Best Life Insurance Companies In Illinois (quotes from $53/month!)

 By Sa El Published:

It's Easy to think that because the average life expectancy in Illinois is 79.0 years, that you don't need life insurance coverage.  However, if you were to die suddenly due to illness or injury, your family would have to deal with your lost income.

They may also have to pay for your final expenses and deal with any other financial obligations your estate may require as well as other expenses for years to come.

In Illinois, there are a number of different life insurance companies to choose from and they offer multiple policies. But which company should you go with for your financial security? 

We've taken some time to research and find the best rates for life insurance, look at policies in detail, and reviewed insurers in Illinois so that you don't have to! 

Best Overall


sproutt life insurance logo

Sproutt is backed by an A rated insurance company Guardian Life, and is our #1 pick. Their quality of life index, affordable rates, and fast approval process earned them the 1st spot.

More Of The Best Life Insurance Companies In Illinois Below...

Best For No-Medical Exam


bestow logo

Bestow is backed by A+ rated North American, and is our #2 Pick.

Click below to get an accurate quote.

Best For Young Families


lemonade logo large

Lemonade Life is backed by A+ rated North American, and is our #3 Pick.

Click below to get an accurate quote.

Best For Traditional Term Life


haven life logo large

Haven Life is backed by A+ rated Mass Mutual, and is our #4 recommendation.
Click below to get an accurate quote.

What Is The Average Cost Of Life Insurance In Illinois?

The average life insurance cost in Illinois is $636 per year or about $53 per month. Rates in Illinois are higher than the national average by $5 per year. Getting coverage in Illinois depends on your gender, age, and health status, which can all alter how much your life insurance costs.

Compare Life Insurance Quotes In Illinois

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The final insurance policy premium for any policy is determined by the underwriting insurance company following the application.

How Are Life Insurance Rates Determined In Illinois? 

Rates in Illinois are determined by a few factors, which include age, gender, health status, tobacco usage, and others. 

Below we cover the primary pricing factors in more detail:

  • Age - Age will be one of the most significant factors when determining your life insurance rates in Illinois. The younger you are when you purchase coverage, the more affordable it is going to be.
  • Gender - Your gender is going to be the second-largest factor when figuring out your insurance rates. You will find that women will have much more affordable rates than men, primarily because they live longer than men on average.
  • Tobacco Usage - If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive every month. With Cancer being a leading cause of death in Illinois, and since smoking increases your rates considerably if you smoke, it's probably time to quit. 
  • Coverage Amount - The amount of coverage that you purchase will also change your rates. The higher the coverage amount you are buying, the more expensive the policy will become.
  • Term Length - Term length will be a factor because the longer the term length, the more expensive a policy will become. However, don't let this fool you; if you lock your rates in for a longer-term, you will actually save more money over time.
  • Current Health - Everyone is underwritten on an individual basis; this means that if you have a twin, their rates can still be different if their health is different. 
  • Driving Record - Life Insurance companies want to know that you aren't a crazy driver. If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even get declined for coverage.

It's important to understand what will and won't affect your insurance premiums when you are trying to find life insurance quotes in Illinois.

Since there are a few different types of life insurance it's essential to make sure you understand all of these factors before committing to a policy and signing papers.

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What Are The Differences Between Term and Whole Life Insurance In IL?

The first question I usually get from a customer is what type of life insurance I should buy? The two most popular types are Term Life Insurance and Whole Life.

Term Life Insurance 

Term life insurance is usually set for a certain amount of time, between one year to thirty years. For example, if you had term coverage with 20 yr terms and died after 18 yrs, then your family would collect the death benefit.

If you were still alive after 20 yrs, then they wouldn't be eligible for any benefits because your policy would have ended.

Whole Life Insurance

The death payout from whole life insurance remains constant and does not depend on how old a person is. It pays out a sum certain amount no matter when the person dies, as long as you keep paying for the entire period without lapses or termination during this time.

Should You Consider a Universal Life Insurance Policy In Illinois?

A Universal life insurance plan is a type of permanent life insurance that offers death benefit protection for your entire lifetime along with flexible premiums and it builds cash value.

You can use a Illinois Universal life insurance plan to help protect your money and investments against the risk of early death.

Think of this policy as a hybrid between term and whole life. You get more affordable premiums than a traditional whole life policy and you can keep your policy as long as you live.

What Expenses Does Life Insurance Cover?

Your beneficiaries can spend your policy’s benefit however they want. Beneficiaries often use the financial support for:

  • Income Replacement
  • Funeral Expenses
  • Taking care of disabled family members
  • Everyday expenses
  • Outstanding debts
  • Child or dependent care
  • College costs

Essentially, once the life insurance company cuts the check to your beneficiary, they can use it for their family, to start a business or any other means.

INSURANCE WHERE YOU LIVE

Life insurance by state.

Does The Covid-19 Vaccine Void Life Insurance In Illinois? 

No, a Covid-19 vaccination will not affect your life insurance policy or premiums; however, as the coronavirus pandemic continues to threaten people in almost every community across the world, more and more people are considering life insurance - here are the basics:

Can I Get Life Insurance If I Recently Traveled Or Plan To Travel Internationally? 

If you traveled to a country, or an area considered unsafe by the U.S. government for 30 days before applying for life insurance, your application will be delayed due to potential exposure.

However, after you return home from that trip and wait for 30 days of safety, you'll be able to resubmit your application.

Does Illinois Life Insurance Cover Covid-19 Deaths?

Yes, life insurance policies will pay out death benefits to your beneficiary if you pass away from Covid-19 in Illinois.

There are very few insurance policies that will exclude death by infectious disease. Exceptions are made for certain diseases, such as cancer; a cancer policy may not be paid if the insured dies from COVID-19.

There are also policies like accidental death insurance where the death benefit will only pay out if you die from an accident.