Best Life Insurance Companies in Skokie, IL
Transamerica is the top choice for life insurance in Skokie.
When it comes to protecting your loved ones with a life insurance policy, the choices you make hold great importance. It ensures that your family will be financially secure if something unfortunate happens to you.
After carefully examining various life insurance companies in Skokie, our research has led us to recommend Transamerica as the top choice. Their life insurance products are exceptional and offer reasonable premiums for people of all ages.
In this review, we will explore whole life, term life, and variable universal life policies, along with the average cost of life insurance in Skokie. This information is crucial because selecting the wrong insurance company or policy for your age group can create long-term financial difficulties for your loved ones.
As someone who has 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 of people, they are all financially stable and provide excellent customer service.
Best life insurance companies in Skokie, Illinois 2024
Compare the best life insurance companies in Skokie, IL
For your convenience, we have prepared a table showcasing our preferred life insurance companies in Skokie based on several important factors.
| Overall Rating | Best For | A.M. Best Rating | Online Experience | J.D. Power Rating (Best 1000) | Get A Quote | |
|---|---|---|---|---|---|---|
| MassMutual |
|
Best for Seniors |
A++ |
9.2 |
780 |
Instant Quote |
| Northwestern Mutual |
|
Best Overall Runner-Up |
A++ |
9.5 |
794 |
Instant Quote |
| Transamerica |
|
Best Overall |
A |
9.7 |
740 |
Instant Quote |
| Transamerica |
|
Best for Young Adults |
A |
9.7 |
740 |
Instant Quote |
| Nationwide |
|
Best for Cheapest Life Insurance |
A+ |
9.6 |
791 |
Instant Quote |
| Banner Life |
|
Best for Customer Service |
A+ |
9.6 |
NR |
Instant Quote |
Our Methodology
Our careful approach involved a detailed methodology that took into account various factors, including customer service ratings, product options, pricing, and the online experience. Additionally, my personal experience in selling life insurance and interactions with agents from different life insurance companies have granted me valuable knowledge about their products and services.
Quotes Analyzed
Research Hours
Years Of Experience
Brands Reviewed
Reviews Of The Best Life Insurance Companies in Skokie, IL
Best Overall
Key Statistics
Why We Like Them
⇅With a focus on meeting diverse customer needs, Transamerica stands out by offering a range of competitive life insurance policies. These include two types of term life insurance, providing coverage for durations of 10, 15, 20, 25, and 30 years. Additionally, they provide whole life insurance policies that offer coverage up to $2 million, as well as smaller policies specifically designed to cover final expenses, such as funeral costs.
When it comes to index and variable universal life coverage, Transamerica’s dedicated agents are available to assist you in selecting a plan tailored to your unique requirements. With affordable pricing and a variety of coverage options, Transamerica ranks among the finest life insurance companies in Skokie. Their unwavering commitment to delivering value and personalized service positions them as an excellent choice for those seeking dependable life insurance.
Benefits & Drawbacks
⇅- Widely accessible through a vast network of independent agents
- Offers a diverse range of products to choose from
- Considered one of the most affordable options we reviewed ✓
- Not the most competitive rates for seniors
- 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 rated life insurance company, notable for its unique ownership structure where policyholders, rather than shareholders, take precedence. This structure allows for potential annual dividends for certain policyholders when the company performs well.
Flexibility is a cornerstone at Northwestern Mutual. They offer a variety of coverage options, including term, whole, and universal life insurance policies, along with customizable payment plans to suit individual preferences. A notable feature is the option to convert term-life policies to whole life policies without the need for a medical examination.
Renowned for its dedication to flexibility and customer satisfaction, Northwestern Mutual has earned its reputation as one of the finest life insurance companies in Skokie. Their unwavering commitment to delivering exceptional service and tailored coverage options positions them as a reliable and trusted choice for individuals in search of reliable life insurance.
Benefits & Drawbacks
⇅- Provides a variety of term and permanent policy choices
- Boasts excellent customer satisfaction ratings
- Features a highly knowledgeable agent sales force ✓
- Limited availability through Northwestern Mutual career agents only
- Premiums may be costly for both younger adults and seniors
- Does not offer a variable life insurance policy ✘
Best for Seniors
Key Statistics
Why We Like Them
⇅MassMutual, a prominent life insurance company, stands out for its extensive range of financial products and services. As a company owned by its policyholders, MassMutual sets itself apart by providing dividend payments to policyholders based on their chosen products.
In a recent J.D. Power study on life insurance, MassMutual ranked above average in terms of overall customer satisfaction. Their application process is known for its efficiency and streamlined approach, which greatly appeals to seniors. Furthermore, their competitive rates for seniors contribute to their reputation as one of the premier life insurance companies in Skokie.
