Best Life Insurance Companies In Illinois For 2024

My research has shown that MassMutual is the best life insurance company in Illinois.

min read
Updated: 15 April 2024
Written by
Bob Phillips
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After researching life insurance carriers in Illinois, I came to the conclusion that the best life insurance overall in the state is MassMutual. This determination was not based on market share alone, but by the company’s top customer service, excellent coverage, and the price. In my opinion, those factors make MassMutual the right choice for anyone who wants to get the highest quality life insurance at the lowest price.

If you’re contemplating buying life insurance, but hesitate because it seems a little overwhelming to try and struggle through all those unfamiliar terms and phrases used in insurance and medical jargon, I’m here to help. Life insurance is perhaps one of the most important financial investments you will ever make.

 

Best Life Insurance Companies In Illinois, 2024

mass-mutual-icon-logo
Best Overall - MassMutual
mutualofohamaicon-logo
Best For Seniors - Mutual of Omaha
transamerica-icon-logo
Best For Young Adults - Transamerica
nationwide-icon-logo
Best For Smokers - Nationwide
Best Life Insurance, Illinois 2024

Compare The Best Life Insurance Companies In Illinois

To help you in evaluating the top life insurance companies in Illinois, this table shows my preferred companies across a few important factors.

Overall Rating Best For A.M. Best Rating Online Experience J.D. Power Rating Get A Quote
MassMutual
4.8

Overall

A++

9.7

780

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

9.7

801

Instant Quote
State Farm
4.8

Customer Service

A++

9.5

839

Instant Quote
Transamerica
4.7

Young Adults

A

9.8

740

Instant Quote
MassMutual
4.8

Cheapest Life Insurance

A++

9.7

780

Instant Quote
Nationwide
4.6

Smokers

A+

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

When I began this research project to determine which life insurance companies in Illinois were the best, my approach was to conduct an intensive evaluation of the state's leading providers and compare them to each other. Numerous factors were considered, which included things like: online user experience, product offerings, cost, and customer service ratings. I also took advantage of my years of experience in life insurance sales, as well as my years of interaction with agents from other insurers. That experience endowed me with insights into a wide variety of products and services within the insurance industry.

34

Quotes Analyzed

15+

Years Of Experience

18

Brands Reviewed

30+

Research Hours

The Best Life Insurance Companies In Illinois


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Research led us to the conclusion that MassMutual earned the title of Best Overall due to its numerous strengths. It offers a variety of highest quality insurance products, such as term life, whole life, and universal life…all at competitive rates. MassMutual policies offer multiple riders that may be added to your policy, also.

MassMutual’s sales agents are highly trained and knowledgeable in the field of life insurance, and they only represent MassMutual’s insurance products. They’re sometimes called “career agents” with their extensive knowledge of the insurer’s life insurance products, and are well qualified to answer most frequently asked questions of consumers.

This is immensely helpful to policyholders, or those shopping around, who want to gain a better understanding of life insurance.

MassMutual’s vigorous financial strength was another major point in my ratings. It has received the highest  rating possible from AM Best (A++ Superior) because of its financial strength along with stability, and its ability to pay claims.

The designation of Best Overall is a direct effect of MassMutual’s dedication to providing a wide range of insurance products, along with an expert sales and service team. This determination wasn’t founded on price by itself, although its rates are very competitive.

MassMutual may not have quite as much brand recognition or market share as some of the competition, nonetheless it’s a reputable and well respected insurance provider within Illinois.

Benefits & Drawbacks

Benefits
  • Exceptional financial ratings
  • Wide range of products and numerous additional options
  • Most affordable rates in Illinois
Drawbacks
  • Unable to make online purchases for whole life products
  • Slightly lower J.D. Power rating compared to certain major competitors
  • Limited purchasing avenues only available through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Since back in 1909, Mutual of Omaha has maintained a commitment to addressing the life insurance needs of seniors. America’s older age group puts their trust in Mutual of Omaha, not just because of its popular television show “Mutual of Omaha’s Wild Kingdom,” but also due to the in-depth training its agents receive on how to best serve the life insurance needs of the senior niche market.

