You can Google “best life insurance company” and get a dozen listicles from sites that have never actually placed a policy. Here's what an independent broker who works with these carriers every week actually thinks.
Quick disclaimer up front: as an independent broker, I am not employed by any of these companies. I shop all of them on behalf of my clients, which means I have zero incentive to push one carrier over another. The best company for you depends on your age, health, budget, and what you're trying to accomplish. This guide is built around that reality.
What's in This Guide
- How I evaluate carriers
- Top carriers at a glance
- Best carriers for term life in Illinois
- Best carriers for whole life in Illinois
- Best carriers for IUL in Illinois
- Best carriers for final expense in Illinois
- Carriers I don't typically place — and why
- What I tell clients who ask “Which is best?”
- Frequently asked questions
How I Evaluate Carriers
Three things matter when I'm comparing carriers for a client. Brand recognition and marketing budget aren't on the list.
Financial strength. Can this company pay claims 30 years from now? I only work with carriers rated A- or better by AM Best, the primary credit rating agency for the insurance industry. Most of the carriers in this guide are rated A+ or A++ — the top two tiers. When you're buying a 30-year term policy, you are betting on that company being solvent decades from now. Rating matters.
Underwriting flexibility. Some carriers are more lenient with specific health conditions. Others reward perfect health with rock-bottom rates but get strict the moment anything is off. The right carrier for a 28-year-old triathlete is not the right carrier for a 52-year-old with Type 2 diabetes and sleep apnea. Knowing which carriers favor which profiles is 80% of the value of using an independent broker.
Product fit. Some companies are excellent at term but mediocre at IUL. Others are the opposite. Final expense is a world unto itself. For this guide I've organized carriers by the product they do best, because nobody is world-class at all four.
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Get Your Free QuoteTop Carriers at a Glance
Here's a quick reference before we get into the details. Every carrier below is A-rated or better, currently writing business in Illinois, and placed by our office within the last 12 months.
| Carrier | AM Best | Best For | Notable |
|---|---|---|---|
| Protective | A+ | Low-cost term, healthy applicants | Consistently at or near the lowest term rates |
| Banner Life (Legal & General) | A+ | Term, young & healthy | Aggressive pricing for preferred-plus class |
| North American | A+ | Term with future conversion | Strong conversion options to permanent |
| Prudential | A+ | Applicants with health conditions | Forgiving on diabetes, sleep apnea, depression |
| John Hancock | A+ | Healthy applicants who want rewards | Vitality program discounts for healthy habits |
| Penn Mutual | A+ | Whole life & high-cash-value permanent | Top-tier dividend performance |
| MassMutual | A++ | Whole life, generational planning | Mutual company with 170+ year track record |
| National Life Group | A | IUL buyers | Competitive caps & robust index options |
| Mutual of Omaha | A+ | Final expense & simplified issue | Trusted brand, fast underwriting |
Best Carriers for Term Life in Illinois
Term life is where carrier selection matters most for price. Rates for the exact same healthy 35-year-old can vary by 30% or more across A-rated carriers. Shopping the market is the whole game.
Protective
AM Best A+Best for: Healthy applicants who want the lowest term rate
Protective consistently comes in at or near the bottom of the price range for preferred-class term. Their underwriting is standard, their Classic Choice Term product is straightforward, and they convert to permanent policies without requiring a new exam. If you're young and healthy, this is almost always on the shortlist.
Banner Life (Legal & General America)
AM Best A+Best for: Preferred-plus applicants, tobacco-free, clean health history
Banner is aggressive on pricing for their top rating classes. Where they excel is preferred-plus — if you qualify for their best class, you'll often see rates 10-15% cheaper than competitors. Their underwriting is strict on build (height/weight) and family history, though, so not everyone qualifies.
Prudential
AM Best A+Best for: Applicants with well-managed health conditions
This is my go-to when a client has diabetes (especially Type 2 with a clean A1C), sleep apnea on CPAP, a history of depression, or elevated BMI. Prudential evaluates these profiles more favorably than most, and their rates for standard and better classes are competitive. See my full breakdown of life insurance options for diabetics.
Real rate example: A healthy 35-year-old non-smoker in Illinois can typically get $500,000 of 20-year term coverage for roughly $22–$28/month with Protective or Banner. Same profile with Type 2 diabetes (A1C around 7.0) through Prudential runs closer to $45–$55/month — still very workable, and much better than being declined elsewhere.
Best Carriers for Whole Life in Illinois
If you want guaranteed permanent coverage with cash value accumulation, the carrier matters even more than with term — because you're locking in a relationship that could last 50+ years. I favor mutual companies (owned by policyholders, not shareholders) because their dividend performance has been more consistent over long horizons.
Penn Mutual
AM Best A+Best for: High-cash-value whole life and blended policies
Penn Mutual's dividend performance is among the best in the industry, and they're flexible about policy design. Their Guaranteed Whole Life product works well for clients who want permanent coverage plus a cash-value component for flexible retirement planning.
MassMutual
AM Best A++Best for: Generational planning and stability-focused buyers
MassMutual is a mutual company with 170+ years of continuous dividend payments. If you're focused on generational wealth transfer or you just value institutional stability, it's hard to beat. Premiums are higher than Penn Mutual's but the underwriting is broad.
Foresters Financial
AM Best ABest for: Budget-conscious whole life buyers and community-focused clients
Foresters is a fraternal benefit society — they include community benefits like scholarships for members' kids and disaster relief. Rates are affordable for entry-level whole life, and their underwriting is accessible. Not the best cash-value performance, but solid for simple needs.
