Genworth Financial has announced in-force rate increases in Iowa for its Choice 1 long-term care insurance product, and in Virginia for its Privileged Choice® and Classic Select® long-term care insurance products. Policyholders will begin being notified of these changes starting Sept. 20, 2022.

Genworth Financial has announced in-force rate increases in Alaska, Hawaii, and Ohio for its Privileged Choice® Flex long-term care insurance product. Policyholders will begin being notified of this change starting Sept. 13, 2022.

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.

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.

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.

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.

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.