Company Information
Company Name
ELCO Mutual Life
Product Name
ELCO Mutual Guardian Eagle 5
Description
The Guardian Eagle 5 is a straightforward five-year annuity that offers access to interest gains in the first year and 15% of the principal in the remaining four years. After 5 years, owners can maintain their account (penalty-free) at a non-guaranteed interest rate, withdraw, transfer, annuitize, or renew for a new guaranteed term.
Additional deposits are accepted in the first 90 days of the contract. This policy can be issued with both qualified and non-qualified funds, and there are no surrender penalties upon death.
AM Best Rating
B++ Good (5th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / 15%
Rate
5.25%
Term
5 Years
Minimum Investment
$5,000
Maximum Investment
$500,000 without prior approval
Maximum Age
90
Surrender Schedule
5%, 4%, 3%, 2%, 1%, 0%
What We Like About This Annuity
This is a traditional, compounding five-year annuity with a competitive rate of return. Additional funds can be added in the first 90 days after policy issue. Great liquidity features.
Notable Features
This annuity offers withdrawals of the accrued interest each month and 15% of the principal in years 2-5. 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 for burial coverage.
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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.