Best Life Insurance Companies In Joliet, IL

Transamerica comes out on top, as the best life insurance company in Joliet.

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Updated: 16 May 2024
Written by Bob Phillips
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When it comes to protecting your loved ones with life insurance, the choices you make are incredibly important. It ensures that your family will be financially secure in case something unfortunate happens to you.

After carefully researching various life insurance companies in Joliet, we have found that Transamerica is the best option. They offer exceptional life insurance products with reasonable premiums for people of all ages.

In this review, we will look into whole life, term life, and variable universal life policies, as well as the average cost of life insurance in Joliet. This information is crucial because selecting the wrong insurance company or policy for your age group can create long-term financial difficulties for your family.

As someone who has worked as a career agent, I am familiar with the companies we will discuss in this review. While these insurers cater to different groups of people, they are all financially stable and provide excellent customer service.

Best Life Insurance Companies In Joliet, IL 2024

Best Life Insurance, Joliet 2024

Compare The Best Life Insurance Companies In Joliet, IL

For your convenience, we have prepared a table showcasing our preferred life insurance companies in Joliet based on several important factors.

Online Experience (Best 10.0) Overall Rating A.M. Best Rating Best For J.D. Power Rating (Best 1000) Get A Quote
Northwestern Mutual

9.5

4.8

A++

Best Overall Runner-Up

794

Instant Quote
Transamerica

9.7

4.9

A

Best Overall

740

Instant Quote
Transamerica

9.7

4.9

A

Best For Young Adults

740

Instant Quote
Nationwide

9.6

4.8

A+

Best For Cheapest Life Insurance

791

Instant Quote
MassMutual

9.2

4.8

A++

Best For Seniors

780

Instant Quote
Banner Life

9.6

4.7

A+

Best For Customer Service

NR

Instant Quote
Scroll to see comparisons

Our Methodology

We conducted a thorough analysis that considered several factors, such as customer service ratings, product options, pricing, and the online experience. Our approach was meticulous and aimed to provide comprehensive insights. Furthermore, my personal experience in selling life insurance and interacting with agents from different companies has given me valuable knowledge about their offerings and services.

46

Quotes Analyzed

15+

Years Of Industry Experience

16

Brands Reviewed

29+

Research Hours

Best Life Insurance Companies In Joliet, IL


Best Overall

Overall Rating
4.9

Key Statistics

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

Why We Like Them

Transamerica sets itself apart by offering a range of competitive life insurance policies to meet diverse customer needs. They provide two types of term life insurance, covering durations of 10, 15, 20, 25, and 30 years. In addition, they offer whole life insurance policies with coverage up to $2 million, as well as smaller policies designed specifically for final expenses like funeral costs.

Transamerica’s dedicated agents are ready to assist you in choosing the right plan for your unique requirements, whether it’s index or variable universal life coverage. With affordable pricing and a variety of coverage options, Transamerica is among the top life insurance companies in Joliet. Their unwavering commitment to delivering value and personalized service makes them an excellent choice for those seeking reliable life insurance.

Benefits & Drawbacks

Benefits
  • Widely available through independent agents
  • Offers a variety of products
  • Considered affordable
Drawbacks
  • Not the best rates for seniors
  • Received lower J.D. Power rating compared to some competitors

Best Overall Runner-Up

Overall Rating
4.8

Key Statistics

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

Why We Like Them

Northwestern Mutual shines as a highly regarded life insurance company, known for its unique ownership structure that prioritizes policyholders over shareholders. This structure allows potential annual dividends for eligible policyholders when the company performs well.

Flexibility is key at Northwestern Mutual. They provide a range of coverage options, including term, whole, and universal life insurance policies, with customizable payment plans to suit individual preferences. A noteworthy feature is the ability to convert term-life policies to whole life policies without requiring a medical examination.

Recognized for their commitment to flexibility and customer satisfaction, Northwestern Mutual has established itself as one of the top life insurance companies in Joliet. Their steadfast dedication to exceptional service and tailored coverage options positions them as a reliable and trustworthy choice for individuals seeking dependable life insurance.

Benefits & Drawbacks

Benefits
  • Offers a range of term and permanent policy options
  • Receives outstanding customer satisfaction ratings
  • Possesses a highly informed agent sales force
Drawbacks
  • Available exclusively through Northwestern Mutual career agents
  • Premiums may be expensive for both younger adults and seniors
  • Does not provide a variable life insurance policy

Best For Seniors

Overall Rating
4.8

Key Statistics

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

Why We Like Them

MassMutual is a well-known life insurance company that offers a wide range of financial products and services. As a company owned by its policyholders, they provide dividend payments based on chosen products.

According to a recent study by J.D. Power, MassMutual ranks above average in customer satisfaction for life insurance. Their application process is efficient and streamlined, which seniors find appealing. Moreover, they offer competitive rates for seniors, making them one of the top life insurance companies in Joliet.

