Illinois Mutual Life Insurance Review

Illinois Mutual is a well-known insurer with over a century of experience. Offering stand-alone returns of premium policies, as well as whole life insurance with a variety of payment options, has helped it gain notoriety. However, just five states have access to it, and customer service is spotty at best.

Illinois Mutual life insurance rates

Illinois Mutual Life Insurance Review - Illinois Mutual Life Insurance Logo

According to Illinois Mutual’s website, it does not publish its rates. It does, however, give you an indication of what a 30-year-old nonsmoking woman may pay for insurance coverage:

  • $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

To obtain a quote, follow these steps:

  1. Click on Get a Quote on Illinois Mutual’s main page to begin the process.
  2. Decide on your insurance and coverage quantity according to your gender, age, and location. To get a life insurance quote, click on Get a Quote for Life Insurance.
  3. Based on the data you entered, the system will calculate a rate for you. To continue, dial 800-437-7355 to speak with a representative.

Types of life insurance coverage does Illinois Mutual offer

Term and permanent insurance contracts are offered by the insurer via a nationwide network of independent agents.

  • Term life. For 10, 15, 20, 25, or 30 years, the Path Protector Plus Term Life policy will cover you. Upon expiration, you can convert your plan into an annual renewable term life insurance with a death benefit as little as $50,000.
  • Return of premium. Illinois Mutual is one of the few insurance companies that offers a stand-alone return of premium (ROP) coverage. You may choose between coverage levels ranging from $50,000 to $500,000 and term lengths of 20 years, 30 years, or until age 65 with the Path Protector Plus Return of Premium Term plan. The premiums you paid will be refunded in full if you outlast your term — minus administrative expenses.
  • Whole life. The Path Protector Plus Whole Life plans offered by the insurer have the ability to earn dividends and grow financial value over time. They have many ways to pay:
    • 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?

Policyholders can add a variety of riders to their policies, at the insurer’s discretion. These riders may be available to you if your insurance allows it:

  • Accelerated death benefit rider. Part of the death benefit is paid out in the event of a terminal disease with a prognosis of no more than 24 months (or 12 months in Florida).
  • Accidental death benefit rider. If you’re killed in an accident, you’ll receive an extra death benefit.
  • Child rider. Don’t risk leaving your children unprotected by purchasing term life insurance, which can be switched to an individual policy as soon as they turn 18.
  • Guaranteed insurability rider. Extra coverage can be purchased without providing proof of insurability at specific periods.
  • Spouse rider. Provides your spouse with a life insurance payout without the need for a separate policy.
  • Waiver-of-premium rider. If you become totally handicapped and are unable to work again, your insurance premiums are waived.

Illinois Mutual life insurance reviews and complaints

A + rated for client involvement, Illinois Mutual has been recognized with the BBB since its founding in 1943. As of October 2020, the BBB had only received one complaint regarding billing, therefore there aren’t any reviews on the site.

For another life insurance review, visit our review of Health IQ Life Insurance Review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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