Best Life Insurance Companies in Naperville, IL
I believe that Transamerica offers Naperville residents the best life insurance policy.
Securing a life insurance policy to protect your loved ones is a monumental financial choice that shouldn’t be taken lightly. It ensures that your family will be financially supported when you’re no longer there.
After carefully analyzing various life insurance companies in Naperville, our top recommendation is Transamerica. Their life insurance products are exceptional, offering reasonable premiums for people of all ages.
This review will explore whole life, term life, and variable universal life policies, as well as the average cost of life insurance in Naperville. It’s crucial to consider these factors, as choosing the wrong insurance company or policy for your age group can lead to long-term financial hardships for your loved ones.
As someone who has worked as a career agent, I have firsthand experience with the companies we’ll discuss in this review. While each insurer caters to different groups, they all boast financial stability and provide excellent customer service.
Best life insurance companies in Naperville, Illinois 2024
Compare the best life insurance companies in Naperville, IL
To help in your evaluation of the top life insurance companies in Naperville, here is a table displaying our preferred companies across a few key criteria.
| Overall Rating | Best For | A.M. Best Rating | J.D. Power Rating (Best 1000) | Online Experience | Get A Quote | |
|---|---|---|---|---|---|---|
| Transamerica |
|
Best Overall |
A |
740 |
9.7 |
Instant Quote |
| MassMutual |
|
Best for Seniors |
A++ |
780 |
9.2 |
Instant Quote |
| Transamerica |
|
Best for Young Adults |
A |
740 |
9.7 |
Instant Quote |
| Northwestern Mutual |
|
Best Overall Runner-Up |
A++ |
794 |
9.5 |
Instant Quote |
| Banner Life |
|
Best for Customer Service |
A+ |
NR |
9.6 |
Instant Quote |
| Nationwide |
|
Best for Cheapest Life Insurance |
A+ |
791 |
9.6 |
Instant Quote |
Our Methodology
We conducted a careful assessment that considered various factors, including customer service ratings, available products, pricing, and the online experience. Additionally, my experience as a life insurance seller and interactions with agents from different insurance companies have given me valuable insights into their offerings and services.
Quotes Analyzed
Research Hours
Brands Reviewed
Years Of Experience
Reviews Of The Best Life Insurance Companies in Naperville, IL
Best Overall
Key Statistics
Why We Like Them
⇅Transamerica stands out with its diverse range of life insurance policies that cater to different needs. They offer two types of term life insurance, which provide coverage for 10, 15, 20, 25, and 30 years. Additionally, their whole life insurance policies provide coverage up to $2 million, and they also have smaller policies designed specifically for covering final expenses, such as funeral costs.
When it comes to index and variable universal life coverage, Transamerica has dedicated agents who can assist you in choosing a plan that suits your unique requirements. With reasonable pricing and a variety of coverage options, Transamerica ranks among the top life insurance companies in Naperville. Their focus on delivering value and personalized service makes them an excellent choice for anyone seeking quality life insurance.
Benefits & Drawbacks
⇅- Accessible through a wide network of independent agents
- Varied selection of products
- One of the most affordable options we examined ✓
- Rates may not be competitive for older individuals
- Received a lower J.D. Power rating compared to certain competitors ✘
Best Overall Runner-Up
Key Statistics
Why We Like Them
⇅Northwestern Mutual earns its reputation as a top-rated life insurance company with a unique twist—it’s owned by policyholders rather than shareholders. This means that if the company performs well, certain policyholders receive annual dividends.
Flexibility is at the core of Northwestern Mutual’s offerings. They provide a variety of coverage options, including term, whole, and universal life insurance policies, along with customizable payment plans to suit individual needs. A notable feature is the ability to convert term-life policies to whole life policies without the need for a medical exam.
With its emphasis on flexibility and customer satisfaction, Northwestern Mutual is widely recognized as one of the finest life insurance companies in Naperville. Its dedication to delivering high-quality service and tailored coverage options establishes it as a dependable and trusted choice for individuals seeking life insurance.
Benefits & Drawbacks
⇅- Provides a range of term and permanent policy choices
- Receives high customer satisfaction ratings
- Boasts a well-trained agent sales force ✓
- Limited to purchasing through Northwestern Mutual career agents
- Premiums may be costly for young adults and seniors
- Does not offer a variable life insurance policy ✘
Best for Seniors
Key Statistics
Why We Like Them
⇅MassMutual, a leading life insurance company, sets itself apart by offering a diverse range of financial products and services. What makes them truly stand out is their unique ownership structure, where policyholders receive dividends based on their chosen products.
In a recent comprehensive study by J.D. Power on life insurance, MassMutual received an above-average rating for overall customer satisfaction. Their application process is known for being efficient and streamlined, especially appealing to seniors. Notably, MassMutual’s competitive rates for seniors have solidified their position as one of the top life insurance companies in Naperville.
In addition to their outstanding life insurance products, MassMutual goes beyond by providing an array of financial planning and wealth management services. This empowers their clients to pursue their long-term financial goals with confidence. With a steadfast commitment to customer satisfaction and unwavering financial stability, MassMutual has become a trusted choice for individuals and families seeking reliable financial products and services.
