Company Information
Company Name
ELCO Mutual Life
Product Name
ELCO Mutual Guardian Eagle 2
Description
This policy matures after 24 months. During a 30-day window, owners can withdraw all funds – or transfer them into a new contract with ELCO or any other investment company. Alternatively, owners can continue the contract at a designated rate, while assuming the five-year withdrawal schedule. The continuation rate (subsequent guarantee rate) for the one-year plan is designated at the time of sale.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / 15%
Rate
4.50%
Term
2 Years
Minimum Investment
$ 5,000
Maximum Investment
$500,000 without prior approval
Maximum Age
90
Surrender Schedule
5%, 4%, 0%
What We Like About This Annuity
This is a short, two-year annuity with a competitive rate of return. Additional funds can be added in the first 90 days after policy issue. The continuation feature allows consumers to lock in a potentially higher rate for a full five-year term after the 24 month maturity window.
Notable Features
This annuity offers withdrawals of the accrued interest each month and 15% of the principal in year 2. The full contract value is available at passing.
Other Popular Products
ELCO offers flexible premium and Medicaid compliant annuities. Additionally, they specialize in unique whole life insurance policies with living benefits and final expense plans.
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About ELCO Mutual Life & Annuity
ELCO Life and Annuity is a mutually held company doing business since 1946. They are known for consumer-friendly products, safety and stability, and reliable policy service for consumers.
They offer annuities and life insurance in 44 states and the District of Columbia. Currently, they do not do business in Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont. Product availability can vary by state.