If you want to protect your family’s finances, prepare for funeral and other final expense costs, build an estate, or transfer your wealth tax-free, consider purchasing Golden Eagle. This policy can help create a long-term solution that passes benefits on to your loved ones when you pass away.
ELCO Mutual offers multiple premium payment structures for you to choose from at the time of issue.
This option is what most people think of when considering whole life insurance. As the owner of the policy, you pay premiums for the entirety of the insured's life or through their 100th birthday.
Limited pay whole life policies are permanent, but only require payments over a fixed period. A specific number of years or a particular age commonly determines the duration of the limited pay option. Once the payment term ends, the coverage becomes paid-up, meaning no future payments are required. This versatility gives owners unique ways to plan for the future. ELCO Mutual offers five different limited payment options, including:
Yes, there are four riders currently available for this policy.
Accelerated Death Benefit
An accelerated death benefit rider is provided on all standard issue policies at no additional cost. As the policy-owner, you may request a portion of your death benefit if you meet one of the qualifying conditions.
Accidental Death Benefit
This rider can provide your beneficiaries with a second death benefit, equal to the base policy, if you pass away due to an accident, which is defined in the policy. This feature is available for purchase for people under the age of 65, with the cost and benefit expiring on your 70th birthday. This rider is available for purchase at the time of your policy issue.
Waiver of Premium
This rider is available to applicants under the age of 55, and waives premiums if you become disabled prior to reaching your 60th birthday. This benefit and its cost both end after you reach your 65th birthday. This rider is available for purchase at the time of your policy issue.
Single Premium Life
This rider is available for purchase with a single payment at the time of your policy issue. The lump sum buys coverage that doesn’t require any additional funding, as the policy is paid-up at issue, which creates an immediate death benefit and guaranteed cash value. The rider is also created as a separate policy and will remain in force even if the base coverage is surrendered.
Golden Eagle is a participating plan, meaning the policy can grow using a non-guaranteed dividend.
Other benefits of the Golden Eagle policy include
These policies are available to individuals from ages 0-85 years old. However, the maximum issue age for Golden Eagle varies depending on which payment option you choose. The standard life pay option can be purchased until age 85, but the limited pay options have maximum issue ages of:
Finding out if you qualify for Golden Eagle is easy. Complete a short telephone interview and answer basic health questions to determine your eligibility; no medical exams or blood tests are ever required.