Preneed Life Insurance

Assistance with Funeral Arrangements

Before you pass away, you can take the added stress of making funeral arrangements off of your loved ones. Preneed insurance allows you to make these decisions ahead of time, in conjunction with a funeral home
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Policy Details

How do I plan my funeral arrangements?

You can work with a funeral home to make prearranged decisions about your funeral before your death. A single premium is used to buy this life insurance policy, and the policy’s death benefit helps fund your funeral. The policy can be assigned to your funeral home, which will then own the rights and receive the death benefit as payment for the funeral.

Why get preneed through ELCO Mutual?

We offer great opportunities for financial growth. While they are not guaranteed, the potential dividends you may qualify for are delivered as one-year term additions, and they compound annually at 3% APY.

Are there different types of policies available?

Yes, there are single pay and multi-pay options available for preneed insurance. Single pay requires a larger sum of money up front (with a minimum premium of $500), while multi-pay allows this money to be spread over a longer period of time.

Who Is Eligible for a Preneed Insurance Policy

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Eligibility for preneed policies varies depending on the payment option you select.

Guaranteed Issue Single Pay:
This policy can be issued to individuals up to age 95 and requires no underwriting.

Multi-Pay:
The ages at which this type of policy can be issued are dependent upon the number of years over which payments will be spread.

  • 3-pay: age 90
  • 5-pay: age 85
  • 7-pay: age 80
  • 10-pay: age 80

This product also requires you to answer two basic health questions to qualify.