Illinois Mutual Life Insurance Review

Illinois Mutual Life Insurance has been around for more than a century. An array of payment choices, including refunds of premium and entire life insurance, has helped it build a reputation in the marketplace. As a result, there are just five states where it is available, and customer support is erratic to say the least.

Illinois Mutual life insurance rates

Illinois Mutual Life Insurance Review - Illinois Life Insurance Company Logo

There are no rates listed on Illinois Mutual’s website, according to the company. As a 30-year-old, non-smoking woman, you may expect to spend 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

Get a quote by following these instructions:

  1. Begin the procedure by clicking on Get a Quote on Illinois Mutual’s home page.
  2. Determine how much insurance and how much coverage you need based on your gender, age, and where you live. Life insurance quotes are available by clicking Get a Quote.
  3. The system will determine a rate for you based on the information you provided. Contact us at 800-437-7355 if you have any questions.

Types of life insurance coverage does Illinois Mutual offer

The insurer makes term and long-term insurance policies available through a network of independent brokers spread across the country.

  • Term life. The Path Protector Plus Term Life insurance will protect you for 10, 15, 20, 25, or 30 years. A $50,000 death benefit can be converted into an annual renewable term life insurance policy at the policy’s expiration.
  • Return of premium. A stand-alone return of premium (ROP) policy is offered by Illinois Mutual, one of the few insurance firms to do so. The Path Protector Plus Return of Premium Term plan offers coverage levels ranging from $50,000 to $500,000 and term durations of 20 years, 30 years, or till age 65. In the event that you outlive your contract, the premiums you paid will be repaid, minus administrative costs.
  • Whole life. Investments can be made in the Path Protector Plus Whole Life plans offered by the insurance company. They can pay in a variety of ways:
    • 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?

Riders can be added to policies at the insurer’s discretion by policyholders. Insurance policies may enable you to add these options to your policy:

  • Accelerated death benefits riders. In the event of a terminal illness with a 24-month prognosis, a portion of the death benefit is paid out (or 12 months in Florida).
  • Accidental death benefit rider. Death benefits are paid out in the event of an accident.
  • Child rider. Protect your family by getting term life insurance, which can be converted to an individual policy once your children reach the age of 18.
  • Guaranteed insurability rider. Additional insurance can be obtained at any time without having to show proof of insurability.
  • Spouse rider. It provides a life insurance payment for your spouse, without the need for a separate policy.
  • Waiver-of-premium rider. Your insurance premiums are waived if you become permanently disabled and are unable to return to work.

Illinois Mutual life insurance reviews and complaints

Illinois Mutual has been a BBB-accredited company since its inception in 1943. In October 2020, the BBB had received just one complaint about billing, thus there are no reviews on the site.

You may check out our Health IQ Life Insurance Review.