In addition to great life insurance options, MassMutual also provides various financial planning and wealth management services. These services are helpful for clients working towards their long-term financial goals. With a strong commitment to customer satisfaction and financial stability, MassMutual is a trusted choice for individuals and families seeking reliable financial products and services.

Benefits & Drawbacks

Benefits
  • Provides the most competitive rates for seniors in Joliet
  • Demonstrates robust financial stability as a company
Drawbacks
  • Offers a restricted selection of life insurance products for seniors compared to certain competitors
  • Career agents may lack specialization in the senior market

Best For Young Adults

Overall Rating
4.9

Key Statistics

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

Why We Like Them

Transamerica is a popular choice for life insurance in Joliet. They have a wide network of independent agents who offer their policies. Their term life insurance is particularly affordable, especially for young adults.

Transamerica understands the preferences of today’s generation, who often prefer to buy insurance online. They have a user-friendly website where customers can easily get a quote and make online transactions.

For those who prefer a personal touch, Transamerica also provides a “Locate an Agent” feature on their website. This helps customers find a local agent who can guide them in choosing the right policy for their needs.

Overall, Transamerica’s affordability and easy-to-use website make it a great option for buying life insurance in Joliet.

Benefits & Drawbacks

Benefits
  • Allows for easy online purchase of term life insurance
  • Provides high policy face amounts of up to $10 million
  • Qualifying applicants can secure coverage up to $2 million without a medical exam
Drawbacks
  • The minimum face amount for available term life insurance is $25,000
  • The issuance of the Final Expense Policy is not guaranteed

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

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

Why We Like Them

Standing out among the competition, Nationwide Insurance shines as a renowned provider known for offering the most budget-friendly rates compared to the majority of life insurers in Joliet. Their exceptional performance is attributed to the expertise of their highly skilled team of career and independent agents, who go above and beyond to ensure customers receive accurate pricing and outstanding service.

Nationwide leaves no stone unturned when it comes to life insurance options. Whether you seek term coverage or prefer a permanent solution like whole life, universal life, or variable universal life insurance, Nationwide has you covered. What sets them apart is their hassle-free, no-exam life insurance plan, providing a simplified process for those seeking convenience.

Convenience is at the core of Nationwide’s approach. With an extensive network of neighborhood offices throughout Joliet, locating a local agent or contacting their home office to connect with a career or independent agent is effortless and stress-free.

Nationwide has earned impressive financial ratings and boasts a strong track record of customer satisfaction, solidifying their position as a leading life insurance company in the industry. Their unwavering commitment to offering affordable rates makes them an outstanding choice for Joliet residents seeking reliable protection without straining their finances.

Benefits & Drawbacks

Benefits
  • Nationwide policies are sold through an extensive network of trained agents
  • Provides a comprehensive range of life insurance products
  • One of the most affordable options we evaluated
Drawbacks
  • Term life insurance is limited to applicants aged 70 or younger
  • No online quotes or applications for permanent life insurance products

Best For Customer Service

Overall Rating
4.7

Key Statistics

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

Why We Like Them

Banner Life, also known as William Penn in New York and owned by Legal & General America, is an excellent choice for term life insurance. They offer competitive prices for different age groups and health conditions. What’s more, they have a quick approval process for eligible applicants, without requiring a medical exam, and provide coverage up to $2 million.

Banner Life understands the needs of various individuals, including those with different health conditions like smokers, diabetes, bipolar disorder, and high blood pressure. This means that people across different age groups and health conditions can find favorable rates with Banner Life.

According to the latest data from the National Association of Insurance Commissioners, Banner Life received an impressive index rating of 0.35, which is well below the industry average of 1.00. This means that Banner Life receives significantly fewer complaints, about 65% less than the average life insurance company. This low complaint ratio demonstrates the high-quality service provided by Banner Life.

Benefits & Drawbacks

Benefits
  • Demonstrates a lower number of customer complaints compared to the industry average
  • Particularly suitable for individuals with pre-existing medical conditions
  • Provides policy options that do not require a medical exam
Drawbacks
  • Receives fair financial ratings (not rated by Moody's)
  • Offers a limited selection of riders

How To Find The Best Life Insurance Company For You

When comparing insurance companies, it’s important to recognize that each company offers policies tailored to different needs. Depending on your specific circumstances, one company may have more advantages for you compared to others.

For example, if you’re 65 years old and looking for $25,000 of whole life insurance, MassMutual could be the best choice. On the other hand, if you’re 35 years old, Nationwide might be a better option for a life insurance policy.

If you prefer the convenience of buying life insurance online, companies like Transamerica might be more suitable than those that only operate through agents. To find the best life insurance company for your needs, ask yourself these five questions:

How are the company’s financial ratings?

