During the past decade, ELCO Mutual Life and Annuity nearly tripled its size by providing safe and sound products to our policyholders. We do not have hidden fees or administrative costs. Our products are designed to be simple and easy to understand for the best interest to our number one customer, the policyholder. This has been a constant philosophy for our policyholders for over 74 years!
Another priority for us is our customer service. We may be one of the last companies who actually answer the telephone with people. Our staff does an excellent job in servicing our policyholders. This is evident by the low number of complaints. We had only four complaints in 2019, which is what we have averaged for over two decades. Why? Because we listen and we care.
In 2019, we continued our growth despite the Federal Reserve decreasing interest rates on three different occasions. Assets are over $900 million and our surplus, which is the safety margin for our policyholders is $85 million. This means that we back every $100 of liability with $109.45 of assets. The 25 largest insurers average $107 in this category.
We are fortunate to have a relationship with J P Morgan Asset Management. In the current economic climate with challenges such as inversion and tight yields, they have provided us with a robust investment portfolio and safe alternatives to produce safe and sound yields.
For over 20 years we have offered Medicaid Compliant Annuities. Working with a nationally renowned Medicaid Attorney and his agency, Krause Financial Services. Our relationship with them has provided a good standing with the state Medicaid agencies.
Our Multi-Year Guaranteed Annuities are designed for seniors with annual free withdrawals of principal of 15% and never a penalty on the interest accrued. Some companies offer similar looking products, but unlike ELCO, they place a portion of the financial risk on the consumer.
We have offered preneed life insurance through our associates at Senior Advantage Consultants for nearly a quarter of a century. We also offer final expense and ordinary whole life insurance with very competitive rates. Our life portfolio, like all of our products are fair and provide good benefits. And, as a mutual company, all of ELCO's whole life products are participating, meaning they have the opportunity to grow using non-guaranteed dividends.
We look forward to the next decade starting in 2020 by continuing to offer consumer designed product. After all, this is what is expected of our owners, the policyholders.
Learn more about ELCO's response to the COVID-19 pandemic by reading a letter from our President.
ELCO Mutual and its representatives are not legal or certified tax professionals. For tax and/or legal advice, please contact a licensed professional. ELCO Mutual contracts with independent licensed insurance producers and does not guarantee nor certify them as financial planners. Continue Reading Not insured by the FDIC or associated with any government program or agency. Annuities are not associated with a bank. Withdrawals taken from annuities before the age of 59 1/2 are subject to the IRS's 10% excise tax. Individual Retirement Accounts (IRAs) cannot be opened past age 70 ½. Dividends are declared by the company's board of directors and are not guaranteed. When purchasing a single premium whole life policy, please note that the policy is a Modified Endowment Contract (MEC). Any distributions taken by the owner may be taxable (including from the accelerated death benefit rider). Death benefits for life insurance contracts are contingent on any due premiums being paid. The information on this website is intended for informational and educational purposes only and is not intended to provide investment advice or a recommendation. Clients seeking advice should consult a licensed professional. All life insurance policies and annuities are underwritten and issued by ELCO Mutual Life and Annuity. Also known as ELCO Mutual Life and Annuity Company in Florida. Policy Forms: Platinum Eagle: ICC19-SPL-19, Golden Eagle: ICC19-WLP-19, Silver Eagle: ICC19-FE19 and ICC19-MWL19, Preneed: PNGI-02 and PMP99R2, Guardian Eagle Single Premium: ICC19-MYGA[term length]-19, Guardian Eagle Flexible Premium: ICC16-FPA16, and Immediate Annuities: SPIA11 and ICC17-AIFXB17. Policy forms may vary by state. View Less
ELCO Business Hours:
M-T 8 am - 4:30 pm (CST)
F 8 am - 1 pm (CST)
Talk to a Person: 800.321.3526
Agency: 888.240.3351
Policy Services Fax: 847.295.6043
New Business Fax: 847.295.6342
Claims Fax: 847.295.1145