Life Insurance

Illinois Mutual Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 3 minute read

Illinois Mutual Life Insurance Company, headquartered in Chicago, has been in operation for more than a century. It has built a strong reputation in the industry as a result of its numerous payment choices, which include premium refunds and comprehensive life insurance. As a result, it is only available in five states and has, to put it kindly, unreliable customer service.

Illinois Mutual life insurance rates

Illinois Mutual Life Insurance Review - Illinois Mutual Insurance Company Logo

According to Illinois Mutual, the company’s website currently does not offer any pricing. As a 30-year-old woman who does not smoke, you may expect paying the following premiums:

  • $13.20 per month for a 20-year, $250,000 term life policy.
  • $37.07 per month for a $250,000 return of premium policy.
  • $149.18 per month for a whole life policy.

Get a quote from Illinois Mutual life insurance

You may request a quote by following the steps below:

  1. To begin, navigate to Illinois Mutual’s main page and select the Get a Quote option.
  2. Consider your gender, age, and region when determining the amount and type of insurance you require to protect yourself and your family.
  3. By clicking on the Get a Quote button, you may obtain life insurance quotes.
  4. The system will compute a suitable rate for you based on the information you provide. Please call us at 800-437-7355 if you have any questions.

Types of life insurance coverage does Illinois Mutual offer

The insurer makes term and long-term insurance products available through a countrywide network of independent insurance brokers.

  • Term life. Depending on your age, the Path Protector Plus Term Life insurance policy will give coverage for 10, 15, 20, 25, or 30 years. A $50,000 death benefit can be converted to an annual renewable term life insurance policy with a $50,000 death benefit after the policy’s expiration.
  • Premium refunded. Illinois Mutual Insurance Company, headquartered in Chicago, is one of the few insurance firms that offers standalone return of premium (ROP) coverage. Along with coverage amounts ranging from $50,000 to $500,000, the Path Protector Plus Return of Premium Term plan offers term lengths of 20 years, 30 years, or until the policyholder reaches the age of 65. If you outlive your contract, you will get a refund of your payments, less any administrative fees.
  • Entire life. Investments may be made through the insurance company’s Path Protector Plus Whole Life policies. They may make payments in a variety of ways, including the following:
    • Continuous Pay – WL Series 100 is payable to age 121
    • Continuous Pay – WL Series 200 is payable to age 95, with the option to extend
    • Limited Pay – If you’re 75 or older, you’ll receive your WL Series 100 pension, whichever comes first.
    • Limited Pay – WL Series 200 has a payoff period of 65 years or 20 years, whichever comes first.
      The premium for Single Pay Whole Life is paid in one single sum at the time of purchase.

What riders can I add to my policy?

At the insurer’s discretion, policyholders may add riders to their policies. If your policy permits, you may be able to incorporate the following options in your insurance coverage:

  • Riders who receive death benefits more quickly. A portion of the death benefit is provided in the case of a terminal condition with a prognosis of fewer than 24 months (or 12 months in Florida).
  • Rider provides a death benefit in the case of an accident. Death benefits are distributed to recipients in the event of an accident.
  • A kid rider. Purchase term life insurance to protect your family, which may be converted to an individual policy once your children reach the age of majority in their respective countries.
  • Insurability rider with a coverage guarantee. A new insurance policy can be obtained at any time without providing proof of insurability.
  • Rider accompanied by a spouse. By providing a life insurance payment, it eliminates the need for a separate life insurance policy for your spouse.
  • Rider for premium waiver. If you become permanently disabled and are unable to work, you will be paid for your insurance premiums.

Illinois Mutual life insurance reviews and complaints

Illinois Mutual has maintained an A+ rating with the Better Business Bureau since its inception in 1943. As of October 2020, the Better Business Bureau has received only one complaint about billing, and as a result, the website does not include any reviews.

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