Company Information
Company Name
ELCO Mutual Life
Product Name
ELCO Mutual Guardian Eagle 7
Description
This is a straightforward seven-year annuity offering access to interest gains in the first year and 15% of the principal in the remaining 6 years. After seven years, the entire account is available for withdrawal or transfer. This account is a good choice for those looking to lock in rates for a longer period of time.
AM Best Rating
B++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / 15%
Rate
5.00%
Term
7 Years
Minimum Investment
$ 5,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
This is a longer term seven-year annuity with a competitive rate of return. Additional funds can be added in the first 90 days after policy issue.
Notable Features
This annuity offers withdrawals of the accrued interest each month and 15% of the principal in years 2-7. 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.
Download Brochure
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.