Illinois Life Insurance
Find the right Illinois life insurance policy for you.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
In Illinois, you can find a life insurance policy to suit any individual’s need. Life insurance is a way to protect your loved ones by providing them some financial security in the event of your death. Basically, your life insurance company agrees to pay a certain amount of money to your beneficiaries if you were to pass away.
Best Life Insurance Companies in Illinois
Many different insurance companies in Illinois sell life insurance, but a few offer better quality and rates than others. That's why we compiled a list of the best life insurance companies in Illinois by category for your convenience.
Starting by checking into these top-rated local carriers first can help you save both time and money when hunting for the right coverage. We selected these carriers based on rates, coverage options, financial strength ratings, Better Business Bureau (BBB) ratings, customer reviews, customer service options, and more.
- Best Illinois Life Insurance Company Overall: Banner Life
- Best Illinois Life Insurance Company for Females: Nationwide
- Best Illinois Life Insurance Company for Males: Nationwide
- Best Illinois Life Insurance Company for Seniors: Mutual of Omaha
- Best Illinois Life Insurance Company for Young Adults: Mutual of Omaha
- Best Illinois Life Insurance Company for Smokers: MassMutual
- Best Illinois Life Insurance Company for Term Life Insurance: Banner Life
- Best Illinois Life Insurance Company for Whole Life Insurance: MassMutual
Best Illinois Life Insurance Company Overall: Banner Life
We chose Banner Life as the best overall life insurance company in Illinois. The insurance company has some of the most affordable and competitive rates for life insurance in Illinois for many different types of prospective customers.
Customers with preexisting conditions can also easily obtain coverage from Banner Life. A 35-year-old female can get a 20-year term life insurance policy with $500,000 in coverage from Banner Life for an average of just $23.04 per month.
A male of the same age can get the same amount of coverage for $26.80 per month from Banner Life. The carrier also has excellent financial strength and good customer feedback scores.
Banner Life has been around since 1851. The insurance company has had a long-term reputation for providing affordable rates on all types of life insurance.
The carrier sells term life insurance, no-medical-exam term life insurance, and universal life insurance. Banner Life also has outstanding financial strength and customer satisfaction ratings.
Best Illinois Life Insurance Company for Females: Nationwide
We chose Nationwide as the best life insurance company for females in Illinois. Nationwide has some of the cheapest life insurance policies available for females in Illinois.
The average cost for $250,000 in a 10-year term life insurance policy for 30-year-old females of average weight in Illinois is just $10.43 per month, while a policy with over $769,000 in coverage is still affordable at $15.35 per month. Nationwide is also known for its excellent financial strength and BBB ratings.
Nationwide has been in the insurance industry for nearly a century. The carrier sells term, universal, whole, and variable life insurance options.
Nationwide has outstanding ratings from AM Best and the BBB. The insurance company also offers 24/7 claims reporting.
Best Illinois Life Insurance Company for Males: Nationwide
We also chose Nationwide as the best life insurance company for males in Illinois. Nationwide has some of the cheapest life insurance rates for males in the state.
A 10-year term life insurance policy for 30-year-old males of average weight with $250,000 in coverage averages just $11.81 per month, while a policy with $769,000 in coverage is still affordable, averaging $20.34 per month.
Nationwide's competitive rates and excellent AM Best and BBB ratings make it a reliable and affordable option for quality life insurance coverage.
Nationwide has been in the insurance industry for nearly a century. The carrier sells term, universal, whole, and variable life insurance options.
Nationwide has outstanding ratings from AM Best and the BBB. The insurance company also offers 24/7 claims reporting.
Best Illinois Life Insurance Company for Seniors: Mutual of Omaha
We chose Mutual of Omaha as the best life insurance company for seniors in Illinois. Seniors pay much more for life insurance coverage than younger customers. However, Mutual of Omaha helps keep rates affordable for seniors, especially when compared to most other carriers in the state of Illinois.
For a 10-year term life insurance policy with $94,000 in coverage for a 60-year-old non-smoker male of average height and weight in Illinois, the average premium is just $43.47 per month from Mutual of Omaha.
