Life Insurance
Traditional Whole Life
Premium-paying ordinary life, participating and non-participating, are the leaders of traditional products.
- Issue Ages are six months-95.
- Non-Medical Underwriting Classes are as follows: Standard Non Tobacco User and Standard Tobacco User.
- Minimum Face Amount is $2,500.
- Minimum Premium is $15.00 per month.
- Annual Policy fee is $50.00.
- This plan participates with dividends.
- Eligible for 1035A exchange.
- Loan provision.
- Automatic Premium Loan available.
- Paid-Up Additions Rider (PUAR) in concert with small face amounts allows the producer to consolidate non-par whole life products.
- Consolidate premiums, cash values, policy fees as well as increasing the total face amount of protection.
- Existing PUAR value is now guaranteed and paid-up, unlike non-par whole life products.
- The dividend option of PUA, if selected, allows for an increasing death benefit, which can offset inflation.
- Base cash value growth at 4%
- Illustrated dividends are based at 3%
Single Premium Whole Life Insurance
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 a tax-free basis. Growth of principal is further enhanced over time with annual dividends.
Qualifying for life insurance can be easier than one might think. One of ELCO’s representatives will be happy to provide more details including a customized life insurance illustration to show how this product can work for you!
- A participating Single Premium Whole Life that provides permanent protection to age 121.
- Features a guaranteed premium.
- Issue Ages are 6 months through age 95.
- Minimum Premium is $5000.00.
- Non-Tobacco and Tobacco rates.
- Eligible for dividends after two policy years.
- Eligible for 1035A exchange.
- Base cash value growth at 4%.
- 6% Loans.
- Realistic dividend projections illustrated at .5 %.
- Simplified underwriting with Point-of-Sale interview.
Joint Single Premium Whole Life
- Issue Ages 50 to 95
- Minimum premium $50,000
- Participating Single Premium Whole Life Plan
- Permanent coverage for two lives in one policy-pays at the second death
- Guaranteed level Death Benefit Protection for Life
- Guaranteed Cash Value accumulation at 4.5%
- Participating with Dividends – Cash or Accumulated
- Loan 6% and withdrawal provision available
- Simplified issue, Point-of-Sale underwriting telephone interview.
- No expensive riders or gimmicks.
- Consumer-friendly; straight forward, responsibly priced.
- Can be used to pay estate taxes at the death of the second person (spouse) in large estates over 5 million. Generally, the beneficiary is a trust.
- This type of coverage is excellent for parents of children with disabilities. It can be structured to provide guaranteed income for the children
Life Underwriting Process
- Easy Yes/No Application
- Simplified underwriting process
- Point-of-Sale Interview
- Not a cookie cutter process
Pre-Need and Final Expense
The most assured event for any life is death. Many individuals prefer to relieve their families from the decisions regarding funeral and burial by making the arrangements while still living (pre-need). Single pay and multi-year pay plans help provide alternative solutions.
ELCO is active in the Pre-need market in many states. Contact the home office for more details.
Life insurance plans are not available in all states. Contact the home office for more details.