This company is well known for its senior life insurance products, including two that were specially designed for older aged people with health problems. One of these is a guaranteed-issue policy that requires no medical examination or access to an applicant’s health records, making it an attractive selection for seniors with serious health problems such as stroke, heart attack, or cancer.

The second product is a simplified-issue policy that although it does require medical history records, it doesn’t require a medical exam. This policy is a favorite choice of seniors with minor medical issues like Type 2 Diabetes, high blood pressure.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in Illinois
  • Offers seniors peace of mind through well-trained agents
  • Company maintains a strong financial standing
Drawbacks
  • Higher ratio of complaints compared to certain competitors
  • Presence of fewer agents in Illinois compared to many other major insurers

Best Life Insurance Companies For Seniors In Illinois

Company Monthly Cost
MassMutual $40.01
Mutual of Omaha $45.03
Nationwide $46.02
State Farm $53.01
Progressive Life $69.99

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica is well aware of its own strengths, and one of those is offering inexpensive life insurance rates for young adults. The company realizes that many younger people are cautious with their finances, especially when it comes to buying an intangible product like life insurance.

This is why Transamerica is careful to keep its rates within the limits of a younger, cost-conscious demographic trying to maximize their life insurance benefits while minimizing their financial expenditure.

Transamerica is also aware that this younger group of consumers is used to doing business online, and have consequently made sure that their website is designed to be easy to navigate and comfortable. This group of consumers want an online experience that’s user-friendly with clear, concise information that they can access quickly and efficiently.

Transamerica’s website provides that, so visitors can move through the site easily. Transamerica believes that everybody, regardless of age or budget, deserves the peace of mind and protection that having life insurance provides.

Life insurance companies often find it a challenge marketing to a young group of consumers. This could be because many young adults don’t “get” the importance of having life insurance yet. As time goes on, members of this younger group are waiting until later in life to marry, with a tendency to put off getting life insurance until after marriage or having children.

Companies such as Transamerica put the spotlight on offering life insurance to this group because it’s a good move financially: Younger policyholders have lower mortality rates, meaning higher profits for the company.

Of the companies reviewed, Transamerica was given the lowest ranking in customer service. This might be due to their practice of using independent insurance agents for sales and service. Some independent agents, working alone without company supervision, probably have room for improvement in both of those areas. This would account for the lower rating in customer service.

Benefits & Drawbacks

Benefits
  • Option to purchase term life insurance online
  • Policy face amounts can reach as high as $10 million
  • No medical exam required for up to $2 million for qualifying applicants
Drawbacks
  • Minimum term life insurance face amount starts at $25,000
  • Customer service satisfaction scores are lower compared to competitors

Best Life Insurance Companies For Young Adults In Illinois

Company Monthly Cost
Mutual of Omaha $17.02
MassMutual $18.02
Transamerica $16.01
Nationwide $22.02
Progressive Life $25.01

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, Illinois’s leading life insurance provider, is a financially strong leader with competitive rates. Other insurers offer low price term life insurance, but MassMutual’s rates are the most economical choice.

While it’s not a good idea to select your life insurance on cost alone, there can be no doubt that price is a main point among most life insurance buyers. MassMutual has the best rates for Illinois residents in the market for life insurance, even though it’s  more generally better known for its professionalism than its low price. MassMutual is committed to expanding its market share in the Prairie State, and is using aggressive pricing strategies to attain this goal.

