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Illinois Mutual Life Insurance Review (Providers & Quotes)

Key InfoCompany Specifics
Year Founded1910
Current ExecutivePresident - Katie McCord Jenkins
Number of Employees201-500
Total Sales / Total Assets$150,550,000 / $1,460,459,597
HQ Address300 SW Adams St., Peoria, IL 61634
Phone Number1-800-437-7355
Company Websitewww.IllinoisMutual.com
Premiums Written - Individual$115,591,571
Financial Standing$150,550,000
Best ForLow-Risk Term Life

Are you looking for a safe policy from a trusted family business? Look no further than Illinois Mutual.

Started over a century ago in 1910, Illinois Mutual has stayed afloat in a market that is usually dominated by the industry leaders. They are an inspiring reminder of what business was like decades ago.

This company’s passion has kept it afloat amongst the stronger competition in recent years. However, like most smaller companies, if they neglect to expand and move to a more progressive working style, they may soon find themselves swallowed by larger brands.

Here we will discuss Illinois Mutual’s century of success and their path for the future.

Ready to find your rate? Use our free life insurance quote tool above right now!

Illinois Mutual’s Ratings

The third-party ratings below offer a clear view of Illinois Mutual’s strengths and weaknesses. This comprehensive list gives you an idea of how Illinois Mutual performs in different fields pertaining to finances and customer satisfaction.

Illinois Mutual has over a century of experience carving out their niche. That being said, they have only recently started to garner nationwide attention.

Their conservative office style and unassuming nature have allowed them to fly under most of the rating systems’ radars.

Here we will dissect Illinois Mutual’s ratings as it pertains to their success. Read ahead to decide if Illinois Mutual is the best choice for you.

A.M. Best

A.M. Best rates companies based on credit risk and their ability to produce satisfied customers. This rating is only indicative of past contracts and does not guarantee of future credit quality.

That being said, Illinois Mutual has attained and maintained an A- rating (Excellent) for the last four years. A.M. Best also lists the company as stable, meaning they have the assets to continue for years to come.

Better Business Bureau (BBB)

The Better Business Bureau rates a company on its ability to satisfy its customers. It’s based on public information as well as information gathered directly from the company.

Illinois Mutual Life Insurance is a BBB-accredited business with the highest rating of an A+. They have one public complaint that was resolved in just over two weeks.

NAIC Complaint Index

The National Association of Insurance Commissioners rates a company on how many complaints it has compared to the competition. With 1.00 being the industry average, any number lower is better than normal, while a higher number is worse.

The NAIC has no confirmed closed complaints in 2018 for Illinois Mutual. However, in 2017, Illinois Mutual shared only 1 percent of the complaints with their peers in the Individual Life category, with only three confirmed closed.

Company History

Starting in 1910 as a family-owned business, Illinois Mutual has stayed committed to its core values of respect, integrity, teamwork, and accountability. Now in the fifth generation of McCord family leadership, Illinois Mutual is a legacy that is set to continue to grow.

You can’t tell the story of Illinois Mutual without telling the story of the McCords.

The company started out under the leadership of O.L. McCord in 1910 as the Illinois Woodmen Accident Association in Danville, Ill. In 1913, the company moved to its current hometown of Peoria, Ill. In 1916, the company was renamed the Illinois Mutual Casualty Company.

E.A. McCord took his father’s place as president of the company in 1935. They officially joined the life insurance market in 1958 and the first policy was issued to E.A.’s grandson. E.A. left his position as president in 1963 to become chairman of the board.

R.A. McCord saw the installation of the first computerized system and the construction of the current office. After 20 years of serving as president, he took over as chairman in 1983.

M.A. McCord became president next. Since beginning his work, Illinois Mutual has surpassed 6 million premiums written. They’ve also launched new initiatives such as their website and Life and Disability Insurance Awareness campaigns. Under M.A., the name was changed for the final time to Illinois Mutual Life Insurance Company.

The current president and fifth generation of McCord leadership, Katie McCord Jenkins, states that Illinois Mutual is “just getting started” after their successful century of growth.

She prides herself on Illinois Mutual’s past experience in valuing its customers and employees above all else and she’s looking toward a future of growth and prosperity.

