Discover the Importance of Life Insurance

Life insurance is a valuable tool that empowers you to prepare for the future, providing peace of mind for both yourself and your loved ones. Wondering why it's essential? Let's dive in and explore how life insurance can be a game-changer.

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Insurance Questions Answered

Sorting through insurance information can be tedious, but we’re here to make your decision easier. Find the answers to some of your most important questions so you can confidently plan for your future.

Commonly Asked Questions

Platinum Eagle

Single Premium Whole Life Insurance with Living Benefits

Single premium whole life (SPWL) insurance provides many advantages not available through other policies. An SPWL policy is an excellent way to transfer wealth to a beneficiary on an income tax-free basis. The growth of principal is further enhanced over time with annual dividends. While dividends are not guaranteed, ELCO Mutual has not missed a dividend payment since becoming a mutual company in 1977. The product also offers the accelerated death benefit rider. This rider includes benefits for home health care, nursing home confinement, chronic illness, and terminal illness. In addition, the beneficiary can be paid either a lump sum or a pay-out between two to 20 years.

Who is eligible for the Platinum Eagle?

This policy can be issued to individuals ages 6 months through 85 years old. Another benefit of ELCO Mutual’s Platinum Eagle policy is the simplified underwriting. No medical exams are ever required; you only need to answer a few health questions and complete a telephone interview.

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Golden Eagle

Whole Life Insurance with Living Benefits

Golden Eagle whole life products offer flexibility, simplicity, and the best benefits possible. Whole life insurance with living benefits provides permanent coverage for the duration of your life, and these policies typically let you choose your number of premium payments and how often you make payments each year. Provided premiums are paid, the policy will last a lifetime, or until you turn 121—whichever comes first. The product also offers the accelerated death benefit rider. This rider includes benefits for home health care, nursing home confinement, chronic illness, and terminal illness. In addition, the beneficiary can be paid either a lump sum or a pay-out between two to 20 years.

Additionally, once a policy becomes active, the premium rates are guaranteed to remain level, meaning they will not increase over time.

Who is eligible for the Golden Eagle?

10-Pay Whole Life: available until age 80
20-Pay Whole Life: available until age 70
30-Pay Whole Life: available until age 60
Whole Life Paid-Up after age 65: available until age 60
Whole Life Paid-Up after Age 75: available until age 65

Finding out if you qualify for Golden Eagle is easy. Complete a short telephone interview and answer basic health questions to determine your eligibility; no medical exams or blood tests are ever required.

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Silver Eagle

Final Expense Insurance

Ensure there will be funds available for medical expenses, funeral costs, and other financial obligations at the time of your death. An unexpected medical event can be very costly; don’t leave this monetary burden to your family.

Who is eligible for the Silver Eagle?

The level benefit policy is available for individuals between ages 50-85, and the modified and graded benefit policies can be issued to people between 50-80 years old. Determining which benefit you qualify for is as simple as answering a few basic health questions and completing a short telephone interview. No medical exams are ever required!

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Presidio Plus

Irrevocable Funeral and Estate Trusts

Provide your loved ones with peace of mind by building a comprehensive estate plan that funds funeral expenses and creates immediate liquidity for your spouse and heirs. After someone passes away, their assets can get tied up in the probate process, leaving beneficiaries with financial uncertainty as the estate is being settled. With ELCO Mutual’s Presidio Plus suite, you can ensure that, within 48 hours of your passing, your loved ones will have the funds to cover funeral costs and more.

Who Should Use the Presidio Plus Suite?

Setting aside funds for final expenses and creating an avenue for beneficiaries to execute the estate are problems most people experience. Therefore, many people should be able to incorporate these products into their estate plan.

View the Funeral Trust Brochure View the Estate Trust Brochure

Policies Details

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Platinum Eagle

Golden Eagle

Silver Eagle

Presidio Plus

Are there any riders available?

Yes, an accelerated death benefit rider is available at no cost on all policies. This provides you with early access to a portion of your death benefit if you are diagnosed with a terminal illness, become permanently confined in a qualified nursing facility, develop a chronic illness, or require home health care.

The amounts issued under this rider include the following:

90% of your death benefit (not to exceed $300,000) is available if you have a terminal illness.
75% of your death benefit (not to exceed $300,000) is available if you become permanently confined in a qualified nursing facility.
50% of your death benefit (not to exceed $300,000) is available if you develop a chronic illness.
50% of your death benefit (not to exceed $300,000) is available if you require home health care.

