UPDATED: Mar 18, 2020
We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.
Illinois Mutual is a life insurance and supplemental insurance company based in its namesake state. They have been in business for more than 110 years and offer individual and group products, including final expense life insurance, across the country.
About Illinois Mutual
Illinois Mutual was founded in the city of Peoria in 1910. The company is a family business, with a member of the founding family still on the board to this day, and continues to operate as a mutual company owned by the policyholders.
Products are offered in most states, with Alaska, Hawaii, New York, and Washington D.C. as the exceptions. The company’s final expense life policy is available in almost all of the states they cover; currently, they do not offer life insurance at all in Montana.
In addition to final expense life, Illinois Mutual writes a variety of permanent life insurance and term life insurance policies for individuals as well as group life that is part of their employee benefits options. They also offer disability income insurance.
Products are sold through independent agents in each state, and the headquarters is still located in Peoria. Our full review of this company can be found here.
Illinois Mutual Final Expense
The final expense product from Illinois Mutual is called Path Protector.
There are two options to choose from, both of which are whole life insurance policies that include a cash accumulation account.
The first is a level death benefit with immediate full payout from the first day of issue. This is usually issued to those with a good health history and a low risk of death within the first two years of issue.
The second is a modified death benefit plan, usually issued to those that do not qualify for the immediate benefit due to health history. For the first two years that the policy is in force, the death benefit will equal premiums paid plus 5% interest, unless death is accidental in which case the full benefit will be paid. From the third year on, this plan pays out the full death benefit regardless of the cause of death.
The Illinois Mutual site does not give much information on the policy – it does not list the death benefit amount options nor is the issue age range provided.
Illinois Mutual does offer online quoting, which is a nice surprise given so many agent-driven insurance companies do not.
The drop-down menu lists simply “whole life”, but upon entering an age of 65 for our sample male insured, the quote that was returned appeared to be for the Path Protector Life product. We quoted at $25,000, usually the high end for a final expense policy, and chose our usual Southern California location.
Rates were returned with several payment options. The rate quoted automatically included an accelerated benefits rider for terminal or chronic illness. The continuous pay option came out at $126.96 a month. We then dropped the coverage to $10,000 and returned a premium of $55.73 a month.
These rates are high. We have definitely seen better rates elsewhere for final expense insurance, even for simplified issue coverage.
Life claims can be filed over the phone using a toll-free number. This line is available during business hours only, from 7:45 a.m. to 4:30 p.m. Monday through Thursday with an early closing at 12:15 p.m. on Fridays.
An email address is also provided for contacting the claims department after hours or electronically at any time. There is no other method of filing a claim online. The final option is to file via fax.
We were unable to locate an option to download the claims forms from the website, presumably, they will be sent out to the beneficiary after contacting the claims department. Further detail on the claims process is not is provided on the website.
Ratings and Consumer Reviews
Illinois Mutual has an A+ rating with the Better Business Bureau (BBB), where they have been accredited since 1943. There are no complaints on file and no reviews of the company have been left on the page.
We were unable to find other complaints or reviews for this company in any of the usual online consumer review locations, which is generally a positive thing for an insurance company. Illinois Mutual appears to enjoy a good reputation.
The Bottom Line
Illinois Mutual has a long history and a good reputation. Their rates for final expense life are on the high side, however, and we did not find much detail on the policies themselves. Since rates can vary, this company may be worth getting a quote from to compare to your other options, especially considering their lack of complaints.