Illinois Mutual’s Market Share

A market share indicates the portion of the market that a company holds. The larger the market share, the more power they have in their industry. We can use this to compare their growth and what they’ve taken from the competition.

In terms of life insurance companies in the United States, Illinois Mutual Life Insurance holds a 0.04 average market share. However, they still haven’t cracked the top 125 for the country as a whole.

If they were to expand their market into other states, they could easily see growth and a place on the top 125 list.

While not necessarily a current leader, they continue to grow. Their highest market shares in some states are even in the 20th percentile.

Illinois Mutual is sure to find itself in a higher rank in the years to come based on its reviews and low-risk financial standing.

CompanyMarket Share
MetLife21%
Prudential9.9%
Securian Financial7.4%
New York Life6.1%
Cigna5%
Unum4.8%
Lincoln National4%
Hartford Life3.9%
Nationwide3.9%
CVS2.8%
Illinois Mutual0.04%

The table above lays out how Illinois Mutual rates against the top 10 in the country. As you can see, they have a long way to go before they find themselves fighting for anywhere close to the top 10.

Illinois Mutual’s Position for the Future

Now in the fifth generation of family leadership, Illinois Mutual is bound to make the large scale advancements that each past generation has.

Like the generations before her, Mrs. McCord Jenkins had the best training from the president himself. She worked for her position from the ground up, too, ensuring the experience to give her company a bright future.

Based on Illinois Mutual’s 2018 annual report, there has been a consistent drop in net revenue from 2008. However, the company has continued to grow and even announced a new term life program for the elderly in 2018. Katie Jenkins is quoted in the report as saying:

 “It’s not just demographics… We will remain focused on this journey we are on with our policy owners and agents.”

Despite the steady decline in net revenue, their assets have grown. Their total cash and invested assets increased by nearly $11 million. Other categories, including the negatives, saw the same kind of increase. As the company grows it will likely continue to see this pattern.

Illinois Mutual’s Online Presence

You can request a quote or ask to speak to an agent from the homepage of Illinois Mutual’s website. You can also view their annual report, life insurance products, and log in to their client and agent portal.

They also have a comprehensive learning center on their site, with sections for everything from new families to retirement and legacy accounts. With stories from agents and policyowners alike, it’s an endearing and informative section.

Illinois Mutual’s Commercials

Illinois Mutual’s commercials are based on policyowners as they contemplate what might happen to their families if something happens to them.

Most of their promotional videos follow the “Meet (Customer’s Name)” theme in which they discuss who they are and why they decided to purchase life insurance.

This example of a previous ad campaign follows the same formula, but instead, the main character uses an internal monologue to discuss what led them to buy life insurance after something bad happened to a friend.

Illinois Mutual in the Community

One of the staples of Illinois Mutual is the service they provide for their local communities. They take pride in improving the lives of their neighbors and the places that Illinois Mutual calls home.

Thanks to Illinois Mutual’s Community Relations Charitable Donation Program and the volunteer work of its employees, countless communities have been improved.

President Katie McCord Jenkins is vocal in her gratitude for the employees’ volunteer work. Whether in a YouTube video or the annual report, she often states it would not have been possible if not for the employees’ dedication and generosity.

Illinois Mutual also posts about their various philanthropic events on their social media accounts. Whether it’s volunteering with charities, food banks, or sponsoring donation events, Illinois Mutual and their employees have changed their community for the better.

Illinois Mutual’s Employees

Illinois Mutual has an ongoing campaign promoting employees on its social media platforms called “Values in Practice.” They use this to showcase an employee or group of employees who go above and beyond to help their peers or customers.

Wouldn’t you like to start your weekend early every week? Illinois Mutual’s employees get every Friday afternoon off.

Illinois Mutual has a 3.8-star workplace rating based on 19 Glassdoor reviews from previous employees. While they are close to a four-star work environment, only 76 percent approve of the CEO and only 71 percent would recommend the job to a friend.

These aren’t negative numbers by any means. Cigna, a much larger company, has a 3.4-star rating. The behemoth Metlife comes close, with only 3.7 stars.

