Illinois Mutual Life Insurance Review

By / April 3, 2024

Since 1910, Illinois Mutual has been protecting families and businesses.

Table of Contents

Is Illinois Mutual a Good Company?

Illinois Mutual has a 5 generation history of being a family run insurance company.

With $1.6 billion in assets and annual net revenue of $157 million in 2020, Illinois is a small Midwest insurance company that deep roots in its community.

Financial Strength

AM Best – “A-“

There are a lot of great life insurance companies that offer competitive policies, and Illinois Mutual is one of those companies.

How Easy is it to Get a Policy with Illinois Mutual?

It’s pretty easy to get smaller policies through the Seamless tele-underwriting program.

Highlights of the term life insurance program:

  • Issue ages – 18-65
  • Face amounts from $25,000 – $250,000
  • Term lengths – 10, 15, 20 & 30-year
  • Underwriting rate classes:
    • $25,000 – $99,000 = standard rates only
    • $100,000 – $250,000 = standard and preferred rates.
    • No Super Preferred rate
  • Accelerated Death Benefit Rider
  • Conversion available

With this program, underwriting checks the Medical Information Bureau (MIB), motor vehicle records and prescription databases.

With successful completion, no paramed exam, lab work or EKG will be required.

Are Illinois Mutual Policies Competitive?

Term life insurance is competitive with Illinois Mutual.

Level term life insurance and return of premium term life policies are available.

Path Protector Term Life:

  • Minimum Face Amount – $25,000
  • Term lengths – 10, 15, 20 and 30-year
    • 10-year – age 18-75
    • 15-year – age 18-65
    • 20-year – age 18-60
    • 30-year – age 18-50
  • Underwriting rate classes:
    • Super Preferred
    • Preferred
    • Ultra Standard
    • Standard
    • Preferred Tobacco
    • Standard Tobacco
  • Conversion available
  • Riders
    • Accelerated Death Benefit
    • Disability Waiver of Premium
    • Children Insurance Rider
  • Unique to the Return of Premium Policy
    • Maximum Face Amount of $500,000
    • Term lengths of 20 and 30-years only
    • Preferred Non-Tobacco is the best rate available

Permanent Life Insurance from Illinois Mutual

Universal life insurance and whole life insurance is available.

  • ValueLife Protector Universal Life
  • Life Foundations Whole Life

ValueLife Protector Universal Life Overview

  • Minimum face – $50,000
  • Issue ages – 18-75
  • Extended Maturity Option
  • Policy loans available
  • Increases in coverage with new underwriting
  • Riders:
    • Accelerated Death Benefit
    • Term Insurance Rider
    • Other Insured Term Insurance
    • Child Insurance Rider
    • Waiver of Monthly Deduction
    • Disability Waiver of Monthly Amount
    • Accidental Death Benefit
    • Guaranteed Insurability Options Benefit

Other companies offering similar to the guaranteed insurability benefit include Cincinnati Life and Nationwide.

Life Foundations Whole Life Overview

  • Minimum face – $5,000
  • Payment options:
    • Single Pay – $10,000 minimum
    • 10-Pay
    • 20-Pay
    • Pay to age 65
    • Level pay all years
  • Riders:
    • Term Insurance Rider
    • Other Insured Term Insurance
    • Accidental Death
    • Child Insurance
    • Waiver of Premium
    • Paid-Up Additions
    • Paid-Up Insurance
    • Option to Purchase Additional Insurance
    • Payor Waiver of Premium

A number of other companies offer whole life insurance, including Guardian, Mass Mutual and others.

In addition to life insurance, Illinois Mutual offers long-term disability insurance.

Does Illinois Mutual Offer Good Customer Service?

You may reach customer service by calling 800-437-7355

Online access to your policy is available – here.

Corporate headquarters is located at:

300 SW Adams Street – Peoria, Illinois 61634

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