Additional Benefits

Other benefits of the Platinum Eagle policy include

Guaranteed cash value accumulation
Non-guaranteed dividends that are scheduled to be paid annually after two years. These can be paid in cash, left on deposit to accumulate interest, or be used to purchase paid-up additional coverage.
Policy loans available on the accumulated cash value
A death benefit paid to beneficiaries on a tax-free basis, in most cases

Accelerated Death Benefit Rider

An accelerated death benefit rider is provided on all standard issue policies at no additional cost. As the policy-owner, you may request a portion of your death benefit if you meet one of the qualifying conditions.

90% of your death benefit can be taken in advance if you have been diagnosed with a terminal illness (defined as having less than one year to live).
75% of your death benefit is available as a lump sum if you are permanently confined in a qualified nursing facility.
50% of your death benefit can be taken if you require home health care; this provides an additional layer of financial flexibility.
50% of your death benefit can be taken if you develop a chronic illness, in order to cover medical expenses and other costs.

Accidental Death Benefit Rider

This rider can provide your beneficiaries with a second death benefit, equal to the base policy, if you pass away due to an accident, which is defined in the policy. This feature is available for purchase for people under the age of 65, with the cost and benefit expiring on your 70th birthday. This rider is available for purchase at the time of your policy issue.

Waiver of Premium

This rider is available to applicants under the age of 55, and waives premiums if you become disabled prior to reaching your 60^th birthday. This benefit and its cost both end after you reach your 65^th birthday. This rider is available for purchase at the time of your policy issue.

Single Premium Life Rider

This rider is available for purchase with a single payment at the time of your policy issue. The lump sum buys coverage that doesn’t require any additional funding, as the policy is paid-up at issue, which creates an immediate death benefit and guaranteed cash value. The rider is also created as a separate policy and will remain in force even if the base coverage is surrendered.

Additional Benefits

Golden Eagle is a participating plan, meaning the policy can grow using a non-guaranteed dividend.

Other benefits of the Golden Eagle policy include

Guaranteed cash value accumulation
Policy loan availability
Income tax-free death benefit
Simplified underwriting

Are there different types of policies available?

Yes, ELCO Mutual offers both immediate coverage and modified death benefits.

The level benefit is simplified issue, which means you only have to answer a few questions to determine your eligibility. This policy includes face amounts of $2,500-$35,000; an immediate, guaranteed death benefit; and an available single pay life rider to enhance your coverage.

The graded and modified benefits are available if you have certain health conditions that prevent you from qualifying for the immediate coverage. These policies includes face amounts of $2,500-$25,000 and have reduced death benefits during the first two policy years, with the full amount becoming available in the first year.

Additional Benefits

Both policies are participating, meaning they are eligible for dividend growth. While not guaranteed, dividends may help increase the value of the policy over time.

What is the Presidio Plus Suite?

ELCO Mutual’s Presidio Plus is a guaranteed issue whole life policy packaged with either a funeral trust or an estate trust. You can customize your plan to protect assets, fund final expenses, and make wealth transfers free of federal income tax. Which trust you choose will depend, in part, on the size of the policy you purchase and your individual goals.

Why Use the Presidio Plus Suite?

Funeral Trust

Thinking about the end-of-life process is never easy, but preparing early can eliminate unnecessary stress in the future. As you near the end of your life, nursing home costs can quickly drain your assets. This option allows you to prepare for burial costs while protecting the asset from nursing homes and other creditors.

Estate Trust

After you pass away, your assets can be tied up in probate, leaving your loved ones to cover any final expenses in the meantime. The estate trust enables you to set aside funds that will be delivered to your beneficiaries within 48 hours of your passing, providing relief from these financial pressures.

Myths About Life Insurance

Do you think you’re adequately covered because your employer offers life insurance?

Have you been told that people without children don’t need an insurance policy? Download our free ebook to read some of the myths surrounding life insurance and get to the facts about why a policy can put you on the path to a secure future.

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What Type of Life Insurance is Right for Me? Ebook

Purchasing life insurance is a simple way to provide financial stability for your loved ones. In most cases, life insurance policies can provide tax-free death benefits to beneficiaries. When it’s time to start thinking about life insurance, it’s important to begin by understanding the different types that are available and how they meet different needs. The broadest categories of life insurance are term and permanent policies. In this ebook, we’ll look at these two main types of life insurance, some of the variations you can find within them, and how to decide which type of plan is best for you.

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What Type of Life Insurance is Right for Me (1)