Illinois Mutual life insurance review 2020
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.
What types of life insurance 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:
- Accidental death benefit. Pays an additional death benefit if you die in an accident.
- Child term insurance rider. Protects your children with term life coverage, and can be converted to an individual policy up until age 18.
- Disability waiver of premium rider. Waives policy premiums if you become fully disabled and can no longer work.
- Other insured term rider. Covers another person under the same policy.
- Guaranteed insurability option rider. Lets you purchase extra coverage at certain times without having to provide evidence of insurability.
- Terminal illness 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).
- Paid up insurance rider. Using dividends, permanent policyholders can buy additional coverage to boost their policy’s death benefit and cash value.
How much does Illinois Mutual cost?
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.
Pros and cons of Illinois Mutual
- Sells return of premium policies. Illinois Mutual is one of a handful of insurers that offer this coverage.
- Online policy management. View your policy, make a payment and update your beneficiaries online.
- Multiple rider options. You can customize your policy with a range of riders, including a child and disability rider.
- Flexible payment structures. If you opt for a whole life plan, you can select the payment plan that suits you.
- Financial strength. Illinois Mutual has an A- (Excellent) rating with AM Best, which means it has the funds to pay out claims.
- State restrictions. Illinois Mutual’s policies aren’t available in Alaska, DC, Hawaii, Montana or New York.
- Limited customer support window. If you prefer the phone, customer service reps can only be reached on weekdays.
Compare other life insurance companies
If you’re looking for more options to compare, take a look at these other providers.
Illinois Mutual 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.
How do I sign up?
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.
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.
Frequently asked questions
Katia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
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.