10 Best Life Insurance Companies in Illinois

Life insurance companies in Illinois can help you find a policy to protect your loved ones.

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I got both life insurance and disability insurance from Pradeep Audho. He was really great to work with. Very knowledgeable and helpful without ever being too pushy.” —Patrick Waldrop

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10 Best Life Insurance Companies in Illinois

Key Terms

  • Life Insurance provides peace of mind for you and your family.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • 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. With a population of 12.8 million people, it’s the 6th-most populous state. The largest city in Illinois is Chicago which has a population of 2.7 million residents. The state capital is Springfield which has a population of 114,694.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Illinois is approximately 76.8 years which is lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Illinois have been heart disease, cancer, and Covid-19. The homicide rate in Illinois is around 11.2 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Illinois, the 90th percentile income is currently $103,490. The median income in the state is approximately $46,630. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Illinois, this works out to around $1,034,900 – $2,069,800 dollars for most people.

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How life insurance works in Illinois

Life insurance is easy to understand. Basically, you pay a premium, and the insurance company promises to pay a lump sum to your beneficiaries if you die. It’s like most other types of insurance, in the sense that you are insuring against an unlikely but catastrophic event.

There are three main types of life insurance that you may want to consider: term life insurance, whole life insurance, and universal life insurance. Term life insurance pays a benefit to your beneficiaries if you die during the term of the policy. The term is typically 10, 20, or 30 years, and the benefit amount is fixed. If you die after the term expires, your beneficiaries do not receive anything.

Whole life insurance policies pays a benefit to your beneficiaries whenever you die, regardless of when that is. You pay a higher premium for whole life insurance than for term life insurance because the insurer knows that it will have to pay a benefit eventually. Whole life insurance also has a cash value that builds up over time, which means the life insurance policy is mixing investing and insurance. For most people, term life insurance is the way go.

Universal life insurance is another type of whole life insurance that has some flexibility built into it. With universal life insurance, you can adjust your premium up and down as needed, and you can also adjust the death benefit amount up or down without having to cancel and reapply for a new policy. Again, most people will want to purchase term life insurance.

When in doubt, your best bet will be to consult with an insurance company. A licensed insurance agent will be able to help you understand your options and find the best policy for your needs and budget.

10 Biggest life insurance companies in Illinois

Illinois life insurance companies ranked by premiums written in the state.

RankCompany NameIllinois
Premiums Written
Market Share
1Northwestern Mutual$915,848,51111.58%
3New York Life$451,604,4825.71%
5Mass Mutual Life Ins$330,641,6074.18%
6State Farm$330,167,7724.17%
7Lincoln National$300,085,8283.79%
8Pacific Life$298,345,2003.77%
9Country Ins & Fin Serv$228,369,8992.89%
10John Hancock$184,503,9642.33%

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How much life insurance do you need in Illinois?

The 90th percentile salary in Illinois is approximately $103,490. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Illinois that works out to around $1,034,900 – $2,069,800. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Illinois life insurance laws

There are a few unique features with respect to Illinois Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • Grace period: If you miss a monthly payment on your life insurance policy. You have 30 days within which you can make the payment. During this 30-day grace period, the state of Illinois prohibits the insurer from canceling your policy and you will remain covered.
  • Free Look period: Once you purchase a life insurance policy, under Illinois insurance laws, you have the option of canceling the policy within 10 days without penalty. 
  • Claim settlement period: In Illinois, if the insurer does not pay the claim on a life insurance policy within 30 days, they will be required to pay interest on the policy. Interest on the life insurance policy will start to accrue after 30 days of filing a claim.
  • Contestability period: In Illinois, the insurance company cannot contest a claim for death benefits if the policy has been in place for two years or more. The contestable period for life insurance policies in Illinois is two years from the policy’s issue date

Other benefits of a life insurance policy in Illinois

Life insurance companies do not offer retirement plans and long-term care options. They provide insurance products such as disability insurance and provide customers with insurance information through an insurance agent They may offer annuities as a way for policyholders to save for retirement and to provide a source of income in their later years.

If you’re interested in life insurance, there is usually a range of coverage amounts for available and as a policyholder you will make regular premium payments to maintain your coverage. Many life insurance companies offer a free quote service, which allows potential policyholders to get an estimate of the premiums they would pay for a policy with a specific coverage amount. Some life insurance policies may also offer the option to receive the death benefit as a lump sum payment rather than as ongoing income.

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. Insurance agencies are businesses that sell insurance products on behalf of one or more insurance companies. In addition to traditional life insurance policies, some life insurance companies also offer supplemental insurance products, such as accidental death insurance or critical illness insurance, which provide additional coverage for specific risks or events.

Everyone knows that life is unpredictable. No one knows when their time will come, which is why life insurance is so important. It is the best way to protect your loved ones financially in the event of your death. A life insurance policy gives your family peace of mind in knowing that they will be taken care of financially if something happens to you. It is one less worry for them to have to deal with during an already difficult time.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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