Beyond their exceptional life insurance offerings, MassMutual also provides a diverse array of financial planning and wealth management services. These services serve as invaluable tools for clients aiming to achieve their long-term financial goals. With a steadfast dedication to customer satisfaction and financial stability, MassMutual has become a trusted choice for individuals and families seeking reliable financial products and services.
Benefits & Drawbacks
⇅- Offers the most competitive rates for seniors in Skokie
- Demonstrates strong financial stability as a company ✓
- Provides a limited range of life insurance products for seniors compared to some competitors
- Career agents may lack specialization in the senior market ✘
Best for Young Adults
Key Statistics
Why We Like Them
⇅In Skokie, Transamerica has established a strong presence through its extensive network of independent life insurance agents who offer their policies. Notably, their term life insurance stands out for its remarkable affordability, especially for young adults.
Transamerica understands the preferences of today’s generation, which often leans towards online purchases. To cater to this, they provide a seamless online experience for customers looking to buy life insurance. Their website offers a convenient way to obtain a quote, recognizing the convenience of online transactions.
For those who prefer a more personalized touch, Transamerica also offers a “Locate an Agent” feature on their website. This allows customers to find a local agent representing the company who can provide guidance in selecting the most suitable policy for their individual needs.
In summary, Transamerica’s dedication to affordability and a user-friendly experience makes it an excellent choice for anyone seeking to purchase life insurance in Skokie.
Benefits & Drawbacks
⇅- Convenient option to purchase term life insurance online
- Offers high policy face amounts up to $10 million
- No medical exam required for qualifying applicants up to $2 million coverage ✓
- The minimum available term life insurance face amount is $25,000
- The Final Expense Policy does not guarantee issuance ✘
Best for Customer Service
Key Statistics
Why We Like Them
⇅Banner Life, operating as William Penn in New York and owned by Legal & General America, is an exceptional option for term life insurance. Their prices are competitive across different age groups and health classifications. Additionally, they offer a speedy approval process for qualifying applicants, with no medical exam required, providing coverage of up to $2 million.
Banner Life caters not only to young, healthy adults but also to individuals with various health conditions such as smokers, diabetes, bipolar disorder, and high blood pressure. In other words, people with different health conditions across various age groups can find the most 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, well below the industry average of 1.00. This indicates that Banner Life receives significantly fewer complaints, about 65% less, compared to the average life insurance company. This low complaint ratio serves as a strong testament to the quality service provided by Banner Life.
Benefits & Drawbacks
⇅- Receives fewer customer complaints compared to the industry average
- Ideal for individuals with pre-existing medical conditions
- Offers no-medical-exam policy options ✓
- Fair financial ratings (not rated by Moody's)
- Limited availability of riders ✘
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅Nationwide, a widely recognized insurance provider, stands out for offering the most affordable rates among the majority of life insurers in Skokie. Their secret to success lies in their highly skilled team of career and independent agents who represent the company, ensuring customers receive precise pricing and exceptional service.
When it comes to life insurance, Nationwide provides a comprehensive range of options. Whether you’re looking for term or permanent coverage, such as whole life, universal life, or variable universal life insurance, Nationwide has got you covered. What’s more, they even offer a hassle-free no-exam life insurance plan for those who prefer a simpler process.
Convenience is key when dealing with Nationwide. With numerous neighborhood offices scattered throughout Skokie, finding a local agent or reaching out to their home office to connect with a career or independent agent is a breeze.
Nationwide has garnered impressive financial ratings and boasts high levels of customer satisfaction, solidifying its position as one of the leading life insurance companies in the industry. Their commitment to offering affordable rates makes them an outstanding choice for Skokie residents seeking reliable protection without breaking the bank.
Benefits & Drawbacks
⇅- An extensive network of trained agents sells Nationwide policies
- Offers a full range of life insurance products
- Among the most affordable options we reviewed ✓
- Term life insurance is available only for applicants aged 70 or younger
- No online quotes or applications for permanent life insurance products ✘
How to find the best life insurance company for you
While examining various insurance companies, it’s essential to acknowledge that each company provides policies that can cater to your needs. However, depending on your specific circumstances, one company might offer more advantages for you compared to others.
For instance, if you’re 65 years old and seeking $25,000 of whole life insurance, MassMutual could be the optimal choice. On the other hand, if you’re 35 years old, Nationwide might be the better option for a life insurance policy.
Furthermore, if you prefer the convenience of purchasing life insurance online, a company like Transamerica could be more suitable compared to others that solely operate through agents. To identify the best life insurance company for your requirements, consider asking yourself these five questions:
- What are the financial ratings of the company?
- Does the company offer the specific policy type I need?
