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Illinois Mutual Final Expense Insurance Review & Complaints: Life Insurance

The Illinois Mutual review of final expense Path Protector policies, with two whole life insurance policy options to choose from. Illinois Mutual Insurance ratings are an A+ with the Better Business Bureau. Illinois Mutual final expense rates average $126/mo for a $25,000 policy.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 24, 2020

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Illinois Mutual Life Insurance Company 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.

Illinois Mutual final expense insurance is a life insurance policy designed to provide for burial and other final expenses. Our Illinois Mutual Final Expense review will give you the details on the policies, how to get Illinois Mutual final expense quotes, and more.

Before you read more about Illinois Mutual Final Expense insurance, take a moment to enter your ZIP code and compare life insurance rates right now.

About Illinois Mutual Life Insurance Company

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. Check out our full Illinois Mutual Life Insurance Company review for more.

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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 Final Expense Rates

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 the 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.

Illinois Mutual Final Expense Claims

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.

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Illinois Mutual Final Expense Ratings and Consumer Reviews

Illinois Mutual has an A+ rating with the Better Business Bureau (BBB), where they have been accredited since 1943. There is only one complaint 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.

Illinois Mutual Final Expense Insurance: 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.

Now that you’ve finished our Illinois Mutual Final Expense review, enter your ZIP code and find cheap life insurance options now.

References:

  1. https://www.bbb.org/us/il/peoria/profile/insurance-companies/illinois-mutual-life-insurance-co-0724-3000576
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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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