ELCO Mutual does business in 43 states and the District of Columbia. We currently do not do business in the states of Connecticut, 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 IRS.gov.
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.
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. Continue ReadingNot 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 age 70 ½. 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 and ICC19-MWL19, Preneed: PNGI-02 and PMP99R2, 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.View Less