  1. Does the company offer the specific policy type I need?
  2. Do I prefer help from a local agent or browsing policies online?
  3. Are the company’s rates competitive for my age group?
  4. Are most of the online reviews about the company positive?

Keep in mind that everyone is unique, and your needs may differ from those of others.

Largest Life Insurance Companies In Illinois

When it comes to life insurance in Illinois, there are plenty of options available. Today, we’ll explore the five largest companies in the state based on their market share:

Company Market Share
Northwestern Mutual 14%
Lincoln Financial 6%
Prudential 5%
New York Life 4%
MassMutual 4%

Average Cost Of Life Insurance In Joliet, Illinois

Average Cost Of Life Insurance In Joliet For Females

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
Nationwide $12 $19
Mutual of Omaha $14 $20
MassMutual $15 $18
Transamerica $15 $22
AAA $16 $37
State Farm $19 $31
Prudential $21 $34

Average Cost Of Life Insurance In Joliet For Males

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
Nationwide $12 $22
MassMutual $13 $23
Mutual of Omaha $14 $25
Transamerica $15 $27
Prudential $32 $52
Progressive $26 $58

Average Cost Of Life Insurance For Young People In Joliet, Illinois

(Male, average age of 25, average weight of 159, average coverage need of $310,000)

Company Rates for $310,000 Coverage
Transamerica $17
Mutual of Omaha $19
MassMutual $14
AAA $21
Prudential $24

Average Cost Of Life Insurance For Seniors In Joliet, Illinois

(Average age 60, average weight of 187, average coverage need of $94,000)

Company Rates for $94,000 Coverage
MassMutual $41
Mutual of Omaha $44
Nationwide $45
State Farm $53
AAA $60

Illinois Life Insurance Laws To Know

In Illinois, life insurance companies follow specific rules to protect policyholders and ensure policies work as intended.

Contestable Period:

For two years after the policy starts, the insurance company can reject a claim if they find any incorrect or false information provided by the policyholder on their application.

Free Look Period:

After receiving the policy, the insured person has 10 days to review it. If they’re not happy, they can return it for a full refund of the premiums paid.

Grace Period For Missed Payments:

If a payment is missed, the policyholder in Illinois has 30 days to catch up before the insurance company cancels their coverage. This gives them a fair chance to make up the payment and keep their insurance.

In The news

In a game-changing move, the Illinois Department of Insurance (IDOI) made a significant leap forward with the introduction of the IDOI Help Center in April 2023. This innovative platform replaces the old-fashioned consumer complaints system and aims to provide better assistance to the 15,000 Illinois insurance consumers who file complaints every year against various insurance companies. Whether it’s life insurance providers, home and auto insurers, or health insurance companies, the IDOI Help Center revolutionizes the consumer experience by utilizing advanced technology and offering personalized support. With a strong focus on efficiency and empowering consumers, the IDOI Help Center sets a whole new standard for resolving complaints and protecting the rights of insurance consumers in Illinois.

Information About Joliet

Joliet, a picturesque town nestled just south of the breathtaking Joliet National Park, offers its residents a delightful blend of serene countryside and easy access to urban amenities. Located in the heart of Joliet County, this charming town provides a warm and welcoming community with an array of attractions and conveniences.

Joliet is renowned for its natural beauty, with sprawling parks and recreational areas that cater to outdoor enthusiasts. The tranquil Joliet Meadows Park and Joliet River Trail provide idyllic settings for leisurely walks and immersing oneself in the wonders of nature. For those seeking retail therapy and delicious cuisine, the bustling Joliet Square Mall offers a diverse range of shops and dining options.

Cultural diversity thrives in Joliet, as evidenced by the vibrant festivals and events that celebrate the town’s rich tapestry of traditions and communities. The Joliet Cultural Festival brings together music, dance, art, and culinary delights, showcasing the town’s diverse heritage. Additionally, the Joliet Heritage Museum pays homage to the town’s history and showcases local artifacts that tell the story of Joliet’s past.

FAQs

How much life insurance do I need in Joliet?

When it comes to figuring out how much life insurance you need in Joliet, a few important factors come into play. The number of people who depend on your income and their ages play a crucial role. Insurance agents often suggest a coverage amount of 7 to 10 times your annual income as a general guideline. This estimation helps ensure you have the right level of life insurance to protect your loved ones financially.

Do I need life insurance in Joliet?

If your family depends on you financially in Joliet, it’s crucial to think about getting life insurance. Life insurance acts as a safety net, providing income replacement when the insured person passes away. It guarantees that your loved ones have the financial support they need to maintain their current lifestyle and prepare for the future.

How expensive is life insurance in Illinois?

Several factors influence the cost of life insurance in Joliet, including your age, health, height, weight, and smoking habits. Insurance companies may offer different prices, but we’ve found premiums as low as $10 per month for coverage of $250,000.

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