Here we will list and describe the different life insurance policies we have available.
as the name implies, provides protection for a particular term or length of time, and therefore pays a benefit if you
die during the term period.
Term insurance is the lowest premium life insurance available which
allows you to maximize your coverage at a very affordable cost. With term insurance, you are purchasing "pure" life
insurance, which means life insurance is all that is included - no cash values build within the policy as is the case with
permanent life insurance.
Illinois Mutual's Term Life policy is specifically designed to
meet the needs of today's basic life insurance buyer. It offers flexibility, choice and competitive prices.
How Does It Work?
You choose the term of the policy, within the limits offered by
Illinois Mutual – 10, 15, 20 or 30 years. The policy provides level death benefit protection for the full term period.
With this type of coverage, you receive protection at a low-cost level premium that fits your budget.
Each Term Life plan is guaranteed renewable and convertible
to a permanent policy, which means when the specified term ends, you may choose to renew the term coverage or convert
your term policy to a permanent life insurance plan without having to prove you are still insurable. The premium for the term
renewal period or conversion to a permanent plan will be adjusted.
Return of Premium Term is ideal for individuals interested
in basic term protection but hesitant to purchase life insurance. By adding the Surrender Benefit Rider to our 15, 20 and
30-year Term Life plans, a death benefit is there if you need it. If the benefit is not needed, you will receive a 100 percent
return of all premiums paid at the end of the term period, as long as your policy is in force.
More life insurance at
a lower cost
May combine term insurance
with permanent insurance for the best mix in your personal situation.
May be renewed without
May be converted to a permanent
policy without proving insurability.
* Universal Life Insurance
An insurance plan with periodically-adjusted
returns tied to short-term interest rates.* Whole Life Insurance
Whole life insurance is the most common type of permanent insurance. As long as the
policy remains in force, it provides life insurance for your whole life. The premiums remain constant over the life of the
policy and are paid according to a premium schedule indicated in the policy.
Whole life insurance is an excellent solution for young adults just beginning an
insurance program and families who need protection while saving for the future.
How Does Whole Life Work?
With an Illinois Mutual Whole Life policy, you have a guaranteed level premium, meaning
the annual premium is contractually guaranteed to never change. Part of each premium is set aside in a cash value account
that grows tax-deferred over the life of the policy. The cash value is contractually guaranteed to grow each year until equal
to the face amount of the policy at age 100. Cash values are available to you at any time in the form of policy loans or withdrawals.
The cash value can help with future events such as:
an emergency fund
paying a mortgage ahead of schedule
financing college education
supplementing retirement income
Likewise, the Accelerated Death Benefit provides access to policy funds for financial
needs that arise from a terminal illness.
Illinois Mutual's Whole Life policies are participating, which means that Illinois
Mutual pays dividends when possible.
Dividends credited may be used in four ways:
Life insurance protection continues
and never has to be renewed as long as premiums are paid
A predictable, level premium throughout
the premium payment period
A savings element in the form of the
accumulating cash values
The potential to receive dividends
A choice of nonforfeiture options that
allows you to retain some benefits even if you are unable to continue paying premiums