ELCO Mutual Guardian Eagle 2
Current Fixed Rate
4.25%
The ELCO Mutual Guardian Eagle 2 is a short-term annuity policy that matures after 24 months. After two years, owners have a 30-day window to withdraw, transfer, or reinvest all funds into a new contract with ELCO or any other investment company.
Alternatively, owners can continue their two-year contract at a designated rate while assuming the five-year withdrawal schedule. The continuation rate (subsequent three-year rate guarantee) plan is declared at the time of sale and is currently 4.75%.
This policy allows free interest withdrawals in all years and 15% free withdrawals beginning in year 2. Qualified and non-qualified funds are accepted, and there are no surrender charges if the owner/annuitant passes away during the maturity window.
More Annuity options from: ELCO Mutual Life
Notable Features
This annuity offers withdrawals of the accrued interest each month and 15% of the remaining principal in year two. The full contract value is available at passing and there is no Market Value Adjustment. Unique continuation feature with declared rate at time of purchase.
Additional Details
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Term
2 Years
Free Withdrawals Yr1 / Yr2+
Int / 15%
Surrender Schedule
5%, 4%, 0%
Maximum Age
90
Minimum Investment
$5,000
Maximum Investment
$500,000 without prior approval
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.
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 for burial coverage.
About ELCO Mutual Life
ELCO Mutual Life
AM Best Rating: B++ Good (5th of 13 ratings)
https://www.elcomutual.com/
About ELCO Mutual Life & Annuity
ELCO Life and Annuity is a mutually held insurance company doing business since 1946. They are known for consumer-friendly products, safety and stability, and reliable policy service for consumers.
Their fixed annuities are popular because of their generous liquidity options, lack of a Market Value Adjustment feature, and shorter durations with continuation options. They are one of only a few companies to offer a one-year annuity term.
They offer annuities and life insurance in 44 states and the District of Columbia. Currently, they do offer policies in Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont. Product availability can vary by state.