Elisabet was born 17 June 1849 in Kirkjubaer, Vestmannaeyjar. Her parents are Eirikur Hansson, born in 1815 at Vilborgarstadir in Vestmannaeyjar; and Kristin Jonsdottir, born in 1811 in Eystri-Klasabardi, Sigluvik, Rangarvalla.She married Isleikur Olafsson, born 15 July 1849 in Vodmulastadir, Rangarvalla. His parents are Olafur Isleiksson, born 23 January 1820, died 4 February 1884; and Katrin Jonsdottir, born 19 July 1823, died 3 November 1897. They were married 15 January 1888 in Vestmannaeyjar.
Isleikur and Elisabet had seven children born in Iceland, however only two survived: Sigurjon, born 18 September 1884, died 23 June 1916; and Karolina, born 17 September 1887, died 16 February 1981. The family immigrated to Spanish Fork, Utah in 1890. They first lived with Elisabet’s brother Eirikur. Isleikur worked for the Rio Grande Railroad at Colton in Spanish Fork Canyon. They moved their family to Colton, where they stayed for four years. Elisabet worked at Earl’s Cafe as well as taking in boarders and making bread and cakes for sale. They then returned to Spanish Fork, where they built a home on Fifth East and Second South. Elisabet died 27 August 1937 in Delta, Utah; she is buried in the Spanish Fork City Cemetery. She was known in Utah as Elizabeth Hanson, Elisabet E. Olson, and Ella Olson. She is number 298 in Icelanders of Utah.