Illinois Mutual is anything but your “traditional” whole life insurance company. Instead, it takes a different approach to serving customers throughout the country.
It all starts with the company’s vision:
“We will be the middle market’s preferred choice for financial solutions backed by sustainable financial strength.”
This may not be the same approach that larger companies take – as they want to service consumers in all markets – but it has worked well for Illinois Mutual over the years.
From the outside looking in, Illinois Mutual is a small company with affordable prices. However, those who have purchased from the company in the past realize that it has much more to offer.
The Good
Financial Strength
While some companies continue to lag behind in this area, Illinois Mutual is picking up its game. Here is an excerpt from its 2016 Annual Report:
“The strength and perseverance of our team was evident in 2016 when, among other successes, Illinois Mutual achieved the long-term strategic objective of A.M. Best upgrading the Company’s Financial Strength Rating to A- (Excellent).”
Meeting this one goal goes a long way in showing that Illinois Mutual is one of the top players in the industry in regards to financial strength.
Note: Illinois Mutual had total assets of $1,434,323,781 in 2016, up from $1,388,934,930 in 2015.
Variety of Coverage Options
It doesn’t matter what type of whole life policy you’re seeking, there’s a good chance that Illinois Mutual has something for you to consider.
For example, its Life Foundations Whole Life (LFWL) is one of its most popular policies. With this, a portion of each premium is added to a cash value account that continues to grow over the life of the policy. As a result, the cash can be accessed at any time, such as to pay for college tuition or supplement retirement income.
Participating Policies
With participating policies, the company pays dividends when possible. While there is no guarantee that this will happen in the future, the financial strength of Illinois Mutual lends nicely to this continuing to be the case. Dividends can be used for many things, such as:
- To reduce future premium payments
- To purchase additional life insurance
- Accumulate interest
- Receive cash
Not every whole life insurance company pays dividends, so this allows Illinois Mutual to stand out from the crowd.
The Not So Good
Lack of Information
In an overall sense, Illinois Mutual is anything but a small company. With assets that total $1,434,323,781, it’s easy to see that this is true.
However, when compared to other whole life insurance companies, such as those that work on a national scale, it’s a small fish in a large pond.
With this in mind, it can be a challenge to secure quality information from third party providers.
Smaller Service Area
Some life insurance companies sell policies to consumers in every state. Others, such as Illinois Mutual, don’t have nearly as large of a footprint.
For instance, coverage is not currently available to consumers in Alaska, Washington DC, Hawaii, Montana, or New York.
The Numbers
The following are some example quotes for $500,000 for a male age 35 at multiple ratings (MONTHLY prices):
| Plan | Preferred Non-Tobacco | Standard Non-Tobacco | Standard Tobacco |
| Continuous Pay |
$453.20
|
$474.32
|
$579.04
|
| To Age 65 Pay |
$634.92
|
$660.44
|
$745.36
|
| 20-Pay |
$730.40
|
$761.64
|
$946.00
|
| 10-Pay |
$1,242.56
|
$1,294.04
|
$1,565.52
|
The previous is not an actual illustration. To get real numbers for your particular situation contact us.
With regards to price Illinois Mutual whole life insurance is great…
Final Word
There are life insurance companies that get by on nothing more than brand reputation. Illinois Mutual is not one of them.
Despite its small size when compared to larger companies in the industry, Illinois Mutual has been able to achieve great success.
In addition to its financial strength, Illinois Mutual is known for affordable premiums, a variety of policy types, and its dividend payouts.
If you’re able to purchase Illinois Mutual whole life insurance in your state, it’s worth a look.
