Single Premium Whole Life Insurance

Single premium whole life (SPWL) insurance provides many advantages not available through other policies. An SPWL plan is an excellent way to transfer wealth to a beneficiary on an income tax-free basis. The growth of principal is further enhanced over time with annual dividends. While dividends are not guaranteed, ELCO Mutual has not missed a dividend payment since becoming a mutual company in 1977.

Policy Details

Why You Should Get Platinum Eagle

If you want permanent protection for life with one guaranteed premium, consider purchasing Platinum Eagle.

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.

Additional Benefits

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

Who Is Eligible for Platinum Eagle

This policy can be issued to individuals ages 6 months through 85 years old. Another benefit of ELCO’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.

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Phone:

800.321.3526

Address:

916 Sherwood Drive
Lake Bluff, IL 60044

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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 View Less

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