Illinois Mutual Life Insurance Review

Joseph Meyer
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History of Illinois Mutual Life Insurance Company

Illinois Mutual Life Insurance Co. began in 1902, with the assistance of friends and neighbors who pooled their resources to help a single household with their life insurance needs. Company Founder Adam Zimmerman believed that, as one of the men in the community, he had a responsibility to help those who had supported him in his efforts. As a result, Mr. Zimmerman and several other investors worked to raise the capital needed to found the organization.

Today, the company, located in Springfield, Illinois, is one of the largest mutual life insurance companies in the country. Its life insurance business is currently ranked 33rd on the list of the largest life insurance companies in the United States, and its assets are ranked 92nd on the list of best-managed mutual life insurance companies.

Over the years, Illinois Mutual has grown by offering additional financial products. It is now also the parent company of Illinois National Bank, an FDIC-insured bank with branches throughout the state of Illinois. Furthermore, Illinois Mutual sponsors a number of affiliated companies drawing upon the company’s resources and experience. For example, Illinois Mutual Investment Services, Inc. helps clients build financial security by providing specialized investment services, while The Balestri Group, a management services company, helps clients manage risk, grow their brand and realize wealth.

Ratings and Finances

The Illinois Mutual Life Insurance Company was founded in 1901 by 10 Freeport residents who shared a belief in helping others and valued an honest and ethical approach to business. Today, we are the 100th largest life insurance company in the U.S. based on life insurance in-force and fifth-largest based on total assets among mutual life insurance companies.

Through 162 branches, we serve more than 1.3 million policyholders in 19 states with individual life, disability income and long-term care insurance products. We have over 1,900 employees, including more than 1,400 at our corporate headquarters in Springfield, Illinois.

Illinois Mutual receives a 5 star rating from A.M. Best and has received such rating for the past 15 years. A.M. Best is a leading provider of rating, regulatory, financial reporting and reinsurance information services to the global capital and insurance markets. It is known for setting industry standards and for its analytical approach in determining ratings for the financial services industry.

Illinois Mutual’s target rating is A, on a scale of A to AAA. A is the highest rating assigned, indicating that a company is financially very strong with a capacity to meet its commitments.

Life Products from Illinois Mutual

The most allure of insurance is the return of your own investment or investment x years, plus interest, if you live. Insurance products from Illinois Mutual Life Insurance have a positive reputation as an insurer. Illinois Mutual Life Insurance contracts, known in the insurance business as policies, are based on the cash value life insurance model, which means that the insurance company builds in the investment factor. If you take your Illinois Mutual Life Insurance coverage out long enough to build some cash value, your beneficiaries will receive a death benefit that covers the investment part and a savings (interest) part that grows tax-deferred. It takes discipline and foresight to use this unique benefit to its fullest, but if you do, you can leave a legacy of helping more than just your family.

Path Protector Whole Life

As a parent, you know how important your kids are to you. There is no doubt that you love them and are prepared to sacrifice everything for them.

The only thing that makes you worry is the financial aspect. No parent wants to think about their children growing up and leaving home, usually when they start college or start a family of their own. This is a time that can be financially difficult even for a financially independent person.

A parent doesn’t want to be a financial burden on their children. That’s why whole life insurance, particularly an Illinois Mutual Path Protector Review is a great investment.

By now, you’re probably aware that whole life insurance works very differently than term life insurance. The term policy gives a death benefit, based on the policy amount. Whole life insurance builds cash value over time, and the survivor benefit is paid at the death of the insured. Whole life insurance also has a savings component, which can be accessed through a policy loan.

Path Protector Term Life

Path Protector term life insurance was created to help people who are not interested in taking cash value from their life insurance policy. It is offered in three different types of policies a zero death benefit, modified accelerated death benefit, and a graded accelerated death benefit policy.

The zero death benefit means that after the policy matures you may convert the policy to a permanent whole life policy with face value at 120%. It usually takes around 6-8 months for the policy to mature; this will depend on the age of the insured.

In a graded accelerated death benefit policy you will be able to accelerate a certain percentage of the death benefit up to 25%. For example, you can choose to be able to accelerate 10% of the death benefit if you choose to.

With a modified accelerated death benefit, you are able to choose whether you would like to be able to accelerate a certain percentage of the death benefit. This means that you do not have to choose but can still be able to accelerate some of the death benefit if you want to.

It is very important that you read the policy thoroughly so that you know exactly what you are getting.

