Best Life Insurance in Elgin, IL (November 2024)

Protective is the best life insurance company in Elgin, Illinois, for men and women. With a MoneyGeek score of 92 for both genders, it offers a balanced option for life insurance. The average monthly premium is $22 for men and $21 for women. The score and premiums are based on a 20-year term policy with $500,000 coverage.

When deciding on life insurance, consider factors like policy length, coverage amount and individual health conditions. Your unique needs may mean a different company is best for you.

In Elgin, Protective is the best life insurance provider for men and women, with a MoneyGeek score of 92 for each. Its average monthly premium is $22 for men and $21 for women. The company offers a balanced combination of affordability, customer satisfaction and financial stability, ensuring comprehensive coverage without breaking the bank.

Top providers for men:

• Protective: MoneyGeek score of 92 out of 100 at $22 per month for men
• Mutual of Omaha: MoneyGeek score of 91 out of 100 at $25 per month for men

Top providers for women:

• Protective: MoneyGeek score of 92 out of 100 at $21 per month for women
• Mutual of Omaha: MoneyGeek score of 91 out of 100 at $24 per month for women

Protective's high MoneyGeek score and low monthly premiums make it the best choice for the average individual looking to purchase life insurance in Elgin.

In Elgin, Protective provides the best term life insurance for men and women. It has a MoneyGeek score of 92 and an average monthly premium of $11 for both genders. Its score indicates a balance of affordability, customer satisfaction and financial stability, which is crucial for anyone looking to secure their family's financial future.

The top two term life insurance companies for men are:

• Protective: MoneyGeek score of 92 out of 100 at $11 per month for men
• Mutual of Omaha: MoneyGeek score of 91 out of 100 at $13 per month for men

For women, the top two are:

• Protective: MoneyGeek score of 92 out of 100 at $11 per month for women
• Mutual of Omaha: MoneyGeek score of 90 out of 100 at $14 per month for women

Term life insurance is a straightforward product that provides coverage for a predetermined period, such as 10, 20 or 30 years. It's often chosen over permanent life insurance due to its lower cost and the ability to match the term to the length of the financial obligation, like a mortgage or a child's education.

For those seeking the best whole life insurance in Elgin, Protective stands out with a MoneyGeek score of 92 for men and women. This score reflects a balance of affordability, customer satisfaction and financial stability, making Protective a solid choice for the average individual seeking a reliable insurance policy.

Top whole life companies for men in Elgin:

• Protective: MoneyGeek score of 92 out of 100 for men
• Mutual of Omaha: MoneyGeek score of 91 out of 100 for men

Top whole life companies for women in Elgin:

• Protective: MoneyGeek score of 92 out of 100 for women
• Mutual of Omaha: MoneyGeek score of 91 out of 100 for women

Whole life insurance provides a fixed premium and a death benefit guaranteed for the policyholder's lifetime, coupled with a savings component. For example, individuals looking for a stable, long-term investment component alongside their insurance coverage may prefer whole life insurance over term policies.

For those in Elgin seeking the best universal life insurance, Protective is the top provider for men and women, with a MoneyGeek score of 91 out of 100 for both. This score suggests that Protective offers a reliable blend of affordability, customer satisfaction and financial stability.

Best universal life insurance for men:

• Protective: MoneyGeek score of 91 out of 100 for men
• Mutual of Omaha: MoneyGeek score of 90 out of 100 for men

Best for women's universal life insurance:

• **Protective: **MoneyGeek score of 91 out of 100 for women
• Mutual of Omaha: MoneyGeek score of 90 out of 100 for women

Universal life insurance is a type of permanent life insurance that offers a death benefit and a savings component, which can grow over time. For instance, someone might choose universal life insurance over term life insurance for the potential to accumulate cash value that can be used in retirement, making it a flexible financial planning tool.

For those seeking the best no-medical-exam life insurance in Elgin, Protective stands out with a MoneyGeek score of 91 out of 100 for men and women. This top ranking reflects Protective's strong performance across various factors, including affordability, customer satisfaction and financial stability.

Best no-medical-exam life insurance for men:

• Protective: MoneyGeek score of 91 out of 100 for men
• Mutual of Omaha: MoneyGeek score of 90 out of 100 for men

Best life insurance for women that does not require a medical exam:

• Protective: MoneyGeek score of 91 out of 100 for women
• Mutual of Omaha: MoneyGeek score of 90 out of 100 for women

Life insurance without a required medical exam offers coverage without the need for a health assessment. It can appeal to those who prefer convenience or have health concerns that might complicate the underwriting process. For example, an individual with a chronic illness might opt for this insurance to avoid the potential for higher rates or denial of coverage.

In Elgin, Illinois, Protective provides the best term life insurance for seniors, with a MoneyGeek Score of 92 for men and 91 for women. The average monthly premium for men is $49, while for women, it's $51.

Age is a determining factor in the cost of life insurance premiums; as people age, the risk to insurers increases, which often results in higher premiums. Protective's high MoneyGeek Score indicates a balance of affordability, customer satisfaction, product diversity and financial stability, which is essential for seniors seeking reliable coverage.

Mutual of Omaha stands out for those seeking the best term life insurance for smokers in Elgin, with a MoneyGeek score of 90 for men and 88 for women. This provider offers competitive rates and quality coverage at an average monthly premium of $53 for men and $59 for women.

Smoking impacts life insurance premiums significantly due to the associated health risks, which is reflected in the cost. Mutual of Omaha's high MoneyGeek score indicates strong customer satisfaction, a seamless buying process and a stable financial outlook, making it a reliable choice for smokers.

For the best term life insurance for young adults in Elgin, Protective stands out with a MoneyGeek score of 92 and an average monthly premium of $7 for men and women. Protective's high score is attributed to its competitive pricing, strong customer satisfaction and financial stability.

Age is a key factor in determining life insurance premiums, with younger adults typically benefiting from lower costs. For young adults in Elgin seeking the best term life insurance, Protective offers a balanced combination of affordability and reliability.

In Elgin, Protective is the top provider of the best cheap term life insurance for men and women. It has a MoneyGeek score of 92 and an average monthly premium of $11 for both genders. Protective's high MoneyGeek score reflects its strong affordability, customer satisfaction and financial stability.

Life insurance premiums are influenced by several factors, including age, health, coverage amount and term length. Younger and healthier individuals typically enjoy lower premiums. To secure the lowest rates, consider maintaining a healthy lifestyle and choosing a shorter term length lower coverage amount.

The average monthly cost of term life insurance in Elgin is $21 for women and $23 for men. Many factors influence the cost of life insurance premiums, including age, health, lifestyle, coverage amount and term length.

Local conditions can also affect premiums. In Elgin, factors like local health statistics, economic conditions, crime rates and environmental factors may cause insurance costs to differ from the rest of Illinois. Understanding these factors can help you make informed decisions about your life insurance needs.