InsuredBetter's Illinois Mutual Life Insurance Score
4 Stars
We award Illinois Mutual Life Insurance Company a final rating of 4 out of 5 stars. The insurance company has been around for more than a century and has high ratings through AM Best and the Better Business Bureau (BBB). The carrier's catalog provides several coverage options, with a focus on life insurance, disability income insurance, and worksite benefits and coverage.
Illinois Mutual was founded in 1910 and has been a family-operated company from the start. The carrier's headquarters is in Peoria, Illinois. Coverage is currently available in 47 states. Customer feedback seems to be largely positive. Overall, we highly recommend looking into Illinois Mutual with the help of your independent insurance agent to be your next trusted carrier.
Illinois Mutual Life Insurance Company Pros and Cons:
| Pros: | Cons: |
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Longstanding carrier
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No online claims reporting
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Offers life insurance, disability income insurance, and worksite insurance
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Limited pricing information
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Multiple types of life insurance available
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“A-” (excellent) rating by AM Best
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“A+” (excellent) rating by the Better Business Bureau (BBB)
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Multiple term and benefit options
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Coverage available in 47 states
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Illinois Mutual Life Insurance Company Products by Type
Illinois Mutual is a specialized insurance company that focuses on life insurance. The carrier's products include the following:
Life Insurance:
- Term life insurance
- Return of premium term life insurance
- Whole life insurance
- Simplified issue whole life insurance
Disability Income Insurance:
- Individual disability income insurance
- Business expense insurance
Worksite Insurance:
- Critical illness insurance
- Accident insurance
- Supplemental term life insurance
- Short-term disability insurance
Illinois Mutual Life Insurance Company Term Life Insurance
Illinois Mutual's term life insurance policies offer coverage with level premiums throughout the initial term. Customers can choose term durations of 10, 15, 20, 25, or 30 years or choose to be covered from age 65 to age 70. Death benefits starting at $50,000 are available. Applicants must be between 18 and 75 years old.
Coverage types, features, and benefits:
Family Path Solution
Illinois Mutual's Family Path Solution term life insurance offers an initial term of 20 years with a level premium. Coverage can be renewed with annually increasing rates. These policies include an accidental death benefit, a terminal illness accelerated death benefit, and a conversion option.
Home Path Solution
Illinois Mutual's Home Path Solution term life insurance offers coverage for the amount of time the customer needs to pay off a mortgage. Level premiums are guaranteed for the initial term length of 15 or 30 years.
Coverage can be renewed with annually increasing rates. These policies include an accidental death benefit, a terminal illness accelerated death benefit, and a conversion option.
Retirement Path Solution
Illinois Mutual's Retirement Path Solution term life insurance offers coverage with guaranteed level premiums for the initial term, which can be either from age 65 to age 70, or customers can choose the return of premium (ROP) to age 65 option. Coverage can be renewed with annually increasing rates.
The age 65 to 70 policy includes an accidental death benefit, terminal illness accelerated death benefit, disability waiver of premium benefit, and a conversion option. The ROP to age 65 policy includes a terminal illness accelerated death benefit and a return of premium endowment benefit.
Illinois Mutual Life Insurance Company Life Insurance Average Prices
Illinois Mutual offers a sample customer rate example for its whole life insurance. The sample policy for a married couple is one of the carrier's Limited Pay Series 200 Plan, which provides $125,000 in coverage and a guaranteed insurability option rider. The sample married couple's monthly rate is $2,291.
An independent insurance agent can help you obtain quotes for more coverage options from Illinois Mutual. You can also get a better idea of your possible cost by checking out our life insurance calculator.
What Discounts Does Illinois Mutual Life Insurance Company Offer?
Illinois Mutual only publishes information about one of its specific discounts.
- Business owners discount: Illinois Mutual offers a 5% discount for business owners who purchase a combination of disability income insurance and business expense policy.
An independent insurance agent can provide better discount information and premium quotes for coverage through Illinois Mutual Life Insurance Company. When it comes to coverage, independent insurance agents work hard to help get you the most for your money.
Illinois Mutual Life Insurance Company Customer Service
Illinois Mutual provides the following customer service options and availability:
- Phone
- Fax
- Snail mail
- Online contact form
The customer service phone department has the following hour restrictions:
| Days | Hours (CST) |
| Monday-Thursday | 7:45 a.m. - 4:30 p.m. |
| Friday | 7:45 a.m. - 12:15 p.m. |
| Saturday-Sunday | CLOSED |
To ensure a great customer service experience, work together with an independent insurance agent. These agents can help handle claims and other matters for you so you can relax and enjoy your coverage.
Illinois Mutual Life Insurance Company FAQs
What is Illinois Mutual's average claim response time frame?
Illinois Mutual offers claims reporting through several mediums. The carrier states that certain claims are fully resolved within 14 to 30 business days.
What is Illinois Mutual's customer service availability?
Illinois Mutual's phone customer service department is available at standard hours during the week. The carrier’s social media presence extends across Facebook, YouTube, X, Instagram, and LinkedIn, which makes it a bit more accessible to clients.
What is Illinois Mutual's claims process?
Illinois Mutual offers a couple of options for claims reporting. However, the insurance company does not detail its exact claims process on the official website or social media platforms. If customers have questions about filing or the claims process itself, they can contact the carrier directly or get in touch with their independent insurance agent.
Does Illinois Mutual's insurance create a user-friendly experience for customers?
Illinois Mutual’s official website is polished and easy to navigate. However, it would benefit from detailing more information about average pricing and claims processing. Claims can be filed via phone, email, fax, or snail mail. The carrier does not offer 24/7 phone claims reporting or online claims reporting. Overall, Illinois Mutual provides a fairly good user-friendliness experience.
Does Illinois Mutual have good term life insurance?
Illinois Mutual's term life insurance offers level premiums throughout the initial term. Customers can choose term durations of 10, 15, 20, 25, or 30 years or choose to be covered from age 65 to age 70. Death benefits of $50,000 and higher are available.
Is Illinois Mutual a good insurance company?
Illinois Mutual has been in the insurance industry for more than a century and has outstanding official ratings from AM Best and the BBB. Overall, it can be said that Illinois Mutual is a good insurance company.
Who are Illinois Mutual's insurance products right for?
Illinois Mutual's insurance products may be right for individuals seeking life insurance or disability income insurance, or professionals seeking worksite benefits. Coverage is available in 47 states.
Sources
https://www.illinoismutual.com
https://ratings.ambest.com/CompanyProfile.aspx?BL=0&ambnum=6542&AltNum=21636542&AltSrc=3
https://www.bbb.org/us/il/peoria/profile/insurance-companies/illinois-mutual-life-insurance-co-0724-3000576
