Eagle's Legacy

10-Pay Whole Life Insurance

Funded by a Single Premium Immediate Annuity

The Eagle's Legacy policy combines two ELCO Mutual products as a means to increase your wealth and transfer assets to beneficiaries without income taxation at the time of your death (on the life portion of the policy). A 10-year fixed-benefit single premium immediate annuity is used to fund premiums for a 10-pay life product. The annuity payments are automatically and seamlessly transferred to the life premium payments at ELCO Mutual, so you don’t need to worry about gaps in your coverage.

Policy Details

Why You Should Get Eagle’s Legacy

There are two distinct advantages for using this plan. First, your tax burden is spread out over 10 years, so you can increase your wealth without paying significant taxes at any one point in time or leaving this burden to your beneficiaries. If you were to pass away and leave your beneficiaries a large sum of taxable money, the tax consequences they would face could be immense; Eagle’s Legacy can relieve all parties involved of that potential difficulty.

Second, if you pass away during the payout phase, your beneficiaries receive the full death benefit from the life insurance, in addition to the remaining annuity benefit stream that is paid as scheduled. While the annuity stream will be taxable, in most instances the life insurance benefit will not be.

Additional Benefits

Other benefits of using this plan include

  • A guaranteed level death benefit
  • Guaranteed cash value accumulation
  • Dividends (although not guaranteed) that can be paid in cash, used to purchase paid-up additional coverage, or left on deposit to accumulate at interest
  • Policy loans available on the accumulated cash value

How does my annuity pay for my life insurance?

A lump sum of money can be used to purchase an immediate annuity, which earns immediate interest and begins paying into the Legacy 10 policy for the duration of the 10-year pay period.

Why purchase this plan through ELCO Mutual?

Unlike most other companies with similar offerings, the Eagle’s Legacy’s whole life product is participating and eligible for dividends.

Who Is Eligible for Eagle’s Legacy Whole Life Insurance

This policy can be issued to people ages 18 through 80 years old seeking a maximum death benefit of $300,000.