Best Carriers for IUL in Illinois
Indexed Universal Life is where carrier selection really, really matters — because the cap rates, floor rates, index options, and internal costs vary enormously. Two IUL policies with the same face amount can perform dramatically differently over 30 years. Read my IUL insurance explained post for the full breakdown. If IUL is on your radar, the most important thing is that the carrier and policy design are matched to your actual goals.
National Life Group
AM Best ABest for: IUL buyers who want strong caps and flexible index options
National Life has been aggressive on IUL for years. Their cap rates are competitive, they offer multiple index strategies (including some uncapped options), and their living benefit riders (chronic, critical, terminal illness) are among the most generous. Good fit for clients who want IUL as a tax-advantaged retirement supplement.
North American
AM Best A+Best for: IUL with strong persistency features
North American's Builder Plus IUL series has reasonable caps, solid underwriting for healthier applicants, and a balanced policy design. I also like their conversion options — you can start with term and convert later without a new exam.
Best Carriers for Final Expense in Illinois
For seniors looking for $5,000 to $25,000 in burial or final expense coverage, simplicity matters more than sophistication. These policies are designed to cover funeral costs and small debts so family members aren't stuck writing checks during the worst week of their lives.
Mutual of Omaha
AM Best A+Best for: Simplified issue final expense, ages 45-85
Mutual of Omaha is the gold standard in this space. Their Living Promise product is simple to understand, level-benefit options are available for most applicants with modest health issues, and claims pay quickly. Brand recognition helps clients feel confident.
ANICO (American National)
AM Best ABest for: Final expense with built-in living benefits
ANICO includes living benefit riders standard on many final expense policies — meaning you can access the death benefit early if you're diagnosed with a terminal, chronic, or critical illness. For seniors worried about end-of-life medical costs, this is a meaningful differentiator.
For guaranteed issue burial coverage (when simplified issue won't work), I typically place with Gerber Life or AIG Guaranteed Issue Whole Life — both accept anyone, both have two- to three-year graded death benefit periods, both pay reliably.
Carriers I Don't Typically Place — and Why
A couple of names that are probably on your radar but aren't in this guide:
Northwestern Mutual, State Farm, Allstate, New York Life, Farmers. These are all excellent companies with strong financial ratings. The reason they're not on my list is structural — they use captive agents exclusively. Their products are only available through agents who work directly for the company. As an independent broker, I can't place Northwestern Mutual policies even if I wanted to. If you're specifically drawn to one of those brands, a captive agent is your path.
Lemonade, Ethos, Bestow, Haven Life, Ladder. These direct-to-consumer digital-first carriers are marketed aggressively. They're convenient if you're healthy and want to apply online without talking to anyone. What you lose is underwriting advocacy: if you get flagged during automated underwriting, there's no human making a case for you. I've had clients who got declined by Ethos get approved at standard rates by Protective or Prudential through our office within a week. That advocacy piece matters.
What I Tell Clients Who Ask “Which Is Best?”
There is no single best life insurance company. The best company for you is the one that offers the right product at the best rate for your specific situation — and that takes a few minutes to figure out.
That's exactly what a free consultation with an independent broker gives you: somebody who has already read the rate sheets, knows how each carrier treats your specific health profile, and will pick from the whole market on your behalf rather than pitching you one company's product.
If you're in Illinois and want to see what rates look like for your specific situation, fill out the form on this page. The consultation is free, takes about 15 minutes, and there is zero obligation. You'll walk away knowing exactly what you qualify for and what it costs — even if you decide not to buy.
Frequently Asked Questions
How do you decide which carrier is “best” for a specific client? Three things: financial strength (AM Best rating of A or better), underwriting flexibility for that client's health profile, and competitive rates for their age and product. Best carrier for a healthy 30-year-old buying term is not the same as best for a 62-year-old buying final expense.
Do you get paid differently depending on which carrier I choose? Commission rates between A-rated carriers are within a couple percentage points of each other, so there's no meaningful incentive to steer you toward one versus another. What I care about is placing the right policy so it stays in force — I get paid when policies persist, not when they lapse.
What about big names like Northwestern Mutual or State Farm? Are they bad? Not at all. Northwestern Mutual in particular is an excellent mutual carrier. The reason I don't typically place their policies is that they're captive — their agents only sell Northwestern products, and I'm an independent broker. For clients who value that specific brand, a Northwestern agent is the right call.
What is AM Best and why does the rating matter? AM Best is the primary credit rating agency for insurance companies. They grade carriers on their ability to pay claims. I only work with carriers rated A- or better. With a 20- or 30-year term policy, you're betting on that company being around decades from now — the rating matters.
Do I have to live in Illinois to work with you? I'm licensed in Illinois, which is where most of my clients live. If you're out of state, I can usually help by connecting you with a licensed broker in your state. Drop me a note and we'll figure it out.
How long does it take to get approved? For accelerated underwriting (no exam) with a healthy applicant, approvals can come through in days. For traditional fully underwritten policies with labs, plan on 4-6 weeks. For guaranteed issue, it's essentially instant — you just wait through the 2-3 year graded death benefit period.
Can I switch carriers later if a better option becomes available? You can buy a new policy with a different carrier if your health is still good, but the rate will be based on your age at the time of the new application. Once a term policy is in force at a great rate, it almost never makes sense to replace it. Permanent policies are more nuanced — worth reviewing every 5-10 years.
About the author
Dusty Bruggeman
Licensed Life & Health Insurance Broker in Illinois. Independent, meaning I shop the whole market rather than working for a single carrier. I place policies with Protective, Banner Life, Prudential, Mutual of Omaha, Penn Mutual, National Life, and others on behalf of families across the Rockford metro and greater Illinois. Based in Cherry Valley, IL, meeting clients virtually.