Best Life Insurance Companies In Orland Park, IL
Transamerica offers the best life insurance policy in Orland Park.
Selecting a life insurance policy that safeguards your loved ones is an incredibly important financial decision. It guarantees a financial safety net for your family in the event of your passing.
Our evaluation of various life insurance companies in Orland Park has led us to recommend Transamerica as the top choice. Their life insurance products are exceptional and offer reasonable premiums for individuals of all ages.
In this review, we will delve into whole life, term life, and variable universal life policies, along with the average cost of life insurance in Orland Park. This is critical because making the wrong choice regarding the insurance company or policy for your age group can result in long-term financial struggles for your loved ones.
As someone who worked as a career agent, I am well acquainted with the companies we will discuss in this review. While these insurers cater to different groups, they are all financially stable and renowned for their outstanding customer service.
Best Life Insurance Companies In Orland Park, IL 2024
Compare The Best Life Insurance Companies In Orland Park, IL
To assist you in evaluating the top life insurance companies in Orland Park, we have created a simple table that displays our preferred companies based on important factors.
| J.D. Power Rating | Online Experience | A.M. Best Rating | Overall Rating | Best For | Get A Quote | |
|---|---|---|---|---|---|---|
| Northwestern Mutual |
794 |
9.5 |
A++ |
|
Best Overall Runner-Up |
Instant Quote |
| Transamerica |
740 |
9.7 |
A |
|
Best Overall |
Instant Quote |
| MassMutual |
780 |
9.2 |
A++ |
|
Best for Seniors |
Instant Quote |
| Transamerica |
740 |
9.7 |
A |
|
Best For Young Adults |
Instant Quote |
| Nationwide |
791 |
9.6 |
A+ |
|
Best For Cheapest Life Insurance |
Instant Quote |
| Banner Life |
NR |
9.6 |
A+ |
|
Best For Customer Service |
Instant Quote |
Our Methodology
We carefully examined various factors, including customer service ratings, product options, pricing, and user-friendly online experiences, to determine our recommendations. Additionally, my personal experience as a life insurance seller and interactions with agents from different companies have given me valuable insights into their offerings and services.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Best Life Insurance Companies In Orland Park, IL
Best Overall
Key Statistics
Why We Like Them
⇅Transamerica presents a range of competitive life insurance policies designed to cater to the diverse requirements of its customers. They offer two types of term life insurance, with coverage periods ranging from 10 to 30 years. Moreover, they provide whole life insurance policies that offer coverage up to $2 million, as well as smaller policies specifically tailored to cover final expenses like funeral costs.
If you’re interested in index and variable universal life coverage, Transamerica’s agents are readily available to assist you in selecting a plan that suits your specific needs. With affordable pricing and a variety of coverage options, Transamerica stands out as one of the finest life insurance companies in Orland Park. Their dedication to delivering value and personalized service positions them as a top choice for individuals in search of high-quality life insurance.
Benefits & Drawbacks
⇅- Accessible through a wide network of independent agents
- Offers a range of diverse products
- Considered one of the most affordable options we reviewed ✓
- Rates may not be competitive for older adults
- Received a lower J.D. Power rating compared to certain competitors ✘
Best Overall Runner-Up
Key Statistics
Why We Like Them
⇅Northwestern Mutual stands out as a highly regarded life insurance company, with a unique distinction of being owned by policyholders rather than shareholders. This ownership structure allows eligible policyholders to receive annual dividends if the company performs well.
Flexibility is a core strength of Northwestern Mutual. They offer a variety of coverage options, including term, whole, and universal life insurance policies, along with customizable payment plans that cater to individual needs. Notably, they provide the convenient feature of converting term-life policies to whole life policies without requiring a medical exam.
Thanks to its emphasis on flexibility and customer satisfaction, Northwestern Mutual is widely recognized as one of the best life insurance companies in Orland Park. Their unwavering commitment to delivering high-quality service and personalized coverage options establishes them as a dependable and trustworthy choice for individuals in search of life insurance.
Benefits & Drawbacks
⇅- Provides a variety of term and permanent policy options
- Receives high customer satisfaction ratings
- Employs a well-trained agent sales force ✓
- Limited to purchasing through Northwestern Mutual career agents
- Premiums may be costly for younger adults and seniors
- Does not offer a variable life insurance policy ✘
Best For Seniors
Key Statistics
Why We Like Them
⇅MassMutual emerges as a prominent life insurance company, offering a wide range of financial products and services. What sets them apart is their unique ownership structure, where policyholders themselves hold the reins. This distinct setup allows eligible policyholders to receive dividends based on their product choices.