Benefits & Drawbacks

Benefits
  • Features an extensive network of well-trained agents selling MassMutual policies
  • Offers a complete range of life insurance products
  • Stands as the most cost-effective option we assessed for life insurance in Illinois
Drawbacks
  • No provision for online applications for life insurance products
  • Limited purchasing avenue—only available through a MassMutual agent

Cheapest Life Insurance Companies In Illinois

Company Average Monthly Cost
MassMutual $11.99
Mutual of Omaha $11.03
Nationwide $9.03
Transamerica $10.02
State Farm $17.01

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a well established, reputable company with many local offices for sales and service, which makes it a favorite for policyholders. The company’s famous slogan: “Nationwide is on your side,” is the literal truth for Illinois smokers hoping to secure life insurance at a reasonable rate.

Nationwide’s premiums for smokers might cost a little more than its competitors, but I reached the conclusion that it’s still the wisest choice for smokers because of its great customer service, easy access to agents, as well as competitive rates.

Benefits & Drawbacks

Benefits
  • Boasts an extensive network of well-trained agents selling Nationwide policies
  • Offers a complete range of life insurance products
  • Features many offices located throughout Illinois
Drawbacks
  • No provision for online applications for life insurance products
  • Limited purchasing avenue only available through a Nationwide agent

Best Life Insurance Companies In Illinois For Smokers

Company Average Monthly Cost
Transamerica $108.02
MassMutual $127.02
Nationwide $130.01
State Farm $129.98
Mutual of Omaha $139.05

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker

If you smoke and are shopping for life insurance, you’ll soon find out that your rates are probably going to be dramatically higher than for nonsmokers. You’ll save time and money if you can show an insurer that you haven’t smoked for the past 1-2 years.

This depends on the insurance company’s policies, and some insurance providers will charge higher premiums if you’ve ever smoked at all. That being said, you might get a lower price if you search around and compare rates. You’ll probably have to undergo a paramedical examination along with a blood test to prove that you don’t currently have nicotine in your bloodstream.


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers, the leading marketing research firm in the US, has been in business for more than 50 years and has long recognized State Farm as a life insurance company with excellent customer satisfaction rankings, a reflection of this company’s commitment to excellent customer service.

This won’t come as a surprise if you stop to think that State Farm has more agents in the field than any other insurance company in the nation.

State Farm is commended for its dedication to customer service, something that is appreciated by policyholders. This company is unique in its many local offices where policyholders can meet with a local agent in person for the sales help and/or service they need.

State Farm is renowned for its superlative customer service and fast claims process. This is an important point in life insurance, and is even more so when a family is mourning and depending on a life insurance company for assistance that’s timely as well as compassionate.

Benefits & Drawbacks

Benefits
  • Maintains a significantly lower number of customer complaints than the industry average
  • Holds top financial ratings for claims-paying ability
  • Boasts a greater number of agents providing service than any other insurer
Drawbacks
  • Limited to purchasing policies only through State Farm agents
  • Availability of riders is restricted to a limited number

How To Find The Best Life Insurance Company For You

If you’re a resident of Illinois and thinking about securing life insurance, you should know upfront that when it comes to life insurance policies, there’s no one-size-fits-all. Insuranceopedia realizes that everyone’s circumstances are uniquely theirs and theirs alone, depending on their particular situation.

I kept this in mind when comparing different companies and handed out awards for the various categories. To get the best life insurance for your needs, I advise you to follow these three simple steps:

  1. Figure the amount of coverage you’ll need. Most insurance companies have “life insurance calculators” on their websites that come in handy to help you calculate how much coverage is adequate for you.
  2. Select three likely companies that seem good to you, for comparisons. Comparing life insurance companies along with coverage is smart, but don’t just compare their rates, you should also check their financial strength, customer reviews, and other important statistics, too. Low rates are important, but they’d be worth nothing if your life insurance company couldn’t pay the claim.
  3. When you have narrowed your choices to just one company, you can submit an application for coverage. Numerous life insurance shoppers don’t go on to complete the buying process, but postpone purchasing life insurance until a later, unspecified date. It’s important not to wait, because if life insurance is needed, it will be too late to get it. Your family’s comfort, security and protection is up to you, so it’s vitally important not to delay.
 