Employees of Illinois Mutual praise the hours, culture, and the fact they have to pay no insurance premiums for their health care. Some employees have racked up decades of experience because of how much they enjoy this workplace.

However, employees have noticed the lack of advancement opportunities and have reflected that in their reviews. This translates into a high turnover.

Some employees even believe that nepotism is holding Illinois Mutual back from its true potential.

While there are concerns sprinkled across the internet, more employees praise this workplace than bash it. The general consensus is that, despite whether they agree with the management style, Illinois Mutual has a lot of potential for the future.

The conservative office culture has only become less strict in the past two generations, much to the satisfaction of current employees.

Still, employees complain about the strict family-only management style this business prides itself on. This keeps out new ideas and gives little motivation to non-family employees.

Shopping for Life Insurance

Life insurance is a great idea for anyone who’s worried about what might happen to their loved ones when they die. You could benefit from securing your financial future and providing for those who come after you.

There are a variety of factors that your agent will consider when you apply for a life insurance policy:

  • Age
  • Gender
  • Occupations
  • Hobbies
  • Family medical records

While these are the main factors, each company underwrites a little differently.

You may even be subject to a medical examination to determine if your life is a risky investment for the insurance company.

Are you suddenly worried? Don’t be!

With the variety of policy options available at numerous companies, there is something that will fit your needs and circumstances. However, that being said, to find the best one, you should speak to a financial adviser to discuss your options.

Most people don’t recognize the value of life insurance until something bad happens to their family or someone they know, and they are left to face the financial struggle unprotected.

But that’s not the only reason to buy life insurance. According to the 2018 Insurance Barometer Study, saving for a comfortable and financially safe retirement is one of the consumers’ top concerns.

However, there are ways to borrow against your life insurance policy for some extra cash during your golden years. Whole and universal policies build cash value over time.

You can:

  • Borrow Against Your Cash Value
  • Withdraw a Partial Amount
  • Surrender Your Whole Policy for the Lump Sum
  • Sell your Policy for a Life Insurance Settlement
  • Pay your Premiums with the Cash Value

These options make the policy useful for you if you’re alive or if you’ve passed on.

Average Illinois Mutual Male vs Female Life Insurance Rates

As stated above, there are a variety of factors that come into play when your agent is estimating your policy rates.

Life insurance underwriters look at your life as a potential investment. If they went out of business because they made a bad call, they couldn’t help other people in similar situations.

In that vein, those who live very risky lives may face higher premiums or rejection from the insurance provider altogether.

Here is an example of Illinois Mutual’s premiums for two groups in the same demographics for a $100,000 10-year term policy:

Age$100,000/10-Year: Non-Smoker, Male$100,000/10-Year: Non-Smoker, Female
25$10.12$9.77
30$10.82$10.30
35$11.62$10.65
40$12.76$11.53
45$14.87$13.55
50$18.30$16.63
55$24.90$20.86
60$36.61$26.58
65$62.83$39.86

As you can see, the premiums are very affordable. For some spare change a day, you could provide your family with a safety net for the next 10 years.

However, those prices will see a stark contrast when you add in one bad habit, such as smoking.

Age$100,000/10-Year: Smoker, Male$100,000/10-Year: Smoker, Female
25$17.16$16.02
30$21.56$19.18
35$26.84$25.43
40$33.88$31.50
45$50.42$47.87
50$76.91$75.33
55$116.25$120.65
60$178.82$171.07
65$256.17$225.98

While there aren’t monumental differences in the younger demographic, those 35 and up will see an astronomical increase. On average, there is a $60 difference between premiums.

While not as high as other companies, it’s still a dramatic increase, and other risk factors can increase the premiums even more.

Coverage Offered

Illinois Mutual offers a variety of term and whole life policies for its customers to choose from and even the option to customize their policies with riders.

Types of Coverage Offered

Life insurance is a good idea for anyone looking for a financially secure future for themselves or their loved ones. The earlier in life you decide to buy, the better the coverage and premiums you’ll get.

When you begin a new life insurance policy, you will agree to pay a premium every month. A premium is an amount that you pay for the insurance company to take on the risk.

