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Illinois Mutual Life Insurance Review

Researcher & Writer
May 25, 2018

When considering which company to choose it is important to have options. At TermLife2Go, we work with the Top 10 Best Life Insurance Companies, offering exam and life insurance with no medical exam. Give us a call today to see if Illinois Mutual is the best company for you, based on your unique need, health and lifestyle.

Illinois Mutual Reviews

Illinois Mutual is a pretty straight forward company, and they believe in making things easy. The name of their sales process tells you exactly what they strive to be: fast, simple, seamless. With some basic health history documentation you can quickly get approved for a policy up to $250,000.

About Illinois Mutual

Illinois Mutual Life Insurance Company has been selling life insurance for more than a century, and it is still a family-operated company. The company believes in building relationships that last, and really offering good customer services. In addition to life insurance, they also offer disability income insurance and worksite insurance. The company has roughly $1.4 billion in assets.

Illinois Mutual Life Insurance Company Ratings

In November of 2016, one of the most prominent financial institution rating organizations, A.M. Best issued a A-, excellent rating for Illinois Mutual Life Insurance. A.M. Best also upgraded Illinois Mutual's credit rating to a-, reflecting, among other factors, improvement in the company's top line growth.

Why do ratings matter?

When you choose a life insurance policy, you don’t just want what seems good today. You want a company that’s going to be going strong tomorrow. After all, chances are that you won’t be cashing in your life insurance policy today or even tomorrow. In fact, it may even be half a century before your life insurance beneficiaries cash in your policy.

Illinois Mutual Life insurance Products

There are two main types of life insurance: term life insurance vs whole life insurance.

Of the two main types, Illinois Mutual has five different types of life insurance policies:

Path Protector Whole Life

Whole life insurance provides guaranteed death benefit protection for life, guaranteed fixed premiums and guaranteed cash value growth. You can withdraw your cash value or use it as collateral for an income tax free life insurance loan.

The Path Protector includes an accelerated death benefit for terminal or chronic illness. You can also add paid up insurance rider and level term life insurance.

Path Protector Term Life

Convertible term life insurance available for 10 year, 20 year and 30 year. Upon expiry of initial term, annual renewable term (ART) is available to age 95. Rather than go the route of ART, the conversion option allows you to convert to permanent life insurance before the end of the 20th policy year or age 70, whichever comes first.

An additional waiver of premium rider is available that waives premiums due if you become disabled prior to age 60.

Path Protector Return of Premium Term Life

Return of premium life insurance allows all premiums to be returned at the end of the term.

Child term insurance rider is also available that covers the life of each child for one set price. Up to $20,000 of life insurance for children available at $6 per $1,000.

Path Protector Final Expense

Final expense insurance provides extra funds used for burial insurance, funeral, and last expenses. See also, top final expense and burial insurance companies.

Disability Income Insurance

Illinois Mutual is one of our top individual disability insurance companies and should definitely be considered when you are looking for private disability insurance.

There are two types of disability insurance policies, short term and long term. Both have unique benefits and are an integral part of any financial protection plan.

If you are injured or sick and have to take time off work, individual short term disability insurance provides a quick influx of cash so you can continue to pay your bills and keep from tapping into any emergency funds or going into credit card debt. Since it is private disability insurance, you control the policy. You can use it to supplement coverage through your employer or as a stand alone policy.

If you are out of work for an extended period of time your short term policy will expire after the benefit period. However, if you planned accordingly, your individual long term disability insurance should kick in. It will provide an income benefit for the benefit period after the elimination period has passed. Elimination periods vary but can be as soon as 30 days and as far out as 730 days.

Illinois Mutual offers individual disability income insurance through its Paycheck Power Series. For individuals, the Personal Paycheck Power product provides long term disability insurance coverage. For businesses, Business Expense Power covers qualifying business expenses incurred while you are totally disabled. Let's take a closer look at Personal Paycheck Power.

Personal Paycheck Power snapshot:
  • Issue ages 18-60
  • Available for occupational classes 5-1
  • Benefit periods 6 months, 1, 2, 5, or 10 years, or to age 67
  • Elimination periods of 30, 60, 90, 180, 365, or 730 days
  • Cost of Living Adjustment (COLA) rider

Illinois Mutual Review Negatives

Illinois Mutual isn’t one of the biggest names in the life insurance industry. Some people associate brand recognition with quality—which may or may not be true.

At TermLife2Go we believe in Illinois Mutual as a life insurance provider, in fact for some individuals we believe they are the best option. Which is why we'll often recommend them to customers who are looking for the right life insurance company.

The biggest drawback for Illinois Mutual is that when you decide to buy a policy from them, you are forgoing whatever great policies another carrier might offer. In some scenarios, another company might offer you a better rate or better coverage.

How do I know if Illinois Mutual will offer me the best life insurance policy?

You don’t. Well, not yet anyway. The best way to figure out if Illinois Mutual is your best bet is to let us at TermLife2Go help you!

In order to figure out which life insurance company and policy is best for you, we have to calculate some variables:

  • Your life experiences/health/weight/ career/ vices
  • How each life insurance company views each of those things

You see, not every life insurance company will charge the same premium for every less than perfect thing on your application. Some life insurance companies may overlook some extra weight, but will come down hard on diabetic life insurance.

Other life insurance policies may really charge through the roof for tobacco users. Every company is different, and the way they view each and every one of these variables about you is different.

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We are a team of life insurance experts with the simple mission of helping you find the best coverage for your unique situation. We research, review, and rank life insurance companies to make that process easier.