Path Protector Return of Premium Term Life

If you would like to purchase a plan with the Return of Premium, you will be charged an extra amount for every single year you have on the policy. This is a lump sum which you will be refunded when your death benefit is released. There are different rates that vary according to your age at the start of the plan. If you are between the ages of 25 and 50, you will need to pay a lot more than you would if you were over 50. Before you purchase any kind of plan, it’s important to make sure the insurance company that you’re choosing have their own website and the proper qualifications and licensing.

Path Protector Final Expense

Is an Illinois Mutual Life Insurance Company product that covers mortgages. The policy will cover the mortgage payments when the borrower dies.

Sometimes, these mortgages are called reverse mortgages, and these are mortgage loans that are offered to people who are 65 years and older. Anyone can get a reverse mortgage, but most of the time, the loans are taken out by seniors who want to stay in their homes even when their later years of life will include financial challenges.

This insurance policy offers peace of mind to the people who have mortgages, and it also gives the policyholder a way to help their family members if something should happen to them. The policyholder can choose to leave the balance of the mortgage, the full cash value of the home, or a combination of both to the beneficiaries.

Benefits of the Path Protector Final Expense

{1}. The policyholder can name beneficiaries.
{2}. The rates are competitive, and no health questions are asked.
{3}. The policyholder can use the funds for any purpose. This can include covering medical bills, college tuition, or repairs for the house.
{4}. The policyholder can choose how much to pay each month and when the payments should end.
{5}. The policyholder can make changes to the plan at any time up until the day of the loan’s last payment.

Disability Insurance from Illinois Mutual

Illinois Mutual understands that sometimes life happens all at once. Maybe you’ve been injured. Maybe you’re planning a family. Maybe you’re caring for a loved one. You’re keeping your head above water, but you’re struggling to protect the heart of your financial life. You aren’t alone, and we’re here to take the worry out of your situation with disability insurance for your financial well-being.

If you’re receiving social security benefits, you’re eligible for Disability Income Insurance from Illinois Mutual that can provide you with income protection in case you can’t work.

Ever since the introduction of the Affordable Care Act, insurance companies have changed their approach to providing disability insurance. Individuals are no longer being sold long-term disability insurance coverage. Instead, the focus is on short-term disability insurance (STDI). The STDI policy provides benefits for a specific period of time, typically 12 months, following the onset of the disability.

Worksite Insurance

Most people have some sort of insurance plan through their employer. Plans are made to offer protection to employees from unexpected circumstances.

Most plans are priced too high that most Americans are not able to afford coverage at a reasonable rate.

When you need to find a family insurance, you’ll find that it is impossible to find policies that makes sense for you.

Here is a great plan that most people can afford.

Illinois Mutual Life Insurance is one of the few that offer opportunity for you to have affordable coverage for you and your family.

Since 1907 Illinois Mutual has sought to serve the community, and today they offer one of the most affordable options for Health, Life, Disability, and Long Term Care Insurance.

Illinois Mutual is a mutual company so it is unique in that it is owned by policyholders, who act as stockholders, and meet annually in a formal meeting. Unlike other companies, Illinois Mutual does not pay dividends to stockholders.

The benefit of being a mutual company is that they have deep roots serving the community and one another. They have a different focus from other companies, and that focus is on its policy holders.

Quicks Pros and Cons of Illinois Mutual

Illinois Mutual has been around for over 150 years and offers great rates and safety for your family. However, there are both Pros and Cons to this SR-22 insurance.

No Exceptions on Death/Injury Clauses

Illinois Mutual has the reputation of being the longest-running insurance business in the United States. This says volumes about the company’s reputation and its long history.

It’s been around for over 150 years and has served millions of people. You can rest easy knowing that when you purchase an Illinois Mutual policy, you’re getting the highest-quality insurance at a great price.

Even though Illinois Mutual offers great coverage at a very competitive price, there is a trade-off with the coverage time. There is a long application time and a long wait time for your coverage to become effective. On average, it takes 3 to 5 weeks for an Illinois Mutual life insurance application to be reviewed. And with a 62-day waiting period, you can end up waiting more than 3 months for your coverage to become effective.

How and Where to Get Insurance

As a new family business owner, one thing you need to understand is how insurance works and how it can potentially benefit you and your family.

We always hear about insurance from the perspective of the insurance company but let’s hear it from the customer. Here are some options you can evaluate for your insurance needs.

{1}. Illinois Mutual Life Insurance
{2}. Liberty Mutual