ELCO Mutual got its start over seventy-five years ago in Chicago, opening its doors as Employees Life Company in 1946. The company has seen many changes since that time, but our dedication to exceptional products and service has remained constant. While we keep an eye out for how the latest technology can help us improve our quality of service, we remain committed to retaining the human element in our customer interactions.
Employees Life relocated to Rogers Park, Illinois, in 1954 and became a mutual company in 1977, transferring ownership to its policyholders. As a mutual company, ELCO contributes profits to pay non-guaranteed dividends to policyholders with participating contracts. This is in contrast to a stock company, which instead pays dividends to its stockholders. We understand that as owners of the company, our policyholders are part of the ELCO Mutual family.
In 1979, Employees Life moved to ELCO’s current home in Lake Bluff, Illinois. Over the following six years, the company merged first with Crown Life and then with the Locomotive Engineers Mutual Life and Accident Insurance Association. Employees Life acquired Apollo National Insurance in 1991, and in 2013, the company became ELCO Mutual Life and Annuity.
Throughout its long history, ELCO Mutual has focused on service, security, and protection. We prioritize making real human connections with our clients. Each phone call our office receives is still answered by a live person. Our enduring record of outstanding service makes us an experienced, reliable partner in meeting our clients’ insurance and annuity needs, and our conservative investment strategy keeps our clients’ funds secure, even in turbulent economic times. At ELCO Mutual, our mission is to help our clients attain financial security with easy-to-understand insurance and annuity solutions.
March 15, 1946
Employee's Life officially chartered and opened its doors in downtown Chicago, IL
1954
Employees Life moved to Rogers Park, IL
January 1, 1977
Employees Life became a mutual company
1979
The company moved to our current home in Lake Bluff, IL
January 1, 1980
Employees Life Company Mutual merged with Crown Life
July 1, 1985
Employees Life Company Mutual merged with the Locomotive Engineers Mutual Life and Accident Insurance Association
1991
Apollo National Insurance is acquired through reinsurance
March 2013
Employees Life Company (Mutual) changed its name to ELCO Mutual Life and Annuity
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 Reading Not 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
ELCO Business Hours:
M-T 8 am - 4:30 pm (CST)
F 8 am - 1 pm (CST)
Talk to a Person: 800.321.3526
Agency: 888.240.3351
Policy Services Fax: 847.295.6043
New Business Fax: 847.295.6342
Claims Fax: 847.295.1145