Finding the right life insurance policy is an important financial decision that requires careful research. If you live in Illinois, you want to make sure you choose a reliable company with a strong reputation.
In this comprehensive guide, we will overview the top life insurance providers for Illinois residents We will analyze customer satisfaction, financial strength, policy options, and other key factors to give you the information you need to select the best fit
Whether you need term, whole, or universal life insurance, read on to discover the highest-rated life insurance companies in Illinois.
How We Evaluated the Top Companies
To assemble this list, we looked at life insurers across the state and narrowed it down based on several criteria:
-
Customer Satisfaction: Using data aggregation sites like J.D. Power, we analyzed real customer reviews and ratings for each company. High marks for customer service were key.
-
Financial Strength: We only considered companies awarded an “A” (Excellent) rating from A.M. Best, indicating strong financial health.
-
Policy Variety: The best companies provide options for term, whole, and universal life to fit each need.
-
Innovation: Top insurers integrate digital tools and resources to simplify the process.
-
Value: Competitive pricing and abundant policy features were preferred.
Keeping these factors in mind, below are the life insurance companies that stood out as the best in Illinois.
State Farm
As the largest auto and home insurer in the U.S., State Farm needs no introduction. But they also offer highly rated life insurance products for Illinois residents.
Key stats:
- A.M. Best Rating: A++
- J.D. Power Rating: 835/1000
Why we chose them: Known for stellar customer service, State Farm makes the process hassle-free and transparent. Their online resources and quoting tools are very user-friendly. With over 19,000 agents in the state, they provide personalized local guidance.
Policy types offered: Term, whole, universal
Our take: State Farm is a great choice for a simplified experience with helpful agents on your side. Their financial strength brings peace of mind.
Banner Life
Specializing in term life insurance, Banner Life earns extremely high marks from customers.
Key stats:
- A.M. Best Rating: A+
- TrustPilot Rating: 4.8/5
Why we chose them: Banner Life’s term policies offer excellent value, with abundant options to customize coverage. The quoting and application process is fast and convenient, mostly handled online.
Policy types offered: Term life
Our take: For an easy, affordable term life policy, Banner Life is hard to beat. We highly recommend them for this type of temporary coverage.
Lincoln Financial
With over a century of experience, Lincoln Financial is a leading name in life insurance.
Key stats:
- A.M. Best Rating: A+
- BBB Rating: A+
Why we chose them: Lincoln’s years of expertise really show in their broad policy options with many guarantees and riders. Their online resources help you estimate costs and plan coverage.
Policy types offered: Term, universal, whole
Our take: Lincoln Financial provides exceptional guidance in policy design for maximum value. Strong financially with very satisfied customers.
Principal Financial
Operating for over 145 years, Principal offers top-tier life insurance tailored for Illinoisans.
Key stats:
- A.M. Best Rating: A+
- JD Power Rating: 801/1000
Why we chose them: Principal is known for stellar customer service and easy quoting. Policies can be customized with plenty of riders for flexibility. Digital resources provide useful financial planning tools.
Policy types offered: Term, whole, universal
Our take: For a personalized touch and convenience through every step, Principal hits the mark. Long history of financial strength.
MassMutual
With origins dating back to 1851, MassMutual is one of the oldest life insurers in the U.S.
Key stats:
- A.M. Best Rating: A++
- JD Power Rating: 828/1000
Why we chose them: MassMutual has built a reputation for strong dividends on participating whole life policies. Returns of 40% are not uncommon. Top-notch financial strength.
Policy types offered: Term, whole, universal
Our take: MassMutual is an excellent choice for policyholders seeking whole life insurance and appealing dividends over time. Strong history and customer satisfaction.
Pacific Life
Out of Newport Beach, California, Pacific Life offers competitive life insurance solutions for Illinois families.
Key stats:
- A.M. Best Rating: A+
- BBB Rating: A+
Why we chose them: Pacific Life is praised for simple quoting with fast decisions and policy issue. Their website provides helpful resources on coverage planning. Great financial strength.
Policy types offered: Term, universal, indexed universal
Our take: For a streamlined digital experience with fast policy rollout, Pacific Life is a great option. Competitive pricing with solid features.
Protective Life Insurance
Protective Life has over 110 years of experience providing insurance and financial services.
Key stats:
- A.M. Best Rating: A+
- BBB Rating: A+
Why we chose them: Protective Life is known for flexible coverage options, accelerated death benefits, and excellent dividends on cash value policies. Their representatives provide personalized service.
Policy types offered: Term, whole, universal
Our take: Protective Life hits it out of the park on policy customization and value. Stellar financial standing and customer satisfaction ratings.
Mutual of Omaha
Operating since 1909, Mutual of Omaha offers trusted life insurance for Illinois residents.
Key stats:
- A.M. Best Rating: A+
- BBB Rating: A+
Why we chose them: Mutual of Omaha provides a streamlined online and mobile experience to apply and manage your policy. Comprehensive resources help match the right policy to your needs and budget.
Policy types offered: Term, whole, universal
Our take: For convenient digital tools and customized coverage guidance, Mutual of Omaha is a leading choice. Long-running financial strength as an insurer.
The Bottom Line
When choosing life insurance in Illinois, you can feel confident selecting from these highly rated companies. Take time to consider your specific coverage needs, budget, and desired features.
Reach out to a few top contenders to discuss your goals and get quotes. By understanding your options, you can secure a policy from a reputable insurer that protects your loved ones.
Products to Safeguard Your Financial Future
We often hear that our service sets us apart. Because we keep pushing ourselves to make sure that our love for our policyowners, agents, and employees, which is what makes us unique, shows in everything we do.
Our team works hard to meet the needs of our policyholders, from making products that are useful to handling claims.
Our agents know that Illinois Mutual will work hard for them, stand by them, and give them personalized service and training to help both of us succeed.
Years of Serving Middle America
Products Available in 47 States
(Excellent) Rating from AM Best
Best Life Insurance Agents in Illinois
FAQ
What are the top 5 life insurance companies?
|
Company
|
Best for
|
AM Best Financial Strength Rating
|
|
Nationwide
|
Customer satisfaction
|
A (Excellent)
|
|
Northwestern Mutual
|
Universal life insurance
|
A++ (Superior)
|
|
Prudential
|
Policy personalization
|
A+ (Superior)
|
|
State Farm
|
Term life insurance
|
A++ (Superior)
|
What is Illinois’ best whole life insurance?
Illinois’s top two providers of whole life insurance, State Farm and USAA, tied for No. 1. MassMutual and Nationwide also received high ratings and tied for third place. These types of policies generally last for the life of the insured and feature the following: Cash value accumulation.
Does Illinois have life insurance?
Illinois life insurance companies can help you find a policy to suit your needs and budget. Illinois is known as the Prairie State and is located in the north-central region of the United States. It’s bordered by Wisconsin to the north, Indiana to the east, Kentucky to the south, and Iowa to the west.
Who regulates life insurance in Illinois?
The Illinois Department of Insurance is a state agency that regulates the insurance industry in Illinois and protects the rights of insurance consumers. Life insurance companies often work with insurance agencies to sell their policies to consumers.
Do life insurance companies work with insurance agencies?
Life insurance companies often work with insurance agencies to sell their policies to consumers. Insurance agencies are businesses that sell insurance products on behalf of one or more insurance companies.