Illinois Mutual Review

As the name suggests, Illinois Mutual is an Illinois-based life insurance company. They now write insurance across the country and offer additional supplemental products including disability and accident insurance for the workplace.

About Illinois Mutual

Illinois Mutual Life Insurance Company was founded in 1910 in the Peoria, Illinois. A family-run business, the McCord family is into the fifth generation at the helm of the company.

Today, most of the company’s products are available across the nation, although there are some exceptions. Illinois Mutual does not write any insurance in New York or the District of Columbia, nor do they have coverage in Alaska. Additionally, they do not write life insurance in Montana and do not write disability insurance in California, although other products are available in these states.

Illinois Mutual’s headquarters remain in Peoria, Illinois. Independent agents sell their products across the country, with more than 18,000 agents available.

Illinois Mutual Products

Illinois Mutual sells mainly life insurance, but they also have disability income insurance as well as workplace benefits.

Life Insurance

Illinois Mutual’s life insurance lineup, called Path Protector, includes four types of insurance coverage. All of the policies are simplified issue, meaning they do not require a medical exam at the time of application – however, in certain circumstances medical information is required. These are specifically those over 65, those applying for more than $250,000 in coverage, or when concerns are raised during the underwriting process.

Path Protector Whole Life Insurance is a permanent insurance policy with a cash accumulation account. This product is available as a single premium whole life as well as with a variety of different payment options ranging from 1- year to 121 years. A living benefits rider can be added for payout during the insured’s lifetime.

Path Protector Term Life Insurance is issued with term lengths of 10, 15, 20, or 30 years. Policies are renewable to age 90 and convertible. Several riders can be added to this policy, including Accelerated Death Benefit, Disability Waiver of Premium, and Child Insurance.

Path Protector Return of Premium is a term life policy offering face values between $25,000 and $250,000. This policy returns the full paid amount of the premiums to you if terms are met when the policy expires. It offers the same riders as the other term policies as well.

Path Protector Final Expense is, as the name implies, a policy designed to cover final expenses. This is a whole life policy with two options. The Level Death Benefit policy is straightforward and pays the full amount upon the death of the insured. The Modified Death Benefit policy pays out only premiums paid plus 5% in the event of a non-accidental death in the first two years the policy is in force. After that, it pays in full, and accidental death always pays in full.

Disability Income Insurance

Illinois Mutual has two disability income plans, one for individuals and another for business owners.

Personal Paycheck Power is the individual plan and provides coverage for both workplace and non-workplace injuries to help pay personal expenses. This policy is renewable to age 65.

Business Expense Power is a disability policy for business owners that can help to pay business expenses when the owner is disabled. It is renewable up to age 67 and tax-deductible as a business expense.

Worksite Insurance

Illinois Mutual offers a range of voluntary benefits group coverage that employers can offer to their employees. These include group life, disability, accident, and critical illness insurance.

These can be offered individually or put together into a workplace benefits package.

Illinois Mutual Rates

Illinois Mutual is an agent-driven company, and as such, there is no online quoting available. Visitors to the site are instead directed to contact an agent in order to obtain policy details and arrange for a quote.

This is a common practice for companies that are focused on life insurance and sell their products through independent agents, as it allows the agent to get potential customers’ contact information in order to solicit business. While it is not unusual, those who would rather not be solicited and are just looking to compare rates may be bothered by having to contact an agent.

Claims

Claims information is readily available on the Illinois Mutual website, including the toll-free claims number with extensions for different lines of business. Not surprisingly, this line is only open during business hours, 7:45 a.m. – 4:30 p.m. Monday through Thursday, with early closing at 12:15 p.m. on Friday. Since claims for the type of insurance this company sells are not usually urgent, this is common practice.

An email address is also provided for claims questions and information. The website does not appear to offer downloadable claims forms, and information is limited regarding contact information.

Ratings and Consumer Reviews

Illinois Mutual Life Insurance Company has an A+ rating with the Better Business Bureau (BBB). There are no complaints on file in the past three years.

Of the six Google reviews, most are positive, and the one negative review appears to stem from a bad experience with one person in particular and not an overall problem with the company or its products. There is a 4.2-star rating overall.

Facebook has mixed reviews, although the majority of the reviews are positive resulting in an overall 4.1-star rating. It’s worth noting that several of the positive reviews come from agents selling the company’s products rather than actual customers.

The Bottom Line

Illinois Mutual has a long history and a solid reputation, although without rate information it’s difficult to compare them to other companies. They are likely to appeal to those who prefer working with an agent and are seeking a company with a focus on life and disability. They are not likely to be the kind of insurer customers come across by chance while shopping for insurance online, and more likely to be brought to the consumer’s attention through an agent or through an employer benefits package. Overall, they appear to be a solid company.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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