Effective June 27, 2022, the current crediting rate for ELCO Mutual Life & Annuity’s Flexible Premium Deferred Annuity (FPDA) will increase from 2.50% to 3.50% APY. This change affects new business and FPDA policies that went into effect from 2016 to 2022.
ELCO Mutual’s MYGA Rates Increasing
Effective June 1, 2022, ELCO Mutual Life & Annuity’s interest rates for Multi-Year Guaranteed Deferred Annuities (MYGAs) will once again increase. Interest rates will be updated for 3-year, 4-year, 5-year, and 10-year terms.
ELCO Mutual Updating MYGA Product
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.
ELCO Mutual Announces New Trust Product
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.
Fourth of July Holiday Schedule Released for ELCO Mutual
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.
ELCO Mutual Adopting New NAIC Suitability Forms in All States
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.
NGL to Discontinue SPIA Product
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.
Time Pay Bonus Program for Golden Eagle and Silver Eagle Products
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.
Delaware SPIA Suitability Forms
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.
Ohio SPIA Suitability Forms
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.
