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Illinois Mutual life insurance review 2021
Last updated:
This insurer stands out for its standalone return of premium policies and flexible payment plans.
Get a quote if…
- You want a standalone return of premium policy, or whole life insurance with various payment plans.
Choose a different provider if…
- You live in Alaska, DC, Hawaii, Montana or New York.
18 to 65
Issue Age
$10,000 to $10,000
Coverage
Yes
Medical Exam Required
Details
| Policies | Term, Return of Premium, Whole |
|---|---|
| Coverage maximum | $10,000 |
| Term lengths | 10, 15, 20, 25 and 30 years |
| Medical exam required | Yes |
| Available states | Not available in Alaska, DC, Hawaii, Montana and New York. |
| Issue age | Not listed |
Pros
- Sells return of premium policies
- Online policy management
- Multiple rider options
- Flexible payment structures
- Financial strength
Cons
- State restrictions
- Limited customer support window
| Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Guaranteed insurability rider Spouse rider Waiver-of-premium rider |
|---|
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
Illinois Mutual is a reputable insurer that’s been in the biz for over 100 years. It’s made its mark for offering standalone return of premium policies, and whole life insurance with various payment plans. But it’s not available in five states, and customer service can be limited.
Explore your options by comparing life insurance companies.
Illinois Mutual life insurance rates
Illinois Mutual doesn’t disclose its rates online. However, it offers an idea of what a nonsmoking 30-year-old female might pay for 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.
How to get a quote from Illinois Mutual life insurance
Follow these steps to get a quote:
- Go to Illinois Mutual’s homepage and click Get a Quote.
- Enter your age, gender and state, and choose your policy and coverage amount. Tap Get Life Insurance Quote.
- The system will generate a rate based on the information you provided. If you’d like to proceed, you’ll need to call 800-437-7355 to connect to an agent.
What types of life insurance coverage does Illinois Mutual offer?
The insurer sells term and permanent policies through a network of independent agents across the country.
- Term life. The Path Protector Plus Term Life policy lasts for a set period of time: 10, 15, 20, 25 or 30 years. The minimum death benefit is $50,000, and the plan can be converted into an annual renewable term life policy after it expires.
- Return of premium. Illinois Mutual offers a standalone return of premium (ROP) policy, which is rare. The Path Protector Plus Return of Premium Term plan comes in coverage amounts from $50,000 to $500,000, and in terms of 20 years, 30 years or until age 65. If you outlive your term, you’ll receive a full refund of any premiums paid — minus administrative fees.
- Whole life. The insurer offers five Path Protector Plus Whole Life plans that have the potential to earn dividends and build cash value over time. They have different payment structures:
- 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 – WL Series 100 is payable to age 75 or 30 years — whichever comes first
- Limited Pay – WL Series 200 is payable to age 65 or 20 years
- Single Pay Whole Life has a one-time lump sum premium payment
What riders can I add to my policy?
The insurer allows policyholders to enhance their coverage with a range of riders. Depending on your policy, you might be able to opt into these riders:
- Accelerated death benefit rider. Pays out a portion of the death benefit if you’re diagnosed with a terminal illness and have less than 24 months to live (or 12 months in Florida).
- Accidental death benefit rider. Pays an additional death benefit if you die in an accident.
- Child rider. Protects your children with term life coverage, and can be converted to an individual policy up until age 18.
- Guaranteed insurability rider. Lets you purchase extra coverage at certain times without having to provide evidence of insurability.
- Spouse rider. Offers a life insurance benefit for your spouse without having to purchase a separate policy.
- Waiver-of-premium rider. Waives policy premiums if you become fully disabled and can no longer work.
Illinois Mutual life insurance reviews and complaints
Illinois Mutual has been accredited with the Better Business Bureau (BBB) since 1943, and holds an A+ rating for its customer engagement. There are no reviews on the site, and the BBB has only recorded one complaint about billing, as of October 2020.
| AM Best financial rating |
A- |
| BBB accredited | Yes |
| BBB rating | A+ |
| Customer reviews verified as of | 21 January 2021 |
Compare life insurance companies like Illinois Mutual
If you’re looking for more options to compare, take a look at these other providers.
More about Illinois Mutual
Headquartered in Peoria, Illinois in 1910, Illinois Mutual has been a family-run business since its founding. It’s a mutual company with over 10,000 independent agents across the US.
Along with life insurance, Illinois Mutual sells disability, accident, critical illness and worksite term insurance.