The two most common types of life insurance policies, whole and term, suit most consumers’ needs. There are also a number of permanent policies such as universal and variable.

  • Whole life covers you permanently as long as you pay your premiums. While more costly, the increasing cash value can help during retirement.
  • Term life is more cost-effective and covers a specific period of time with a set payout. It can be renewed without rechecking insurability and can even be converted to whole life insurance at a later date.

While these are the main categories, Illinois Mutual has separate programs for each policy type.

Term

Term life insurance is based on a set premium and death benefit if the insured dies before the policy matures. Illinois Mutual has a number of term life plans with the option to renew without proving insurability again.

Path Protector Plus®

Illinois Mutual has created Path Protector Plus® for three plans geared towards different consumer needs. These plans include:

  • Family Path™ Solution is perfect for those who want to protect their families if they were to die. Your premiums will be locked in for 20 years, with the option to renew annually at increased rates until age 95. It also includes riders and the option to convert to a whole life policy.
  • Home Path™ Solution is ideal for those who want to make sure their family stays in the home if something bad happens to the main provider. You have the choice of locked-in premiums of 15 or 30 years. This can be renewed annually at increasing rates until age 95. It also includes riders and the ability to convert to a whole life policy.
  • Retirement Path™ Solution is unlike the other two in that the terms last until a certain age as opposed to a specific period of time.  These policies last either to age 65 or 70 with the ability to renew annually at increasing rates until age 95. They also include riders and the ability to convert to a whole life policy during your term.
  • Return of Premium Term (ROP) is for people who only want to pay for something they are going to use. Illinois Mutual offers policies with death benefits from $50,000 to $500,000 for 20 or 30 years, or until age 65. If your policy expires before you do, you’ll be able to get a portion of your premiums you paid over the years.

Each of these plans has been crafted with the knowledge of over 100 years of working in the life insurance business. Additional riders may also be applied to fully customize your policy.

Whole

A whole life policy is a permanent policy that lasts as long as you continue to pay your premiums. You’ll acquire cash value that you can use to help you during financial struggles or during retirement.

Like the term life policies, Illinois Mutual separates its policies into categories based on the customer’s needs.

  • Continuous Pay – WL Series 100 is Illinois Mutual’s simplest and most affordable whole life plan. The death benefit and cash value accumulation are guaranteed so long as you pay your premiums.
  • Continuous Pay – WL Series 200 offers the same benefits of the Series 100, but with a lower maturity rate and the opportunity to build cash value faster.
  • Limited Pay – WL Series 100 is a policy that pays during working years. Premiums are typically lower, and you can use dividends to build value.
  • Limited Pay – WL Series 200 offers the same perks as WL Series 100 but with the option to stop paying premiums after 20 years. Out of all Illinois Mutual’s policies, this one acquires cash value the fastest.
  • Single Pay Whole Life is a plan where the insured pays a lump sum in exchange for no future premiums. It also has an immediate cash value. This may be the only option for those expecting to die soon.

Just like the term, these policies can be further customized with riders to best suit your life.

Burial & Final Expense

Sometimes the only thing you need is to make sure that your final resting place is paid for.

Illinois Mutual offers both level and modified death benefits to help with final expenses. A death benefit pays out when the insured passes away.

  • A level death benefit provides a full death benefit and is guaranteed to never decrease.
  • A modified death benefit only pays the premiums that were paid in the first two years at 5 percent interest for non-accidental deaths. After that, the policy pays out 100 percent of the benefit. For accidental deaths, it always pays the full benefit.

These death benefits can help create a lasting sense of comfort that will stay with you until your final day.

Riders

rider is a provision added to an insurance policy for an additional charge that guarantees extra coverage to help create your ideal policy.

Illinois Mutual offers a variety of riders:

  • Accidental death benefit – This provides the full benefit should the insured die from accidental injury.
  • Child term insurance – As the name suggests, this provides term life insurance for all children after 15 days old who are born or adopted to the family.
  • Disability waiver of premium – This rider allows for a 24-month grace period at the start of the policy in which the insured doesn’t have to pay their premiums due to an illness or injury.
  • Guaranteed insurability option – This allows for additional coverage at scheduled dates without having to prove insurability.