Mutual of Omaha has been in the insurance industry for over a century. The carrier sells whole, term, and universal life insurance options.
Mutual of Omaha also offers living benefits to policyholders with many of its life insurance products. Guaranteed-issue coverage is also available for customers with preexisting conditions. Mutual of Omaha also offers several riders to further enhance its life insurance products.
Best Illinois Life Insurance Company for Young Adults: Mutual of Omaha
We also chose Mutual of Omaha as the best life insurance company for young adults in Illinois. Mutual of Omaha offers affordable rates and outstanding financial strength.
For a 20-year term life insurance policy with $310,000 in coverage for a 25-year-old non-smoker male of average height and weight in Illinois, policies are available at an average of just $16.84 per month from Mutual of Omaha.
Mutual of Omaha has been in the insurance industry for over a century. The carrier sells whole, term, and universal life insurance options.
Mutual of Omaha also offers living benefits to policyholders with many of its life insurance products. Guaranteed-issue coverage is also available for customers with preexisting conditions. Mutual of Omaha also offers several riders to further enhance its life insurance products.
Best Illinois Life Insurance Company for Smokers: MassMutual
We chose MassMutual as the best life insurance company in Illinois for smokers. Smokers are known for having to pay much higher rates for life insurance than non-smokers, but some life insurance companies provide more affordable rates than others, including MassMutual.
For a 20-year term life insurance policy with $769,000 in coverage for a 30-year-old smoker male of average height and weight in Illinois, the average cost is $124.95 per month. MassMutual's rates are some of the lowest in Illinois for smokers, and the carrier has outstanding financial strength.
MassMutual has been in the insurance industry since 1851. The insurance company specializes in life insurance and sells whole, term, universal, and variable policies.
MassMutual has the highest available AM Best financial strength rating of "A++." Customers can also get annuities or look into retirement planning options with MassMutual.
Best Illinois Life Insurance Company for Term Life Insurance: Banner Life
We chose Banner Life as the best life insurance company in Illinois for term life insurance. Banner Life is one of the cheapest and most accessible options for customers who need coverage in Illinois.
Term life coverage is available with no medical exam and in term increments of up to 40 years. A 20-year term life insurance policy with $500,000 in coverage for a 45-year-old non-smoker male in Illinois averages just $55.72 per month from Banner Life. Banner Life also provides a variety of term lengths for customers with differing needs.
Banner Life has been around since 1851. The insurance company has had a long-term reputation for providing affordable rates on all types of life insurance.
The carrier sells term life insurance, no-medical-exam term life insurance, and universal life insurance. Banner Life also has outstanding financial strength and customer satisfaction ratings.
Best Illinois Life Insurance Company for Whole Life Insurance: MassMutual
We chose MassMutual as the best life insurance company in Illinois for whole life insurance. MassMutual pays higher dividends to policyholders in Illinois than most other insurance companies.
Whole life insurance policies from MassMutual build cash value and can earn dividends over time. MassMutual also has outstanding financial strength and customer satisfaction scores. An Illinois independent insurance agent can help you get fast, accurate quotes for a whole life insurance policy from MassMutual.
MassMutual has been in the insurance industry since 1851. The insurance company specializes in life insurance and sells whole, term, universal, and variable policies.
MassMutual has the highest available AM Best financial strength rating of "A++." Customers can also get annuities or look into retirement planning options with MassMutual.
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The Different Types of Life Insurance in Illinois
You can get a few different types of life insurance in Illinois. Different types of policies exist to serve customers with different needs. Depending on your desires for life insurance, you may choose to get a term policy vs. a whole life policy, etc.
Here are some of the main types of life insurance available in Illinois to choose from:
- Term life insurance: Term life insurance is bought for a certain time frame, or term, that often ranges from 10 to 30 years. When the term ends, the policy is no longer effective. Term life policies are the least expensive option and provide coverage during the years that it's needed most.
