Single Premium Deferred Annuity

Guardian Eagle Annuity

A single premium deferred annuity is funded by a single payment and allows your money to grow over a period of time with compound interest. This means the interest builds on the amount that has already accrued, so the longer your money remains untouched, the more opportunity it will have to accumulate. These funds are tax-deferred, so you won’t pay any taxes on this money until it is withdrawn.

Product Details

Why choose a single premium deferred annuity?

This annuity ensures you will have money for later in life, and it provides great opportunities for accumulation of your contributed funds. In addition, Guardian Eagle offers beneficial liquidity options. ELCO Mutual offers 15% of the remaining principal once per contract year beginning in the second contract year—compared to only 10% allowed by most other companies—and interest is free at any time.

Our Guardian Eagle plan
  • Features hard-to-beat interest rates
  • Includes no hidden fees
  • Has no market value adjustments (MVAs)
  • Provides tremendous liquidity options
  • Is supported by a company with proven longevity
  • Offers a guaranteed minimum interest rate of 1% APY after the guaranteed term.
  • May be annuitized at any time, free of charge
    • If annuitized, the minimum annuitization period must equal or exceed the contract’s guaranteed term.

How can I contribute?

One contribution can be made at the time of purchase, with an allowance for additional contributions within the first 90 days of the issue date. Guardian Eagle can also be funded by qualified rollovers or from the transfer of other non-qualified funds. The minimum amount required to open a  Guardian Eagle contract varies based on the term. You can open a one-year contract with a minimum of $20,000. All other guaranteed terms have a minimum of $10,000 for non-qualified funds and $5,000 for qualified funds. 

When can I withdraw my money?

There are various Guardian Eagle plans available, and the best time to withdraw your money depends on your plan choice.

Are there different Guardian Eagle plans?

Yes, we offer plans for varying lengths of time, up to 10 years.

1-Year Plan: 1.80% APY Guaranteed

This annuity allows the owner to select from a variety of options once the guaranteed term concludes. Owners have a 30-day window after the 12 month guaranteed period to take a total free withdrawal of principal and interest, open a new annuity, transfer the funds to another company, or annuitize the contract into an income stream. If none of the options are selected, the policy will continue as a 5-year plan at an interest rate determined at the time of sale. The contract will assume the predetermined rate for the remaining four years and have the same withdrawal charges as the 5-year plan. Additional premiums may be added during the first 90 days after policy issue. The maximum issue age for this plan is 90 years old (age-nearest-birthday).

This plan includes

  • Free withdrawal of earned interest after 30 days
  • 15% free withdrawal once each year after the first year
  • A 5% withdrawal charge within the first year

Form #ICC19-MYGA1-19

2-Year Plan: 3.00% APY Guaranteed

This annuity allows the owner to select from a variety of options once the guaranteed term concludes. Owners have a 30-day window after the 24 month guaranteed period to take a total free withdrawal of principal and interest, open a new annuity, transfer the funds to another company, or annuitize the contract into an income stream. If none of the options are selected, the policy will continue as a 5-year plan at an interest rate determined at the time of sale. The contract will assume the predetermined rate for the remaining three years and have the same withdrawal charges as the 5-year plan. Additional premiums may be added during the first 90 days after policy issue. The maximum issue age for this plan is 90 years old (age-nearest-birthday).

This plan includes

  • Free withdrawal of earned interest after 30 days
  • 15% free withdrawal once each year after the first year
  • Withdrawal charges:
    • Year 1: 5%
    • Year 2: 4%

Form #ICC19-MYGA2-19

3-Year Plan: 4.00% APY Guaranteed

This annuity allows the owner to select from a variety of options once the guaranteed term concludes. Owners have a 30-day window after the 36 month guaranteed period to take a total free withdrawal of principal and interest, open a new annuity, transfer the funds to another company, or annuitize the contract into an income stream. If none of the options are selected, the policy will continue as a 5-year plan at an interest rate determined at the time of sale. The contract will assume the predetermined rate for the remaining two years and have the same withdrawal charges as the 5-year plan. Additional premiums may be added during the first 90 days after policy issue. The maximum issue age for this plan is 90 years old (age-nearest-birthday).

This plan includes

  • Free withdrawal of earned interest after 30 days
  • 15% free withdrawal once each year after the first year
  • Withdrawal charges:
    • Year 1: 5%
    • Year 2: 4%
    • Year 3: 3%

Form #ICC19-MYGA3-19

4-Year Plan: 4.05% APY Guaranteed

With this plan, additional contributions are accepted only during the first 90 days after policy issue. The maximum issue age is 90 years old.

This plan includes

  • Free withdrawal of earned interest after 30 days
  • 15% free withdrawal once each year after the first year
  • Withdrawal charges:
    • Year 1: 5%
    • Year 2: 4%
    • Year 3: 3%
    • Year 4: 2%
    • Year 5: 0%

Form #ICC19-MYGA4-19

5-Year Plan: 4.25% APY Guaranteed

Additional premiums may be added to this plan during the first 90 days after policy issue. The maximum issue age is 90 years old.

This plan includes

  • Free withdrawal of earned interest after 30 days
  • 15% free withdrawal once each year after the first year
  • Withdrawal charges:
    • Year 1: 5%
    • Year 2: 4%
    • Year 3: 3%
    • Year 4: 2%
    • Year 5: 1%
    • Year 6: 0%

Form #ICC19-MYGA5-19

10-Year Plan: 4.30% APY Guaranteed

Additional premiums may be added during the first 90 days after issue. The maximum issue age for this plan is 85 years old.

This plan includes

  • Free withdrawal of earned interest after 30 days
  • 15% free withdrawal once each year, including the first year
  • Withdrawal charges:
    • Year 1: 9%
    • Year 2: 8%
    • Year 3: 7%
    • Year 4: 6%
    • Year 5: 5%
    • Year 6: 4%
    • Year 7: 3%
    • Year 8: 2%
    • Year 9: 1%
    • Year 10: 0%

Form #ICC19-MYGA9-19

Who qualifies for a single premium deferred annuity?

Consider this annuity if you are preparing to retire and want to ensure financial stability for yourself and your family after you’ve finished working. The maximum issue age for Guardian Eagle varies depending on the number of years included in your plan.
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