Benefits & Drawbacks
⇅- Offers the most competitive rates for seniors in Naperville
- Demonstrates strong financial stability ✓
- Provides fewer life insurance products for seniors compared to some competitors
- Career agents do not specialize in the senior market ✘
Best for Young Adults
Key Statistics
Why We Like Them
⇅In Naperville, Transamerica has established a strong presence through its extensive network of independent life insurance agents. What sets them apart is their highly affordable term life insurance, which particularly appeals to young adults.
In addition to competitive rates, Transamerica ensures a smooth online experience for customers seeking to purchase life insurance. Understanding that many young adults prefer the convenience of online transactions, Transamerica has made it effortless to obtain a quote through their website.
For those who prefer a more personalized approach, Transamerica offers a convenient “Locate an Agent” button on their website. This helpful feature assists customers in finding a local agent who represents the company and can guide them in selecting the most suitable policy.
All in all, Transamerica’s unwavering commitment to affordability and user-friendly experience positions them as a prime choice for individuals seeking life insurance in Naperville.
Benefits & Drawbacks
⇅- Ability to purchase term life insurance conveniently online
- Offers policy face amounts up to $10 million
- No medical exam required for qualifying applicants up to $2 million coverage ✓
- Minimum term life insurance face amount available is $25,000
- Final Expense Policy does not guarantee issue ✘
Best for Customer Service
Key Statistics
Why We Like Them
⇅Banner Life, known as William Penn in New York and proudly owned by Legal & General America, stands out as an exceptional choice for term life insurance. Their prices are remarkably competitive for individuals of all ages and health classifications. Notably, qualifying applicants can even benefit from a speedy approval process without the need for a medical exam, securing coverage of up to $2 million.
What makes Banner Life truly remarkable is their inclusive approach. While they are an excellent fit for young and healthy adults, they also cater to individuals with diverse health conditions such as smokers, diabetes, bipolar disorder, and high blood pressure. In other words, regardless of age or health circumstances, Banner Life ensures that everyone can find their best rates.
The latest data from the National Association of Insurance Commissioners reveals Banner Life’s outstanding performance with an impressive index rating of 0.35, significantly surpassing the industry average of 1.00. This indicates that Banner Life receives 65% fewer complaints than the average life insurance company, reflecting their unwavering commitment to providing top-notch service.
Benefits & Drawbacks
⇅- Receives fewer customer complaints compared to the industry average
- Ideal for individuals with pre-existing medical conditions
- Offers no-medical-exam policy options ✓
- Moderate financial ratings (not rated by Moody's)
- Limited availability of riders ✘
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅Nationwide, a well-established insurance provider, stands out in Napervillefor offering the most budget-friendly rates among a majority of life insurers. Their team comprises highly skilled career and independent agents who diligently represent the company, ensuring customers receive accurate pricing and exceptional service.
Nationwide boasts an extensive lineup of life insurance products that cater to various needs. From term to permanent options like whole life, universal life, and variable universal life insurance, they have it all covered. What’s more, they even offer a hassle-free no-exam life insurance plan for those seeking a straightforward solution.
Purchasing life insurance from Nationwide is both effortless and convenient. With numerous neighborhood offices peppered throughout Naperville, finding a local agent or connecting with their home office to be paired with a dedicated career or independent agent is a breeze.
Nationwide has gained acclaim for its stellar financial ratings and high levels of customer satisfaction, earning its rightful place among the best life insurance companies in the industry. With their pocket-friendly rates, Nationwide emerges as an outstanding choice for Napervilleans in search of top-notch protection at an affordable price.
Benefits & Drawbacks
⇅- Nationwide policies are sold through a widespread network of knowledgeable agents
- Offers a comprehensive range of life insurance products
- Ranks among the most affordable options we reviewed ✓
- Applicants for term life insurance must be 70 years old or younger
- No online quotes or applications available for permanent products ✘
How to find the best life insurance company for you
As I delved into the realm of insurance companies, it became evident that each one offers policies tailored to meet various needs. However, it’s worth noting that depending on your specific situation, one company may hold greater advantages over others.
Let’s consider a scenario: if you’re a sprightly 65-year-old seeking $25,000 of whole life insurance, MassMutual emerges as a strong contender. On the other hand, if you’re a youthful 35-year-old, Nationwide might offer a more suitable life insurance policy.
Additionally, if the convenience of online purchasing resonates with you, companies like Transamerica could be an ideal fit, as they provide online policies rather than solely relying on agents. To discover the best life insurance company for your unique needs, ponder over these five essential questions:
- What are the company’s financial ratings?
- Does the company offer the specific policy type I require?
- Do I prefer the guidance of a local agent or the flexibility of online policy hunting?
- Are the company’s rates competitive within my age group?
- Are online reviews of the company predominantly positive?
Remember, your needs possess a distinct nature, setting you apart from your friends, neighbors, or colleagues.