- Do I prefer assistance from a local agent or browsing 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 not one person is alike and your needs are unique and may differ from those of your friends, neighbors, or colleagues.
Largest life insurance companies in Illinois
There are plenty of life insurance companies operating in Illinois. Here are the top five, 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 Skokie, Illinois
Average Cost of Life Insurance in Skokie for Females
| Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
| Nationwide | $12 | $16 |
| Mutual of Omaha | $11 | $18 |
| MassMutual | $10 | $17 |
| Transamerica | $10 | $19 |
| AAA | $14 | $29 |
| State Farm | $16 | $32 |
| Prudential | $19 | $34 |
Average Cost of Life Insurance in Skokie for Males
| Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
| Nationwide | $11 | $21 |
| MassMutual | $11 | $21 |
| Mutual of Omaha | $13 | $22 |
| Transamerica | $13 | $25 |
| Prudential | $30 | $52 |
| Progressive | $25 | $56 |
Average Cost of Life Insurance for young people in Skokie, 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 | $16 |
| MassMutual | $18 |
| AAA | $18 |
| Prudential | $22 |
Average Cost of Life Insurance for seniors in Skokie, Illinois
(Average age 60, average weight of 187, average coverage need of $94,000)
| Company | Rates for $94,000 Coverage |
| MassMutual | $39 |
| Mutual of Omaha | $43 |
| Nationwide | $45 |
| State Farm | $51 |
| AAA | $58 |
Illinois life insurance laws to know
Life insurance companies in Illinois are required to follow specific guidelines that safeguard policyholders and dictate how policies operate.
Contestable Period:
In Illinois, life insurance policies have a contestability period that spans two years from the effective date. Within this timeframe, an insurance company can reject a claim if they uncover any inaccurate, misleading, or false information provided by the policyholder on their application.
Free Look Period:
Upon receiving their life insurance policy from the company or agent, the insured individual has a generous 10-day free look period. This allows them to review the policy and if unsatisfied, they can return it for a full refund of any premiums paid to the issuing insurance company.
Grace Period for Missed Payments:
In the event that policyholders in Illinois miss a payment, they are granted a grace period of 30 days to catch up and make the payment before the life insurance company cancels their coverage. This grace period provides a reasonable opportunity to rectify any missed payments and maintain their insurance protection.
In the news
In a groundbreaking move, the Illinois Department of Insurance (IDOI) introduced the IDOI Help Center in April 2023, replacing the traditional consumer complaints system. This innovative platform aims to better serve the 15,000 Illinois insurance consumers who file complaints annually against various insurance companies.
From life insurance providers to home and auto insurers, health insurance companies, and more, the IDOI Help Center revolutionizes the consumer experience with its advanced technology and personalized support. With a focus on efficiency and consumer empowerment, the IDOI Help Center sets a new standard for resolving complaints and protecting the rights of Illinois insurance consumers.
Information about Skokie
Skokie, a charming suburb located just north of Skokie, offers its residents a delightful blend of suburban tranquility and easy access to urban amenities. Nestled in Cook County, Skokie provides a welcoming community with a range of attractions and conveniences.
Skokie boasts a thriving local culture, with numerous parks and recreational areas for outdoor enthusiasts to enjoy. The Emily Oaks Nature Center and Skokie Northshore Sculpture Park offer serene settings for leisurely walks and appreciation of natural beauty. Residents can also indulge in shopping and dining at Westfield Old Orchard, a popular shopping center featuring a diverse array of stores and restaurants.
Skokie takes pride in its cultural diversity, evident in its various festivals and events celebrating different traditions and communities. The Skokie Festival of Cultures showcases a rich tapestry of cultural heritage through music, dance, art, and cuisine.
Moreover, the Illinois Holocaust Museum and Education Center, located in Skokie, provides a poignant and educational experience that pays tribute to the memory of Holocaust victims and promotes tolerance and understanding.
FAQs
How much life insurance do I need in Skokie?
Determining the right amount of life insurance in Skokie depends on a few key factors, mainly the number of people who rely on your income and their ages. Insurance agents often use a rule of thumb, suggesting a coverage amount between 7 to 10 times your annual income. This estimation helps determine the appropriate level of life insurance needed to protect your loved ones.
How expensive is life insurance in Illinois?
Your age, health, height, weight, and smoking habits play a significant role in determining the cost of life insurance in Illinois. While prices may differ among insurance companies, we’ve discovered premiums as low as $10 per month for coverage of $250,000.
Do I need life insurance in Skokie?
If you have loved ones who rely on you financially in Skokie, it’s important to consider getting life insurance. Life insurance acts as a safety net by replacing the lost income when the insured person passes away. It ensures that your family and dependents have the necessary financial support to sustain their current lifestyle and plan for the future.