The riders can be applied to most policies and add an extra level of security to your policy.

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Factors That Affect Your Rate

When an agent or underwriter is considering your policy, they’ll look at your life for any risk-taking hobbies or occupations, as well as your medical history.

Some policies may even require a medical examination before you qualify for the best benefits.

Demographics

Age and gender are the two most common factors when looking at life insurance rates. These two categories are how most base life insurance tables are organized.

Age is an important consideration for obvious reasons. The older you get, the more likely you are to die. This translates into higher premiums the later in life you sign up.

Gender is also considered because of the simple fact that women tend to live longer than men. Women are less risky investments, so they pay lower premiums on average.

This can be confusing to people and often raises questions during the enrollment process. However, as you can see, there are logical explanations that all depend on risk evaluation.

Current Health & Family Medical History

Those without major medical conditions will find themselves paying the lowest premiums every time. Working on a healthier weight, losing bad habits, and looking after your mind and heart will ensure you get the best rates.

To check your medical history, you will be subject to a health questionnaire and possibly even a medical exam.

You need to be honest because the underwriter can usually find out if you’re lying. If you’re caught, you could very well be rejected from the policy.

If you have a major medical condition, don’t worry. There are still policies and riders that you may qualify for. Some policies even allow those with a pacemaker to enroll.

High-Risk Occupations

If you hold a dangerous job, you’ve likely seen how risky your line of work can be first hand. The more dangerous your job is, the more it will reflect on your premiums.

Customers with jobs that have higher casualty and mortality rates will most likely have to pay higher premiums than someone in the same demographics with a safer position.

High-Risk Habits

High-risk habits are anything that you do in your personal life that has the potential to affect your health for the worse. This includes extreme sports, tobacco use, and excessive alcohol consumption.

Having said that, smoking is the most common factor that raises insurance rates. Even an occasional cigar can raise your rates significantly.

Veteran or Active Military Status

The U.S. Department of Veterans Affairs offers Servicemembers’ Group Life Insurance (SGLI) to provide low-cost group life insurance for active service members. Once you become a service member, you are automatically enrolled in the program until 120 days after your enlistment is finished.

After your service, you have a year and 120 days to decide if you want to enroll in the VA’s Veterans’ Group Life Insurance (VGLI) program. The sooner you sign up, however, the better the benefits you’ll get. For example, if you enroll within 240 days after your enlistment, you don’t have to answer any questions about your health.

Getting the Best Rate with Illinois Mutual

The simplest way to get lower rates is to do everything you can to extend your life. There are simple things you can do, such as:

  • Stop Smoking
  • Drink Less Often
  • Lose Weight
  • Eliminate Risky Behavior
  • Start Shopping as Soon as Possible

The last point is especially important, as age is one of the most important factors in determining your rates. Your premiums will cost less the sooner you start your policy. You’ll also have the option to accumulate more cash value.

You can also help keep your rates affordable by paying on time and ensuring you get the correct coverage for your lifestyle. Talking with a financial adviser or insurance agent will help you get a better idea of how to best make your personal rates more affordable.

It may even be worth considering switching companies if you’re not satisfied with your current service.

Illinois Mutual’s Programs

On their website, Illinois Mutual has a variety of resources in its Learning Center to provide guidance for prospective customers and agents. You can find infographics, articles, and videos for any number of insurance questions.

This comprehensive section is perfect for brand-new customers to become informed before making a choice.

Illinois Mutual is apparently looking for new agents, as their site has a Become an Agent tab at the top of their website.  You can fill out a simple form to request information or watch some recruitment videos if you need convincing.

Canceling Your Policy

There are many reasons to surrender your life insurance policy.

Whether you decide you no longer need your policy or you get a better option, canceling your policy is easy. However, you might only receive a portion of the premiums you paid, or maybe even nothing at all.

With a whole life policy, your cash value may be paid out after a certain period.

How to Cancel

Changing or canceling your policy is easy and can be accomplished in just a few steps.

#1 – Navigate to the Illinois Mutual Website

Go to IllinoisMutual.com.

Illinois Mutual Home Page

Notice the tabs up in the top right.

