expense Insurance Can I Buy?
Final expense insurance policies are an effective tool to help with end-of-life preparedness. Policy options under Silver Eagle range from $2,500 to $35,000 in benefits for immediate coverage, and graded, modified, or guaranteed issue policies range from $2,500 to $25,000.
Additionally, immediate benefit plans can also have a single pay life rider attached with an immediate value of between $1,000 and $35,000.
The face value of the policy that you select will help determine the amount that is owed in premiums as well as the associated death benefit amount. The higher the premium charge, the higher the death benefit amount will be.
What Does Single Pay Life Rider Mean?
If the coverage options don’t quite fit what you're looking for, adding a rider to your policy should help fill any gaps or make any necessary modifications. You may apply a single pay life rider to any of the immediate coverage policies within the Silver Eagle product. If the death benefit amount does not meet your expectations, you can increase it with a single lump sum payment.
A single pay life rider is a participating policy, meaning the policyholder is eligible to receive dividends from the insurance policy. These dividends may be put toward premium payments or act as a savings account by generating interest when left with the policy. Working closely with an independent agent from ELCO Mutual is a great way to determine what you need from your whole life insurance policy and how a single pay rider can help you craft the right coverage plan for your needs.
What Does Participating Mean for Final Expense Insurance?
A participating policy allows the policy holder to receive annual dividends. These dividends may be received as a cash payment or as a deposit to ELCO Mutual with the intent to earn interest or make contributions for a reduced premium amount. Participating policies allow for the life insurance provider to shift some of the associated risks to the policyholder.
For whole life insurance policies, such as Silver Eagle final expense insurance, these dividends may change periodically to account for life experiences and events. While the costs may seem expensive, the dividends can increase as the policy’s cash value increases. This allows for the policyholder to have more flexibility in paying premiums using their annual dividends from the participating policy.
Participating policies are excellent for final expense insurance because they help build a financial foundation for loved ones after the policyholder has passed. The dividends are comprised of ELCO Mutual profits and may be used as contributions to premium payments or for other expenses, such as end-of-life care. If you are interested in a final expense insurance policy that will support you and your family, then a participating policy may be the best way to set yourself up for financial security.
Contact an ELCO Agent Now!
Applying for ELCO Mutual’s Silver Eagle final expense insurance is easy. While other insurance options require a medical exam or a lengthy analysis of your medical history, all we ask is for you to complete a short phone interview. Decisions on eligibility are made instantly, so you can begin planning your end-of-life needs right away.
Our agents are happy to answer any questions and help match you with the right policy and coverage options to meet your needs and prepare you for the future. Please keep in mind that ELCO Mutual’s independent agents cannot guarantee dividends. To learn more about Silver Eagle and final expense insurance options from ELCO Mutual, reach out to one of our independent agents today!