Impressively, MassMutual surpasses the average in overall customer satisfaction, as highlighted by a recent J.D. Power life insurance study. Their application process is known for its efficiency and smoothness, making it particularly appealing to seniors. With competitive rates tailored for seniors, MassMutual has rightfully earned its reputation as one of the top life insurance companies in Orland Park.
In addition to their outstanding life insurance offerings, MassMutual provides an array of financial planning and wealth management services. This comprehensive approach helps clients in realizing their long-term financial goals. The company’s unwavering commitment to customer satisfaction and financial stability has garnered the trust of numerous individuals and families seeking reliable financial products and services.
Benefits & Drawbacks
⇅- Offers the most competitive rates for seniors in Orland Park
- Demonstrates financial stability and strength ✓
- Provides fewer life insurance products tailored for seniors compared to some competitors
- Career agents may not have specialized expertise in the senior market ✘
Best For Young Adults
Key Statistics
Why We Like Them
⇅Transamerica boasts a strong presence in Orland Park, supported by an extensive network of independent life insurance agents offering its policies. What sets them apart is their notably budget-friendly term life insurance, particularly appealing to young adults.
Notably, Transamerica provides a seamless online experience for customers looking to purchase life insurance. Recognizing the preferences of many young adults to buy insurance products online, the company has made it effortless to obtain a quote through their website.
Moreover, for those who prefer a more personalized approach, Transamerica offers a “Locate an Agent” button on their website. This helpful feature allows customers to find a local agent representing the company, who can guide them in selecting the perfect policy to suit their needs.
All in all, Transamerica’s steadfast dedication to affordability and a user-friendly experience positions them as a prime choice for anyone seeking life insurance in Orland Park.
Benefits & Drawbacks
⇅- Convenient option to purchase term life insurance online
- Offers high policy face amounts of up to $10 million
- Provides a no-medical-exam option for qualifying applicants up to $2 million ✓
- Minimum term life insurance face amount available is $25,000
- Final Expense Policy does not guarantee coverage without underwriting evaluation ✘
Best For Customer Service
Key Statistics
Why We Like Them
⇅Banner Life, which also operates as William Penn in New York and is owned by Legal & General America, is an excellent choice for term life insurance. They offer competitive prices for people of all ages and health conditions. Additionally, they have a fast-approval policy that doesn’t require a medical exam, allowing qualifying applicants to receive coverage of up to $2 million.
Banner Life is suitable for young, healthy adults, as well as smokers and individuals with conditions like diabetes, bipolar disorder, and high blood pressure. In other words, they cater to a wide range of people with different health circumstances and ages, providing the best rates for their needs.
According to the National Association of Insurance Commissioners, Banner Life has an impressive index rating of 0.35, which is much lower than the industry average of 1.00. This indicates that Banner Life receives significantly fewer complaints than other life insurance companies, highlighting their commitment to delivering quality service.
Benefits & Drawbacks
⇅- Receives fewer customer complaints compared to the industry average
- Well-suited for individuals with pre-existing medical conditions
- Offers no-medical-exam policy options ✓
- Financial ratings are fair and not rated by Moody's
- Limited availability of riders for additional coverage options ✘
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅Nationwide is a well-known insurance provider in Orland Park, offering the lowest rates among most life insurers. They have a skilled team of agents who ensure customers get accurate pricing and excellent service.
Nationwide offers a wide range of life insurance options, including term and permanent policies like whole life, universal life, and variable universal life insurance. They also have a no-exam plan for a hassle-free experience.
Getting life insurance from Nationwide is easy. With many local offices in Orland Park, finding an agent nearby is simple. You can also call their office to connect with a helpful agent.
Nationwide has high financial ratings and satisfied customers, making them one of the best life insurance companies. With their low rates, they are an excellent choice for Orland Park residents seeking quality protection at an affordable price.
Benefits & Drawbacks
⇅- Has a large team of trained agents who sell Nationwide policies
- Offers a wide range of life insurance products
- One of the most affordable options we found ✓
- Age limit of 70 or younger for term life insurance applicants
- No online quotes or applications for permanent products ✘
How To Find The Best Life Insurance Company For You
In our exploration of various insurance companies, it’s important to recognize that each company has policies that can cater to your needs. However, depending on your specific circumstances, one company may be more advantageous for you than others.
For instance, if you’re 65 years old and seeking $25,000 of whole life insurance, MassMutual could be your best bet. On the other hand, if you’re 35 years old, Nationwide might be a more suitable choice for a life insurance policy.
Furthermore, if you prefer the convenience of purchasing life insurance online, Transamerica could be a better fit compared to other companies that only offer policies through agents. To find the ideal life insurance company for you, consider asking yourself these five questions:
- What are the financial ratings of the company?
- Does the company provide the type of policy I need?
