Commonly Asked Questions

ELCO Mutual does business in 44 states and the District of Columbia. We currently do not do business in the states of Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont. Product availability may vary by state.
Getting in touch with your local agent is easy. Simply fill out the form on our Find an Agent page.
A multi-year guaranteed deferred annuity is a tax-deferred retirement vehicle that earns a fixed interest rate for predetermined length of time.
An immediate annuity is a contract that takes a lump sum, plus interest, and generates a stream of payments. The duration of these payments is either predetermined or for the life of the owner of the contract.
ELCO Mutual’s deferred annuities allow for withdrawals to be taken. For specific product features, visit our Annuities page.
No. Once an immediate annuity begins paying out, no additional funds can be taken.
A contract’s qualification refers to its tax status. Non-qualified funds are taxed on the earnings of a contract, as opposed to a qualified contract, which is taxed on the entirety of the funds.
A required minimum distribution occurs when the owner of a qualified contract (individual retirement account [IRA]) is over the age of 70 ½. The IRS requires these individuals to take a specific amount from their contract every year. Find out how an RMD is calculated at
The IRS’ form 1099 is sent to clients in January if they took a distribution the previous year.
The IRS’ form 5498 is sent out in May each year to clients with qualified funds. This form is generally for informational purposes.
Whole life insurance is a form of life insurance designed to cover the insured for the duration of their life. Payments for this form of coverage can be made for life, in a lump sum, or over a predetermined term.

Check out our article, 5 Things You Should Know If You’re Considering Whole Life Insurance, to learn more.
Term life insurance is a form of life insurance that covers the insured for a predetermined amount out time. This coverage is generally less expensive than whole life since it is temporary.
Making changes can be easy. Call our home office at (800) 321-3526 or email our policy services department at
Visit our Servicing Forms page or simply call our office at (800) 321-3526.
If you can no longer pay your policy’s premiums, please contact your agent immediately. If your agent is not available, please contact our agency department at (888) 240-3351.
Call our home office at (800) 321-3526.

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