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Life Insurance

Life insurance is typically used to safeguard your family from the financial strain of a family member's passing.  Unfortunately, in many situations this type of financial planning is postponed until it is too late.  While it can be challenging to plan for such an event, it is an essential part of a good financial plan.  

ELCO offers Life Insurance products that can help with many of your family's needs.  ELCO's Life Insurance products are available for ages 6 months to age 95.  Talk with an ELCO Agent about one of our following products.

SINGLE PREMIUM WHOLE LIFE INSURANCE "Platinum Eagle"

Single Premium Whole Life (SPWL) provides many advantages not available elsewhere. Where else can an individual immediately increase his or her estate with the stroke of a pen (signature on an application)? The purchase of an SPWL provides an excellent method for transferring wealth to a beneficiary on an income tax-free basis and in many cases estate tax exempt. The growth of principal is further enhanced over time with annual dividends. 

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TRADITIONAL WHOLE LIFE "Golden Eagle"

Premium-paying ordinary life, participating and non-participating, are the leaders of traditional products. Unlike term life insurance, traditional whole life plans accumulate cash value on a tax-deferred basis over time.  This feature provides you with many valuable options.

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10 PAY WHOLE LIFE PLAN "PERFECT 10"

The Perfect 10 plan provides permanent coverage for life with level payments for just 10 years. This is great if you cannot afford to purchase a single premium whole life plan but you don’t want to make payments for the rest of your life like with a traditional whole life plan.

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JOINT SINGLE PREMIUM

WHOLE LIFE

This is a Single Premium life insurance plan purchased by a couple and insures two lives. The death benefit is paid to the named beneficiary upon the surviving insured’s death. The plan is primarily used for clients seeking wealth transfer to the next generation.

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EAGLE'S LEGACY

(10 PAY WHOLE LIFE FUNDED BY A SINGLE PREMIUM IMMEDIATE ANNUITY)

The Eagle's Legacy combines two ELCO products as a means to increase a client’s wealth and transfer assets to beneficiaries without income taxation at the death of the insured (on the life portion).  A 10 year fixed benefit ELCO Single Premium Immediate Annuity is used to fund premiums for a 10-pay life product.  The annuity payments are automatically transferred to the life premium payments at ELCO seamlessly without any worries for the client.

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