Illinois Mutual Life Insurance Review

Looking for life insurance from a smaller, family-run company? Illinois Mutual might be the right fit if you know what to expect.

In this review, we compare the life insurance products and insurance underwriting to those of other companies.

Founded in 1910, Illinois Mutual Life Insurance Company has over a century of experience serving families and small businesses. Still privately held and family-run after five generations, it’s a regional carrier based in Peoria, Illinois.

While much smaller than major national insurers, Illinois Mutual maintains strong community ties and a focus on personalized service. With $1.6 billion in assets and $157 million in net revenue (as of 2020), it’s a modest-sized mutual company with niche appeal.

Illinois Mutual is rated by A.M. Best, but not by other services such as Moody’s or S&P.

AM Best: “A-“

While Illinois Mutual isn’t among the giants like Northwestern Mutual or Guardian, its “A-” rating keeps it in good company with other respected regional insurers, such as Cincinnati Life.

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.

Product Review

Illinois Mutual offers a solid mix of life insurance products, with a particular focus on term life, return-of-premium term, and small-face whole life policies. Here’s what you need to know.

Path Protector Term Life is available in both standard level term and return-of-premium (ROP) formats.

Key Features:

• Coverage Amounts – $25,000 – $1,000,000
• Term lengths – 10, 15, 20, and 30 years
  • 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

• Return of Premium Features:
  • Maximum Face Amount of $500,000
  • Term lengths of 20 and 30 years only
  • Preferred Non-Tobacco is the best rate available

We’ll provide you with comparisons of the top term life companies such as Banner Life, Protective, Corebridge Financial, and Pacific Life.

Permanent Life Insurance from Illinois Mutual

Universal life insurance and whole life insurance are available.

• ValueLife Protector Universal Life
• Life Foundations Whole Life

• 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.

• 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

Several other companies offer whole life insurance, including New York Life, Guardian Life, MassMutual, Northwestern Mutual, Penn Mutual, and others.

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

You may reach customer service:

• Phone: 800-437-7355
• Online: here
• Address: 300 SW Adams Street – Peoria, Illinois 61634

Illinois Mutual Life Insurance Company offers a solid option if you’re looking for basic term or return-of-premium coverage, especially if you prefer no-exam underwriting and a smaller company feel.

But if you need higher face amounts, more advanced policy designs, or top-tier cash value performance, larger insurers will likely give you better long-term value.

Want help comparing your options? We can walk you through the best companies for your health, age, and coverage goals.