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Life Insurance

Life insurance is typically used to safeguard your family from the financial strain of a family member's passing. Unfortunately, in many situations this type of financial planning is postponed until it is too late. While it can be challenging to plan for such an event, it is an essential part of a good financial plan.

ELCO offers Life Insurance products that can help with many of your family's needs. ELCO's Life Insurance products are available for ages 6 months to age 95. Talk with an ELCO Agent about one of our following products.

Platinum Eagle

SINGLE PREMIUM WHOLE LIFE INSURANCE

Single Premium Whole Life (SPWL) provides many advantages not available elsewhere. Where else can an individual immediately increase his or her estate with the stroke of a pen (signature on an application)? The purchase of an SPWL provides an excellent method for transferring wealth to a beneficiary on an income tax-free basis and in many cases estate tax exempt. The growth of principal is further enhanced over time with annual dividends.

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Eagles Span

20-YEAR TERM LIFE INSURANCE

Term insurance is a form of temporary life insurance that can cover you for a predetermined amount of time. Insuring periods (terms) for these policies can be just one year or all the way up to thirty year, depending on the policy.

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Golden Eagle

TRADITIONAL WHOLE LIFE

Premium-paying ordinary life, participating and non-participating, are the leaders of traditional products. Unlike term life insurance, traditional whole life plans accumulate cash value on a tax-deferred basis over time. This feature provides you with many valuable options.

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Legacy 10

10-PAY WHOLE LIFE PLAN

The Legacy 10 plan provides permanent coverage for life with level payments for just 10 years. This is great if you cannot afford to purchase a single premium whole life plan but you don’t want to make payments for the rest of your life like with a traditional whole life plan.

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EAGLE'S LEGACY

10 PAY WHOLE LIFE FUNDED BY A SINGLE PREMIUM IMMEDIATE ANNUITY

The Eagle's Legacy combines two ELCO products as a means to increase a client’s wealth and transfer assets to beneficiaries without income taxation at the death of the insured (on the life portion). A 10 year fixed benefit ELCO Single Premium Immediate Annuity is used to fund premiums for a 10-pay life product. The annuity payments are automatically transferred to the life premium payments at ELCO seamlessly without any worries for the client.

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ELCO Mutual Life and Annuity BBB Business Review