Illinois Mutual Insurance Company at a Glance
- Founded in 1910
- Offers life insurance, disability insurance, and voluntary worksite benefits
- Coverage available in 47 states
- “A-” (excellent) rating by A.M. Best
- “A+” (excellent) rating by the Better Business Bureau (BBB)
- 24/7 email and online form claims reporting
- Strong financial stability
Illinois Mutual pros: Well-established carrier with more than a century’s worth of experience in the insurance industry. Highly rated by A.M. Best and the BBB. Strong financial stability. Coverage available in 47 states. BBB accredited. There is plenty of information about the claims process and coverage options provided on their official website.
Illinois Mutual cons: Difficult to find customer feedback. Official website could use an update. Business hours are limited for claims and general information. No online claims reporting.
What Type of Insurance Does Illinois Mutual Offer?
Illinois Mutual is a specialized insurance company with a focus on life, worksite, and disability insurance. Following, are the insurance products offered by Illinois Mutual.
- Life insurance
- Term life
- Return of premium term
- Whole life
- Disability insurance
- Business expense
- Worksite insurance
- Critical illness
- Short term disability – individual
- Short term disability – group
- Worksite term
Your independent insurance agent can help you find more information about the coverage offered by Illinois Mutual, and help you decide if this insurance company is right for you.
What to Know about Illinois Mutual
Illinois Mutual was founded in 1910, giving the carrier more than 110 years’ worth of experience in the insurance industry. Illinois Mutual has been a family-operated company from the start. They are a mutual company, which means their goal is not to make money for its shareholders, but to make certain their resources are managed for the direct benefit of the policyowners.
Today, Illinois Mutual still focuses its efforts on providing life, disability, and worksite solutions for clients in need. Coverage is offered in 47 states across the country. The insurance company's LinkedIn profile states that Illinois Mutual has between 51 and 200 employees, with over 200 of them found on the social media platform. As far as financial size, A.M. Best places the carrier in the $250 million to $500 million category.
High ratings from A.M. Best assure customers that Illinois Mutual can offer guaranteed, secure coverage from a financially sound carrier. Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who are not as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term, and who will remain a strong, financially sound company in the long term.
AM Best has modified the outlooks from stable to negative and gave the financial strength rating of A- (excellent) and the long-term issuer credit rating of “A-” for Illinois Mutual indicating the carrier is an excellent choice for insurance customers. The adjustment of the outlooks to negative reflects the challenges the company has suffered from an earnings and premium growth viewpoint. Earnings, which had been somewhat stable prior to 2019, have declined as the result of the COVID-19 pandemic.
What Discounts Does Illinois Mutual Offer?
While Illinois Mutual does not make information about their specific discounts readily available, there are several standard discounts commonly offered by many life and disability insurance companies today. These discounts include the following.
- Bundling discounts: Discounts and additional benefits are offered to business owners selecting both a personal and business disability policy at the same time.
- Safety discounts: These discounts are offered to clients that take preventive measures to lower their risk.
- Group discounts: These discounts are offered to clients that are members of a group, profession, or class.
- Loyalty discounts: These discounts are offered to clients that have continued business with one insurance carrier.
- Unisex group discounts: These discounts are offered to disability clients with women coming out on top when it comes to premiums rates and payouts.
An independent insurance agent can provide better discount information and premium quotes for coverage through Illinois Mutual. When it comes to coverage, independent insurance agents work hard to help get you the most out of your money.
Illinois Mutual Customer Service
Illinois Mutual offers phone and email claims reporting for its policyholders. The carrier also provides the following customer service options.
- Online bill pay
- Online policy changes
- Email contact option
- Customer service availability - Customer service with Illinois Mutual is pretty limited in terms of business hours. Clients can only file a claim during business hours.
|Monday-Friday||7:45am - 4:30pm|
|Saturday||7:45am - 12:15pm|
The best way to be sure you have a good customer service experience is to work with an independent insurance agent. Independent insurance agents can help handle claims and other concerns for you, so you can relax and enjoy your coverage.
Illinois Mutual FAQ
What is Illinois Mutual's average claim response time frame?
Illinois Mutual offers claims reporting through phone or by mail. However, the insurance company does not provide an official claims response time frame promise. Illinois Mutual does encourage customers to file claims as soon as possible after an incident.
What is Illinois Mutual's customer service availability?
Illinois Mutual allows customers to file claims over the phone during business hours or through email. They post their customer service hours on their official website, social media pages, and when calling the carrier. The carrier’s social media presence extends across Facebook, YouTube, and LinkedIn, which makes them a bit more accessible to clients.
What is Illinois Mutual's claims process?
Illinois Mutual offers a couple of options for claims reporting. However, the insurance company does not detail their claims process on their official website or social media platforms. If customers have questions about filing or the claims process itself, they can contact the carrier via phone, email or get in touch with their independent insurance agent.
Does Illinois Mutual's insurance create a user-friendly experience for customers?
Illinois Mutual Customer Reviews
|“Bought a disability policy many years ago, unfortunately i was diagnosed with cancer and off of work for a while my claim was quickly approved. A few years later became disabled again, once again no hassle. They have always been very helpful and prompt in doing what I paid for the policy to do. Don't hesitate to trust them.” —Steven G.|
|“Total class company. I knew their late CEO Mike McCord and he was a man of great integrity. His family has run the company well for many years. I recommend Illinois Mutual enthusiastically. They also do an excellent job of supporting the community.” —Philip N.|
|“Great company to do business with! Speaks volumes when people who work for Illinois Mutual buy Illinois Mutual products. I have multiple policies.” —Robin D.|
|“I have been working at Illinois Mutual full-time for more than 3 years. Pros: Culture, Benefits and good strategic leadership. Cons: Mid size company with only so many opportunities.” —Current Employee - Manager in Peoria, IL|
|“I have been working at Illinois Mutual full-time for more than 3 years. Pros: Culture, staff, products, benefits and service. Cons: Economies of scale, market, small, resources and technology”|
TrustedChoice.com's Final Review
We award Illinois Mutual Insurance Company a final rating of 5 out of 5 stars. The insurance company has been around for more than 60 years now, which is significant within the industry. And it seems the carrier has used this time to their advantage. Illinois Mutual has received high ratings through A.M. Best and the BBB, and they have been accredited through the latter organization since 1943. Coverage is offered in 47 states and their catalog is quite extensive, with a focus on life and disability insurance and voluntary worksite benefits. The insurance company provides claims reporting during business hours via phone and email, and online bill pay. There is plenty of information about the carrier’s coverage on their official website, but there is not a claims response time frame promise. It was challenging to find customer feedback about the insurance company online, but the few reviews that are available are positive. Currently, it is simple to say many positive things about this insurance company. So, our recommendation is that if you are in the market for life or disability insurance, or voluntary worksite benefits, review your options for trusted carriers with your independent insurance agent, and take a closer look into Illinois Mutual.
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