Dozens of top-notch insurance companies currently sell quality life insurance.
The large number of options is nice, but it also makes narrowing down your final decision difficult.
That’s why it’s important to get a feel for several of the best companies, like Illinois Mutual, before making a choice.
Our Illinois Mutual review does just that.
We look at the company’s background, their coverage types and plans, and their financial standing as well as the overall quality of their service to help you decide whether Illinois Mutual is the right option for you.
Our Illinois Mutual Life Insurance Company Review
Illinois Mutual has been in the life insurance business for over a century.
Founded in 1910 in Peoria, Illinois, the family-owned company set out to offer honest, dependable protection products to individuals and to be an inspiration in the community it served.
In the years since, the company has continued to thrive as they operate on these same principles.
They offer annual grants to organizations seeking to better the lives of people in the communities they serve.
They’ve also maintained a sense of family, with members of the company’s founding family still serving in leadership and advisory roles in the company.
Illinois Mutual is now a leading life insurance provider, licensed for underwriting and selling insurance products in nearly every state.
While the company’s primary product is life insurance, they also sell a variety of worksite and disability products.
Financial Strength and Ratings
Illinois Mutual’s mission, vision, and community involvement are inspiring, but there’s more to a great life insurance company than those factors.
As you assess a life insurance company’s viability, it’s crucial to look into their financial performance and outlook.
We can turn to credit ratings to help determine a company’s financial strength.
A.M. Best, a nationally recognized credit rating agency, gives Illinois Mutual an “A-,” or Excellent, rating.
The financial stability ratings from A.M. Best don’t just account for the company’s status today, but also its status tomorrow and long into the future.
As its longstanding history suggests, Illinois Mutual has a substantial track record of success in the life insurance industry.
You can depend on them to maintain their financial commitments to policyholders in the future as well.
They also tout an “A+” rating from the Better Business Bureau, meaning customers are happy with their relationship with the company.
Illinois Mutual’s annual report is also a strong indicator of its success. In 2018, the company posted $1.46 billion in total assets.
The range of products offered by Illinois Mutual gives you a lot of choices, enabling you to find the best life insurance for your unique situation.
The four main types of life insurance that Illinois Mutual offers are:
- Term Life
- Return of Premium
- Whole Life
- Final Expense
Let’s take a closer look at what each of those products has to offer.
Illinois Mutual offers one term life product: Path Protector Term Life.
The death benefit on these policies begins at $50,000, and terms range between 10, 15, 20, 25, and 30 years.
You can also opt for coverage up to a certain age, like 65 or 70.
Illinois Mutual’s term life policies are widely accessible, too, with acceptance of applicants between the ages of 18 and 75.
You can also renew your policy up to the age of 95, with premiums subject to increase on an annual basis.
Return of Premium
If you’re interested in term life insurance but hesitant to pay for a product you may never see a return on, you can opt for a return of premium policy.
With Path Protector Return of Premium, you get the flexibility of term life and the assurance of your premiums paying off.
Policies come in 20 and 30-year terms, with values of $50,000 to $500,000.
Just keep in mind that your age and tobacco use could affect the terms you’re eligible for.
At the end of your term, if you’ve made the payments required to keep the policy in force, you can get all of your premiums back as an endowment benefit.
The amount returned is strictly what you paid in premiums for the initial policy, excluding any riders, fees, interest, or accelerated death benefit.
If you’re looking for a more permanent policy, Illinois Mutual offers a Path Protector Whole Life product.
This policy comes with a guaranteed death benefit and cash value growth.
It also comes with a locked premium rate, so no matter how your health changes throughout your life, your premiums won’t increase.
The Single Premium Path Protector lets you reallocate investment funds to your policy, giving you permanent protection with just one payment.
These policies also come with add-ons, like the Level Term Insurance Rider and Paid-up Insurance Rider to help you tailor the policy to meet your needs.
Last but not least, Illinois Mutual offers two final expense policies to help cover end-of-life expenses.
- The first Path Protector policy is a level death benefit policy.
- The second option is the modified death benefit policy.
These policies can help pay for final expenses like funeral costs, medical bills, and outstanding debt.
Just keep in mind that they’re far smaller than term and traditional whole life policies, meant to provide just enough money to offset final expenses.
In addition to life insurance, Illinois Mutual also offers:
- Disability Insurance
- Critical Illness Insurance
- Accident Insurance
Applying for Illinois Mutual Products
Illinois Mutual knows that applying for life insurance is a pain – that’s why they use such a simplified application process.
Simply fill out the application by entering your basic personal information along with your medical history and lifestyle.
Common questions you’ll be asked include your age, height/weight, BMI, whether you smoke, and any medical conditions you might have.
The insurance underwriters at Illinois Mutual then review this information to decide whether or not you’re a good fit for the company and assess which type of insurance and rating class is best for you.
Illinois Mutual also requires a current medical exam when applying for most coverage types.
Note that it generally takes between 4 and 6 weeks for a decision to be reached. Illinois Mutual doesn’t currently offer instant, no-exam life insurance.
Alternatives to Illinois Mutual
When you set out to buy life insurance, it’s important to educate yourself on all of your best options.
Illinois Mutual could be the right company for you, but you should take the time to compare it to other companies before you make the call.
Here are a few top alternatives who excel in the term life department:
- Haven Life: If you’re looking for a comparable company offering term life insurance and an easy application process, Haven Life is a great choice. They also offer an instant online decision.
- Banner Life: If affordability is your aim, Banner offers some of the fairest underwriting and cheapest term life insurance you can find. Like Illinois Mutual, coverage is very customizable.
- SBLI: Another great option for affordable term life insurance, SBLI offers an incredible amount of flexibility, with a number of riders and annually renewable terms.
What We Like About Illinois Mutual
In our opinion, Illinois Mutual does life insurance right.
The top benefits of choosing to work with Illinois Mutual include:
- Quick and easy application process: The application is simple and straightforward, skipping the hoops many other companies make you jump through.
- Lots of plan types and extra features: With a variety of products, waivers, and add-ons, you can create the protection you need.
- Reputable track record: Illinois Mutual has proven itself over decades of service to be an exceptional life insurance company.
- Great financial stability: The company’s credit ratings and financial reports suggest strength and stability.
- Excellent customer service: Customers report positive, beneficial interactions with the company’s representatives.
Each of these benefits is great on its own, but combined, they make Illinois Mutual a strong contender.
What We Don’t Like About Illinois Mutual
There isn’t much wrong with Illinois Mutual from our point of view.
The only real downside is its accessibility.
If you live in Alaska, Hawaii, Montana, or New York, you can’t purchase life insurance from Illinois Mutual.
Illinois Mutual is worth a look by anyone considering life insurance, whether you have your eye on whole life or term life.
As we’ve mentioned numerous times already, Illinois Mutual puts a strong emphasis on the customer.
Not only is this clear in their easy accessible phone support with knowledgeable customer service reps, but also in their intuitive website and strong lineup of online resources.
Though they’re not the right choice for everyone, their extensive lineup of life insurance products, commitment to quality, and track record of excellent customer service interactions make them worthy of a look.
You won’t be sorry if you look into Illinois Mutual while shopping for life insurance.