Important updates from our trusted carriers
At The Krause Agency, we are committed to keeping you well-informed, and that includes providing up-to-date information from the insurance carriers we work with. Below, we will share details regarding changes to the products or services available through our carriers as well as any updates to important processes. Stay tuned to get the latest announcements.
Effective January 1, 2022, ELCO Mutual Life & Annuity will be implementing changes to its Multi-Year Guaranteed Deferred Annuities (MYGAs). The new minimum premium requirement for this product will be $20,000 at one year and $10,000 at two years and beyond. This applies to both tax-qualified and non-qualified funds. Commissions and interest rates will also be updating.
A new guaranteed issue whole life product, Presidio Plus, has been introduced by ELCO Mutual. The product allows clients to leverage life insurance with the stability of irrevocable trusts, and it offers flexibility to set aside funds in either a funeral or estate trust.
ELCO Mutual will be closed Friday, July 2, through Monday, July 5, in observation of the Fourth of July holiday. The company will re-open on Tuesday, July 6.
AM Best, the industry's most prominent insurance rating agency, has upgraded ELCO Mutual's financial strength rating from B to B+. With this upgraded rating, ELCO continues its commitment as a strong partner for policyholders and agents.
ELCO Mutual will be adopting the new NAIC suitability forms in all states beginning on June 1, 2021. These forms are a requirement for all states and will be available in every annuity application kit prior to this date. Contact our office to get the latest forms or log into your ELCO Agent Portal today.
National Guardian Life (NGL) has announced they will be discontinuing their SPIA product effective May 15, 2021. Download our Frequently Asked Questions document for more information.
ELCO Mutual Life & Annuity has announced new suitability forms for Ohio SPIA applications effective February 14, 2021. There is a six-month grace period to adopt the new forms. Contact our office to get the latest forms or log into your ELCO Agent Portal today.
ELCO Mutual Life & Annuity has announced new suitability forms for Delaware SPIA applications effective August 1, 2021. There is a six-month grace period to adopt the new forms. Contact our office to get the latest forms or log into your ELCO Agent Portal today.
ELCO Mutual Life & Annuity has announced a new bonus program for their Golden Eagle and Silver Eagle life insurance products, with an earning potential of up to $2,500 per policy! This program runs from March 1, 2021 – June 1, 2021. Download the full program details to learn more.
ELCO Mutual Life & Annuity has announced a new bonus program for their Platinum Eagle life insurance product, with an earning potential of up to $25,000 per policy! This program runs from January 1, 2021 – December 15, 2021. Download the full program details to learn more.