Largest life insurance companies in Illinois
Illinois is home to numerous life insurance companies, but let’s focus on the five biggest players based on their market share:
| Company | Market Share |
| Northwestern Mutual | 14% |
| Lincoln Financial | 6% |
| Prudential | 5% |
| New York Life | 4% |
| MassMutual | 4% |
Average Cost of Life Insurance in Naperville, Illinois
Average Cost of Life Insurance in Naperville for Females
| Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
| Transamerica | $11 | $18 |
| MassMutual | $11 | $15 |
| Nationwide | $12 | $17 |
| State Farm | $17 | $32 |
| Mutual of Omaha | $13 | $22 |
| AAA | $13 | $27 |
| Prudential | $21 | $35 |
Average Cost of Life Insurance in Naperville for Males
| Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
| Nationwide | $13 | $23 |
| Mutual of Omaha | $13 | $24 |
| Transamerica | $13 | $26 |
| MassMutual | $12 | $22 |
| Prudential | $31 | $52 |
| Progressive | $25 | $57 |
Average Cost of Life Insurance for young people in Naperville, Illinois
(Male, average age of 25, average weight of 159, average coverage need of $310,000)
| Company | Rates for $310,000 Coverage |
| Transamerica | $16 |
| Mutual of Omaha | $17 |
| MassMutual | $19 |
| Nationwide | $18 |
| Prudential | $21 |
Average Cost of Life Insurance for seniors in Naperville, Illinois
(Average age 60, average weight of 187, average coverage need of $94,000)
| Company | Rates for $94,000 Coverage |
| MassMutual | $39 |
| State Farm | $54 |
| Mutual of Omaha | $44 |
| Nationwide | $45 |
| AAA | $57 |
Illinois life insurance laws to know
In the state of Illinois, life insurance companies operate under specific guidelines to protect policyholders and regulate policy terms.
Contestable Period
For Illinois residents, life insurance policies have a contestable period of two years from the effective date. During this time, the insurance company has the right to reject a claim if it discovers any inaccurate, misleading, or false information provided by the policyholder on their application.
Free Look Period
Upon receiving their life insurance policy from the company or agent, policyholders in Illinois enjoy a 10-day free look period. This allows them to thoroughly review the policy and, if dissatisfied, return it within this period to receive a full refund of any premiums paid to the issuing insurance company.
Grace Period for Missed Payments
In case of missed payments, Illinois policyholders are granted a 30-day grace period to catch up on their payments before the life insurance company cancels their coverage. This grace period provides flexibility and ensures that policyholders have ample time to make up for any missed payments and maintain their coverage.
In the news
In a remarkable move, the Illinois Department of Insurance (IDOI) launched the brand-new IDOI Help Center in April 2023, bringing an end to the longstanding consumer complaints system that had been in place for decades.
This revamped system, with its reimagined name and upgraded features, signifies IDOI’s commitment to serving the approximately 15,000 Illinois insurance consumers who annually lodge complaints against a wide range of insurance companies. Whether it’s life insurance companies, property and casualty insurers for home and auto, health insurers, health maintenance organizations (HMOs), insurance agents, or other entities regulated by IDOI, the IDOI Help Center is here to provide effective assistance and address the specific needs of Illinois insurance consumers. This modernized initiative reflects IDOI’s dedication to enhancing the consumer experience in the realm of insurance.
Information about Naperville
Naperville, a lively city in Illinois, is known for its charm and vibrant community. Situated near the beautiful DuPage River, Naperville offers a delightful mix of natural beauty and modern amenities that captivate both locals and visitors.
The city boasts cultural treasures like museums and art centers that showcase its artistic heritage. The DuPage Children’s Museum provides an interactive and educational experience for kids, while the Naper Settlement takes you on a journey through Naperville’s history with its well-preserved buildings and exhibits.
Naperville is a haven for outdoor lovers, with numerous parks and recreational areas to enjoy. The Naperville Riverwalk, a scenic pathway along the river, offers stunning views and is perfect for a leisurely stroll or a picnic with family and friends. The downtown area is vibrant, offering a variety of dining options, charming boutiques, and local businesses that add to the city’s unique character.
With its friendly atmosphere and welcoming neighborhoods, Naperville is a city where residents take pride in their community. Whether you’re exploring the picturesque landscapes, enjoying delicious local cuisine, or immersing yourself in the vibrant cultural scene, Naperville offers a fulfilling experience for all who call it home or pay a visit.
FAQs
Do I need life insurance in Naperville?
If you live in Naperville and have loved ones who rely on your financial support, it’s essential to consider life insurance. Life insurance acts as a safety net, ensuring that if something were to happen to you, your family would receive the necessary funds to sustain their current lifestyle and secure their future.
How expensive is life insurance in Illinois?
The cost of life insurance in Naperville, Illinois is influenced by different aspects, such as your age, health record, height, weight, and whether you smoke or not. While prices may differ among insurance companies, we have discovered premiums as affordable as $11 per month for a coverage of $250,000.
How much life insurance do I need in Naperville?
The right amount of life insurance for Naperville residents is determined by various factors, primarily the number and ages of the individuals who depend on your income. Insurance agents often use a guideline of 7 to 10 times your yearly earnings to calculate the appropriate coverage.