- Whole life insurance: Whole life insurance is a form of permanent life insurance that doesn't expire while the policyholder is still alive and continuing to pay their premiums. These policies can build equity that can be cashed in or saved to support dependents following the policyholder's death. Whole life policies are the most expensive option but offer the highest level of benefits.
- Universal life insurance: Universal life insurance is another type of permanent life insurance that offers more flexibility. It also builds a cash value. Policyholders can access their accrued money in the form of low-interest loans or use these earnings to cover premium costs. These policies are more expensive than term life but less expensive than whole life insurance.
An Illinois independent insurance agent can help you get set up with the right kind of life insurance for you.
Average Cost of Life Insurance in Illinois
The cost of any Illinois life insurance policy is dependent on a number of variables assessed by the insurance company. Underwriting requirements vary from company to company, as do the rates charged for coverage.
Some of the primary variables each insurer uses to determine the cost of life insurance premiums include:
- Age
- Gender
- Current health status
- Results of a medical exam or medical questionnaire
- Family history
- Lifestyle
- Profession and hobbies
Women in Illinois pay an average of $9.29 per month for a policy that offers $250,000 in coverage. Men pay about $11.10 for the same amount of coverage.
However, when increasing the amount of coverage to $769,000, the average amount women pay for a policy jumps to about $15.35. The average for this amount of coverage is just a few dollars higher for men, at about $20.34 per month.
Illinois Life Insurance Laws
It's critical to be aware of and understand Illinois's life insurance laws. These laws exist to help protect life insurance policyholders and dictate how life insurance carriers in Illinois are allowed to operate.
Here are a few Illinois life insurance laws to become familiar with before you shop for coverage:
- Free look period: In Illinois, policyholders are allowed 10 days to review their life insurance policy and receive a full refund for paid premiums if they want to cancel their coverage.
- Guaranty fund protection: In Illinois, if a customer's life insurance company goes bankrupt, the state's Life and Health Insurance Guaranty Association can cover them with limits of up to $300,000 in death benefits.
- Grace period: In Illinois, life insurance policyholders are allowed up to 30 days to catch up on missed premium payments before their carrier can cancel their coverage.
- Contestable period: In Illinois, there is a two-year period in which a life insurance policyholder's claims cannot be contested. After this contestable period ends, if the policyholder is found to have lied on their application, the insurance company may reject their claims.
- Time allowable: In Illinois, life insurance companies must fully settle a life insurance claim within 31 days of receiving proof of the insured's death. Any claims paid out after this window ends may be subject to interest.
Illinois Life Insurance FAQs
Life insurance costs in Illinois vary depending on a number of different factors, including gender. Women in Illinois pay an average of $9.29 per month for a policy that offers $250,000 in coverage. Men pay about $11.10 for the same amount of coverage.
You can contact the Illinois Department of Insurance or the National Association of Insurance Commissioners' Life Insurance Policy Locator Service to find out if someone has a life insurance policy in Illinois.
Life insurance works in Illinois by providing a death benefit payout to a selected beneficiary in the event of the policyholder's death. The policyholder designates their preferred beneficiary as the person they want to receive their savings after they pass, and is often a spouse or dependent like a child, though it can be a friend, charitable organization, etc.
How Can You Find Illinois Life Insurance?
You can compare the types of policies available and find the most affordable premiums by obtaining Illinois life insurance quotes through a local independent insurance agent. These agents can advise you on the right amount of life insurance for your needs and help you decide if a term or a permanent life insurance policy is best.
Independent insurance agents work for you and not an insurance company, so they're free to shop around and ultimately find you the best policy that offers the right blend of coverage and cost.
https://www.moneygeek.com/insurance/life/best-life-insurance-illinois/
https://www.policygenius.com/life-insurance/illinois/
https://www.policygenius.com/life-insurance/reviews/banner-life/
https://www.illinoisinsurance.org/consumers/news-updates/how-can-i-find-out-if-my-dad-has-life-insurance#:~:text=Get%20in%20touch%20with%20the,members%20that%20live%20in%20Illinois.