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.
Whole Life Insurance with Living Benefits
Single premium whole life insurance with death and living benefits designed for individuals ages 6 months through 85 years.
Whole life insurance with living benefits provides permanent coverage for the duration of your life with premium payment options. Designed for individuals ages 0-85 years.
Final expense insurance ensures there will be funds available for financial obligations at the time of your death. Available for individuals ages 50-85 years.
Insurance Questions Answered
Single Premium Whole Life Insurance with Living Benefits
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.
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.
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?
Irrevocable Funeral and Estate Trusts
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.
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.
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
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 60th birthday. This benefit and its cost both end after you reach your 65th 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.
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.
What is the Presidio Plus Suite?
Why Use the Presidio Plus Suite?
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.
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.
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.