- Do I prefer assistance from a local agent or searching for policies online?
- Are the company’s rates competitive for my age group?
- Are the majority of online reviews about the company positive?
Remember that your needs are unique and may differ from those of your friends, neighbors, or colleagues.
Largest Life Insurance Companies In Illinois
In Illinois, there are many life insurance companies. Here are the five biggest ones 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 Orland Park, Illinois
Average Cost Of Life Insurance In Orland Park For Females
| Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
| Nationwide | $11 | $17 |
| Mutual of Omaha | $12 | $18 |
| MassMutual | $10 | $16 |
| Transamerica | $10 | $18 |
| AAA | $15 | $28 |
| State Farm | $18 | $31 |
| Prudential | $19 | $34 |
Average Cost Of Life Insurance In Orland Park For Males
| Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
| Nationwide | $14 | $23 |
| MassMutual | $13 | $24 |
| Mutual of Omaha | $15 | $23 |
| Transamerica | $13 | $26 |
| Prudential | $32 | $52 |
| Progressive | $25 | $56 |
Average Cost Of Life Insurance For Young People In Orland Park, Illinois
(Male, average age of 25, average weight of 159, average coverage need of $310,000)
| Company | Rates for $310,000 Coverage |
| Transamerica | $16 |
| Mutual of Omaha | $18 |
| MassMutual | $16 |
| AAA | $16 |
| Prudential | $23 |
Average Cost Of Life Insurance For Seniors In Orland Park, 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 | $42 |
| Nationwide | $42 |
| State Farm | $51 |
| AAA | $56 |
Illinois Life Insurance Laws To Know
In Illinois, life insurance companies follow certain rules to protect policyholders and ensure policies work properly. Here are a few important things to know:
Contestable Period:
For the first two years after a life insurance policy starts in Illinois, the insurance company can reject a claim if they find out the policyholder gave wrong or misleading information when applying.
Free Look Period:
After receiving a life insurance policy in Illinois, policyholders have 10 days to review it. If they decide they don’t want it, they can return the policy within this time and get a full refund of any premiums paid.
Grace Period For Missed Payments:
If a policyholder in Illinois misses a payment, they have 30 days to catch up before the insurance company cancels their coverage. This grace period helps give them a chance to make up for missed payments and keep their insurance intact.
In The news
In a big change, the Illinois Department of Insurance (IDOI) introduced the IDOI Help Center in April 2023. This new system replaces the old consumer complaints system that was used for a long time.
The IDOI Help Center is a revamped and renamed system that aims to better assist the approximately 15,000 Illinois insurance consumers who file complaints each year. It covers complaints against various insurance companies, including those providing life insurance, home and auto coverage, health insurance, health maintenance organizations (HMOs), insurance agents, and other entities regulated by IDOI. The introduction of this new system reflects IDOI’s commitment to improving the insurance experience for all Illinois residents.
Information About Orland Park
Orland Park, a charming suburb of Orland Park, offers a delightful escape from the bustling city while still being within reach of its many attractions. Situated in Cook County, Illinois, Orland Park provides a peaceful and family-friendly environment for its residents.
Although Orland Park may not have the nickname “Windy City,” it boasts its own unique charm. The town is known for its well-maintained parks and green spaces, providing ample opportunities for outdoor recreation and relaxation. Centennial Park, with its scenic trails and picturesque lake, is a popular destination for residents to enjoy nature.
In addition to its natural beauty, Orland Park offers a range of shopping and dining experiences. The Orland Square Mall is a premier shopping destination in the area, featuring a variety of retail stores and restaurants. Visitors can explore the vibrant dining scene, which includes a diverse range of cuisines to satisfy every palate.
Orland Park may not have its own world-renowned museums, but it is conveniently located near some of Orland Park’s cultural gems. Residents can easily access the Art Institute of Orland Park, the Field Museum of Natural History, and the Museum of Science and Industry, among other attractions.
FAQs
How expensive is life insurance in Illinois?
Your age, health history, physical attributes, and smoking habits all play a role in determining the price of life insurance in Illinois. While rates can vary among insurance providers, our research has uncovered some exceptional deals, with premiums as affordable as $10 per month for $250,000 worth of coverage.
Do I need life insurance in Orland Park?
If you live in Orland Park and have loved ones who rely on you financially, it’s crucial to consider getting life insurance. Life insurance acts as a safety net, replacing the income that would be lost in the event of your passing. This ensures that your family and dependents have the necessary financial support to sustain their current lifestyle and plan for the future.
How much life insurance do I need in Orland Park?
To figure out how much life insurance you need in Orland Park, consider the ages and number of people who depend on your income. Insurance agents often recommend multiplying your annual income by 7 to 10 as a general guideline for determining the coverage amount.