#2 – Go to the Policyowners Tab

Click on the tab for policyowners.

Illinois Mutual Policyowners page

#3 – Click on the Policy Service Tab Near the Bottom of the Page

After you click the tab, the drop-down menu will look like this:

Illinois Mutual Policy Service Page

If you have any questions before you change your policy, you can find phone numbers and an email address here as well.

#4 – Click to Download the Policy Service Request Form

Click the Click here prompt to download and print the following form.

Illinois Mutual Policy Service Request Form

Fill out the form in Adobe Acrobat or by hand. Just make sure the policyholder signs it.

#5 – Mail the Form to Illinois Mutual’s Home Office

Send the printed form signed and filled out by the policy owner.

Illinois Mutual Mailing Address

After you mail the letter, you can also find phone numbers and an email for any follow-up questions.

How to Make a Claim

Illinois Mutual has made filing a claim easy to alleviate any financial struggles that occur during the already troubling time.

Following the same steps above:

  • Go to IllinoisMutual.com
  • Click the Policyowners tab at the top
  • Click the Claims drop-down tab

From here you’ll find phone numbers and an email address for you to get the claims process started as soon as possible.

How to Get a Quote Online

Illinois Mutual has a life insurance calculator on their site that can give you a rough estimate of what you might expect to pay.

#1 – Go to www.IllinoisMutual.com

Illinois Mutual Home Page

Find the Get your quote today! button on the lower part of the screen and click on it.

#2 – After clicking, Input Your Information into the Quote Tool

Insert basic information about your demographics and habits.

Illinois Mutual Personal Information Form

Also, include what type of insurance product you’re looking for.

#3 – Review the Different Policy Options

After you click Enter, you’ll be greeted with a chart listing the various rates you could expect with Illinois Mutual’s plans.

Illinois Mutual Quote Results

These rates will start to give you an idea of where to start the conversation with your agent. You can call the phone number just under the charts if you wish to discuss your options with Illinois Mutual further.

Design of Website/App

The website is intuitive, with accessible tabs and sub-tabs that have easy-to-understand uses.

The Learning Center is full of information for both agents and customers. The graphics, videos, and articles are informative and easy to understand.

Illinois Mutual doesn’t have a wide enough customer base to justify creating a mobile app just yet.

Pros & Cons

At first glance, Illinois Mutual’s legacy is an inspiring tale of a family business that has lasted a century and will continue for the foreseeable future.

But like all successful businesses, there are things potential consumers should be aware of.

Pros

Illinois Mutual has proven itself to be formidable in their market.

  • They have proven themselves to last in the face of larger competition.
  • They offer a wide variety of policies and riders for any situation.
  • They are involved in the community and environmental service in their area.

They have a lot of potential to grow in the years to come.

Cons

While not as prominent as their successes, there are factors that have kept them from taking more of the market.

Though these might not seem that important, they have kept Illinois Mutual from reaching its full potential.

The Bottom Line

Illinois Mutual is a promising company with a century of providing its consumers with quality life insurance.

Priding itself on its fifth generation of leadership, Illinois Mutual has passed business secrets from parent to child to keep a steady place in their markets.

While this is a sweet sentiment, it is possible that this could potentially hold the business back in the long term. As of now, however, the business is holding steady and has the potential to take more of the market in the coming years.

Illinois Mutual’s FAQs

Illinois Mutual is bound to raise questions in nearly every consumer. As a company just starting to gather widespread attention, there isn’t much information available about them online.

#1 – Does Illinois Mutual only offer life insurance?

No. Illinois Mutual also offers disability income insurance that provides a monthly benefit to help you pay for your needs if you become sick or disabled.

They also offer voluntary worksite insurance that you can take with you from employer to employer.

#2 – Can I convert my policy from term to whole life insurance?

Yes, with certain policies. There are a few of the Path™ policies that come with a conversion rider that allows you to switch over within the term.

#3 – Does Illinois Mutual Life Insurance only sell inside Illinois?

No. Despite their moniker, Illinois Mutual is a nationwide company that is even leading in a few states outside of its home. In fact, Illinois Mutual is ranked by the NAIC as the 72nd leading life insurance company in South Dakota.

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