The Top Life Insurance Companies in Illinois

Purchasing life insurance is an important financial decision that can provide protection for your loved ones. With so many insurance companies to choose from, it can be difficult to determine which one is the right fit for your needs. This article will examine the top life insurance companies in Illinois to help you make an informed decision.

How We Evaluate Life Insurance Companies

When reviewing life insurance companies, here are some of the key factors we consider:

• Financial Strength – The financial strength rating from agencies like A.M. Best gives an indication of the company’s ability to pay out claims. Stronger ratings mean more security.

• Policy Options – The variety and flexibility of policy types offered, such as term, whole, and universal life. More choices provide more customization.

• Cost – The affordability of premiums, especially for high-risk groups like seniors or smokers. Lower costs mean better value.

• Customer Experience – Ease of getting a quote, customer service responsiveness, mobile app functionality, and user satisfaction ratings. A smooth experience brings peace of mind.

• Third-Party Ratings – Reviews and ratings from policyholders and industry experts provide an unbiased evaluation. Higher ratings equal happier customers.

Keeping these criteria in mind, here are the top life insurance companies available to Illinois residents.

1. Legal & General America

Legal & General America, which operates under brands like Banner Life and William Penn in some states, earns high marks across all evaluation categories.

• Financial Strength: A+ (Superior) rating from A.M. Best

• Policy Options: Term, whole, and guaranteed universal life options. Term lengths 10-40 years.

• Cost: Among the most affordable options, even for high-risk applicants like smokers.

• Customer Experience: Positive reviews for application process, customer service, and claims handling.

• Third-Party Ratings: 4.8 out of 5 stars from Policygenius, “A” (Excellent) from AM Best

With an affordable range of policy types, strong financial backing, and excellent customer satisfaction, Legal & General America is a top choice overall for Illinois life insurance buyers.

2. Prudential

Known by its iconic Rock logo, Prudential has over 140 years of experience in the life insurance industry.

• Financial Strength: A+ (Superior) rating from A.M. Best

• Policy Options: Term, universal, whole, and variable life policies available. Up to $65 million in coverage.

• Cost: Affordable rates for seniors make Prudential a top option for older applicants.

• Customer Experience: Positive reviews for straightforward application process and helpful customer service.

• Third-Party Ratings: 4.1 out of 5 stars from Policygenius, “A” (Excellent) from AM Best

Prudential’s specialized options for seniors combined with strong financials make it a leading choice for retirees and older adults seeking life insurance in Illinois.

3. Lincoln Financial

Lincoln Financial offers a wide range of life insurance products tailored to different needs.

• Financial Strength: A+ (Superior) rating from A.M. Best

• Policy Options: Extensive lineup includes term, universal, whole, and variable life insurance.

• Cost: Special programs available for cost savings on larger policies over $1 million.

• Customer Experience: Streamlined online application and support. Mixed reviews on claims process.

• Third-Party Ratings: 3.6 out of 5 stars from Policygenius, “A+” (Superior) from AM Best

Lincoln Financial’s unique extras like wellness programs and special rates on jumbo policies make it worth considering for large or complex life insurance needs.

4. Transamerica

Transamerica offers all major types of life insurance policies at competitive rates.

• Financial Strength: A (Excellent) rating from A.M. Best

• Policy Options: Term, universal, whole, and guaranteed life insurance available. Up to $65 million in coverage.

• Cost: Low pricing for term life and guaranteed universal life insurance options.

• Customer Experience: Positive reviews for application process and online account management.

• Third-Party Ratings: 3.9 out of 5 stars from Policygenius, “A” (Excellent) rating from AM Best.

Transamerica’s affordable pricing and positive customer feedback make it a solid choice for life insurance, especially if you prefer a streamlined digital experience.

5. John Hancock

John Hancock has a long history and specializes in permanent life insurance offerings.

• Financial Strength: A+ (Superior) rating from A.M. Best

• Policy Options: Permanent life insurance including universal, whole, and variable options.

• Cost: Among the pricier options, but offers policy “sweeteners” like long-term care riders.

• Customer Experience: Mixed reviews depending on the complexity of the policy purchased.

• Third-Party Ratings: 3.5 out of 5 stars from Policygenius, “A+” (Superior) from AM Best

John Hancock is a good choice for those interested in robust permanent life insurance policies with many built-in perks and extras.

Other Notable Illinois Life Insurance Companies

• Pacific Life: Solid choice for guaranteed universal life insurance due to affordable pricing. A+ rating from A.M. Best.

• Mutual of Omaha: Known for quick underwriting and customer service. A+ rating from A.M. Best.

• AIG: Offers nicotine-free life insurance rates for non-smoking applicants. A rating from A.M. Best.

• Foresters: Fraternal life insurer with unique member benefits and activities. A rating from A.M. Best.

• Sun Life: Specializes in permanent life insurance policies like whole and universal life. A+ rating.

• Protective: Competitive rates and streamlined application process. A+ rating from A.M. Best.

Key Factors to Consider When Buying Life Insurance in Illinois

While our top recommended companies are a great starting point, deciding on the right life insurance policy is ultimately based on your specific needs and situation. Here are some important considerations as you shop for coverage:

Your Budget – Determine how much you can comfortably afford to spend on premiums. Getting quotes from multiple insurers helps find the best value within your budget.

Policy Type – Term or permanent life insurance? Term is cheaper but expires after a set period while permanent policies last for life. Assess your needs.

Coverage Amount – Calculate an appropriate amount of coverage by estimating future costs your family would face without your income and factoring in existing assets and debts.

Policy Add-ons – Consider riders for needs like disability coverage or long-term care. This customizes your policy.

Financial Health – Insurers will evaluate your medical history and lifestyle. Staying healthy helps reduce premium costs.

Your Age – Applying earlier means lower rates. But delaying purchase also means postponing the peace of mind life insurance provides.

By weighing these factors, Illinois residents can zero in on the right policy, company, and premium cost to meet their coverage goals on a budget they can manage over the long haul.

Final Tips for Buying Life Insurance in Illinois

Purchasing life insurance involves evaluating many options and details. Here are some final tips to help Illinois residents make the right decisions:

• Compare quotes from multiple highly-rated companies to find your best deal. Rates can vary significantly between insurers.

• Work with an independent agent or broker who can provide quotes from many insurers. This simplifies the process.

• Look beyond pricing to consider insurer reputation, financial strength, and customer satisfaction. Cheapest isn’t always best.

• Review policy conditions like contestability and free look periods. Illinois mandates certain rights.

• Be upfront about medical history and lifestyle. Honesty prevents claim denial down the road.

• Understand tax implications. Proceeds are generally not taxed but buildup within permanent policies may be.

• Designate beneficiaries clearly to avoid legal disputes. Assign both primary and contingent beneficiaries.

Taking the time to research and compare Illinois life insurance companies using the criteria above can help you gain the optimal amount of coverage at a competitive price from a reputable provider. Protecting loved ones through life insurance brings significant peace of mind.