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Illinois Mutual Insurance

Illinois Mutual Insurance has been providing insurance policies for over 100 years. The company currently offers its services to customers in 47 states. Illinois Mutual’s final expense insurance is called the Path Protector plan and it features two options. The first option is a level death benefit whole life policy with an immediate payout upon death that is guaranteed to never decrease. The second option is a modified death benefit whole life policy. For non-accidental deaths, the benefit is limited to a return of the paid premium accumulated at five percent (5%) interest during the first two years of the policy. After two years, 100% of the insurance amount is payable.

Why you need Illinois Mutual Insurance

Funeral services in the United States cost an average of $10,000. That’s just for 2016: Estimates indicate that burial and funeral expenses rise between five and eight percent each year. These estimates only take into account the very basic costs of burials and small funerals. They don’t include things like headstone fees, cemetery fees, body transportation, flowers, or compensation for work-time missed. All of these factors and others mean that funeral expenses will likely top $10,000.

Burial insurance, sometimes called final expense insurance, helps relieve your loved ones of the added financial stress brought on by your death. Burial insurance not only helps your relatives pay for funeral costs, but it may benefit them in additional ways since the insurance payout is usually tax free and paid in cash. This means that the beneficiary may spend the money any way they choose, with no restrictions as to location, funeral home, or type of funeral.

How it works

Burial and final expense insurance policies vary in price depending on your sex, your age, you location, your current health condition, and the type of policy you’re looking to buy as well as the company you buy it from. Burial insurance plans feature recurring premiums, usually monthly but sometimes annually. When you pay these premiums, you give your loved ones a predetermined lump sum payable upon your death. For example, if you’re a 50-year woman living in Georgia who is relatively healthy, you’ll probably pay somewhere around $50.00 per month for a $10,000 death benefit. If you’re an 80-year old man living in New York, you can expect to pay a much higher premium even if you’re in good health, since the cost of living in New York is much higher and insurance rates reflect that. These figures are only estimates. In some instances, medical underwriting or answering a simple questionnaire about your health could lead to lower rates.

How to get started with Illinois Mutual Insurance

If you are already a Illinois Mutual insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can obtain a quote by contacting the company using the information listed below. You may also shop for policies using our comparison tool by clicking on the following link.

Financial Strength Ratings

AM Best – B++, Positive outlook
Moody’s – No rating
Standard & Poor – No rating

Company contact info

Illinois Mutual
300 SW Adams
Peoria, IL 61634
(800) 437-7355