Average Cost Of Life Insurance In Illinois For Females

Company Rates For $250,000 Coverage Rates For $632,000 Coverage
MassMutual $11.03 $17.02
Mutual of Omaha $12.05 $17.03
Nationwide $11.02 $16.01
Transamerica $10.01 $18.02
State Farm $16.99 $33.01

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Average Cost Of  Life Insurance In Illinois For Males

Company Rates For $250,000 Coverage Rates For $632,000 Coverage
MassMutual $11.02 $21.02
Nationwide $12.03 $22.01
Mutual of Omaha $13.01 $23.02
Transamerica $12.01 $25.03
State Farm $21.02 $43.03

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Largest Life Insurance Companies In Illinois

There are many life insurance companies operating in Illinois. Here are the five largest, measured by market share:

Company Market Share
New York Life 5.58%
State Farm 4.12%
Northwestern Mutual 11.30%
Primerica 3.86%
Southern Farm Bureau Life Insurance 3.71%

Factors That Impact The Cost Of Your Life Insurance In Illinois

The cost of life insurance in Illinois is influenced by various factors, including:

  • Your chosen life insurance company
  • Age
  • Gender
  • Health condition
  • Smoking habits
  • Credit score
  • Riders added to your policy

Typically, men tend to pay higher insurance premiums than women due to their shorter lifespans. Likewise, smokers are charged more because they generally have shorter life expectancies. Insurance companies in Illinois might also factor in your credit score when determining your insurance rate. Furthermore, adding riders to your policy, such as disability waiver of premium or child riders, can increase the overall cost of your insurance policy.

How Much Life Insurance Do You Need In Illinois?

The amount of life insurance adequate for your specific needs is based on your circumstances.  Homeowners, for instance, usually need more life insurance than those who rent their homes. People with dependents, such as children, are likely to need more coverage, too.

Life insurance agents will generally advise you to secure coverage of 10-20 times your annual wages to make sure there is adequate protection for your family. For example, if your yearly income is $75,000, you may need coverage ranging from $750,000 to $1.5 million.

Illinois Life Insurance Laws To Know

If you’re preparing to purchase life insurance in Illinois, you may find it helpful to become familiar with the state’s basic guidelines that have been implemented to protect policyholders. These laws include:

Contestable Period

Life insurance companies in Illinois can deny paying a claim if they discover that the policyholder gave false or misleading information on their application, within two years of the policy’s effective date. But, after two years passed, the insurer can’t contest the application based on errors or discrepancies.

Free Look Period

After you receive your life insurance policy, you’ll have 10 days to review it. Within this 10 day period, if you decide that you don’t want the policy after all, you can return it with no penalty, and receive a full refund for any premiums you have paid.

Grace Period For Missed Payments

If you miss a payment, Illinois law allows you a 30 day grace period. During this time, you can still make the payment without losing your insurance.

Time Allowable To Settle A Claim

Beneficiaries are required to file a claim with the insurance company in order to receive benefits. Once the claim has been filed, life insurance companies in Illinois are required to settle the claim within 30 days.

Guaranty Fund Protection

The Illinois Guaranty Association will cover as much as $300,000 of your death benefits and $100,000 of your policy’s cash surrender value in the event that your insurance company becomes bankrupt.

 

FAQs

Is life insurance more expensive in Illinois?

No, it isn’t. Life insurance rates in Illinois are about the same as in other states. Insurers who charge higher rates sometimes do so because they have paid out more claims than they anticipated.

How much per month is a million-dollar life insurance policy in Illinois?

According to my research, MassMutual has the lowest rates for a ten year term life policy of $1 million in Illinois, with a premium of  approximately $25 per month.

What is the average monthly cost of life insurance in Illinois?

Life insurance rates for a 30 year old man in Illinois might be as low as $11 per month for $250,000 of coverage. The same amount of coverage for a 30 year old woman in Illinois will cost around $10 per month.

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