Life insurance by state · IL
Life insurance in Illinois
What Illinois law gives you, which carriers quote in Illinois, and how to get covered — from an independent agency licensed in Illinois.
The short answer
Illinois residents can choose from 11 final expense and 15 term life carriers we work with that quote in Illinois. New policies typically come with a 10-day free look, and the state guaranty association backs life insurance death benefits up to $300,000.
Your protections in Illinois
| Regulator | Illinois Department of Insurance |
|---|---|
| Free-look period | Typically at least 10 days · 20 days for replacement policies: the replacing insurer must either delay issue 20 days or give an unconditional full premium refund within 20 days of delivery (215 ILCS 5/224(2)) |
| Guaranty association | Illinois Life and Health Insurance Guaranty Association: up to $300,000 death benefit, $100,000 cash value (overall per-person cap applies) |
| Community property state | No |
| State estate / inheritance tax | Estate tax: yes · Inheritance tax: no — Illinois taxes the deceased's federal gross estate with a $4,000,000 exclusion amount (35 ILCS 405/2), so life insurance counts toward the threshold only when it is in the federal gross estate (generally when the deceased owned the policy or it was payable to the estate). |
Good to know in Illinois
- In Illinois, life insurance death proceeds earn 10% annual interest from the date of death unless paid within 31 days of the latest of due proof of death, the insurer receiving enough information to determine liability and payee, or the resolution of legal impediments (215 ILCS 5/224(1)(l)). Source
- Sellers of pre-need funeral contracts in Illinois must be licensed by the State Comptroller, and trust agreements funding pre-need contracts must be filed with the Comptroller (225 ILCS 45/1a and 45/2). Source
Carriers we work with that quote in Illinois
Final expense / burial: Aetna · American Amicable · American Home Life · Americo · Fidelity · Foresters · Mutual of Omaha · NewBridge · Royal Neighbors · Transamerica · UHL
Term life: American Amicable · Americo · Catholic Financial · Foresters · InstaBrain · John Hancock · Kansas City Life · Mutual of Omaha · National Life Group · Primerica · Protective · Royal Neighbors · SBLI · Transamerica · UHL
From our quoting system’s Illinois results (September 2026). Product availability and rules vary by carrier and change over time.
How to get covered in Illinois
- Figure out how much you need — final expense calculator or mortgage protection calculator.
- See typical prices by age — life insurance cost by age.
- Tell us your health history — we match you to the Illinois carrier most likely to approve you at the best price (condition guides).
- Apply by phone with an e-signature — many decisions are instant or same-day.
Licensed in Illinois. Compare dozens of carriers in one free call — no pressure.
Get my quotes → Call 586-343-1505Sources: Regulator · Guaranty association · Free-look rule · Estate/inheritance tax
Straight answers
Life insurance in Illinois — FAQ
How long is the free-look period for life insurance in Illinois?
New individual life insurance policies sold in Illinois typically give you at least 10 days to review the policy and cancel for a full refund (20 days for replacement policies: the replacing insurer must either delay issue 20 days or give an unconditional full premium refund within 20 days of delivery (215 ILCS 5/224(2))). The exact window is printed on your policy’s first page.
What happens to my life insurance if the company fails in Illinois?
The Illinois Life and Health Insurance Guaranty Association protects Illinois residents up to $300,000 in life insurance death benefits and $100,000 in cash value, subject to an overall per-person cap. It’s a backstop — choosing a financially strong carrier still matters.
Who regulates life insurance in Illinois?
The Illinois Department of Insurance. You can verify an agent’s license or file a complaint with them.
Can I buy life insurance in Illinois by phone?
Yes. United Eagles Financial is licensed for life insurance in Illinois; most applications are done by phone or video with an electronic signature.