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{{Short description|Mutual Insurance Company}}
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{{Short description|Mutual Insurance Company}}
{{Draft topics|north-america|business-and-economics}}
{{AfC topic|org}}


{{Paid contributions|date=May 2025}}
{{Paid contributions|date=May 2025}}

Latest revision as of 14:19, 27 June 2025

  • Comment: We don't use any external links in the body of an article, ® is not required anywhere and press releases are not independent sources. Theroadislong (talk) 13:17, 5 May 2025 (UTC)
  • Comment: You have told us everything that the company would like us to know about them, that's isn't how we write articles. See WP:YFA. Theroadislong (talk) 13:16, 5 May 2025 (UTC)



Illinois Mutual
Illinois Mutual Logo Illinois Mutual Headquarters
Company StructureMutual Company
ProductsLife Insurance, Disability Income Insurance, Worksite Insurance
Date Founded1910
Headquarters LocationPeoria, Illinois
Number of Employees~ 200
Websitewww.IllinoisMutual.com

Illinois Mutual is a national mutual insurance company based in Peoria, Illinois, offering life insurance, disability income insurance, and worksite voluntary benefits. Established in 1910, it primarily serves middle-market consumers across 47 U.S. states..[1]

History

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Illinois Mutual was founded in Danville, Illinois, in 1910 as the Illinois Woodmen Accident Association, a fraternal benefit society. In 1913, the company relocated its headquarters to Peoria. By 1916, it had reorganized under a mutual plan and adopted the name Illinois Mutual Casualty Company.

The company has experienced five generations of leadership within the founding McCord family. O.L. McCord became president in 1922, followed by E.A. McCord in 1935, R.A. McCord in 1963, Michel McCord in 1983, and Katie McCord Jenkins in 2011. Under various leaders, the company expanded its insurance offerings, including entering the disability insurance market in 1956 and life insurance in 1958.

Notable milestones include reaching $1 billion in in-force life premiums in 1983, $1 billion in admitted assets in 2003, supporting the first Disability Insurance Awareness Month in 2005 and celebrating the company’s centennial in 2010.[2]

Operations and financial standing

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As of 2024, Illinois Mutual held a Financial Strength Rating of A− (Excellent) from AM Best, reflecting its strong ability to meet policyholder obligations.[3] The company reported assets totaling approximately $1.57 billion in 2023.

Illinois Mutual is structured as a mutual company, meaning it is owned by its policyholders rather than shareholders. The firm employs around 200 individuals and remains privately held.

Products

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Illinois Mutual offers a variety of insurance products:

Life Insurance: Products include Term Life, Return of Premium Term, Whole Life, and Simplified Issue Whole Life.

Disability Insurance: The company provides individual disability policies, including simplified issue and business expense coverage. A Return of Premium (ROP) rider has returned more than $226 million to policyholders to date. In 2025, the company launched Personal Paycheck Power®, a simplified issue disability income product (Insurance Journal, 2025).[4]

Worksite Insurance: Illinois Mutual offers worksite insurance to help employers meet their employees’ voluntary benefit needs, including short-term disability, term life, critical illness, and accident insurance.

Recognitions

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The company has received several external recognitions:

  • Best in Class by Heart of Illinois United Way (2018)[5]
  • A+ accreditation Better Business Bureau Torch Award for Ethics (2022)
  • Centennial Business Award from the Illinois State Historical Society (2022)
  • Certified as a Great Place To Work® for the last 5 years.[6]
  • Katie McCord Jenkins was inducted into the Bradley University Centurion Society in 2022.[7]
  • Recognized as a top disability insurance company by Policy Genius in 2024.[8]

References

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  1. ^ Bruch, Thomas (August 24, 2024). "Extra! Since 1910: Illinois Mutual". Peoria Journal Star.
  2. ^ Insurance Journal (May 1, 2006). "Ill. Mutual Hosts Disability Insurance Awareness Month in May". Insurance Journal.
  3. ^ "AM Best RSS News". AM Best Company, Inc. January 1, 2024. Retrieved January 2, 2025.
  4. ^ Insurance Journal (January 14, 2025). "Illinois Mutual Launches Simplified Issue Disability Income Insurance". KGET 17 News. Insurance Journal.
  5. ^ "HOIUW Top 20 Campaigns and Award Winning Campaigns". Heart of Illinois United Way. Retrieved 2025-05-12.
  6. ^ "Illinois Mutual Life Insurance Company Great Place to Work". Great Place to Work® Institute. January 1, 2024. Retrieved January 2, 2025.
  7. ^ "Alumni Inducted Into Bradley Centurion Society". Bradley University. 2024-04-16. Retrieved 2025-05-12.
  8. ^ "Best Disability Insurance Companies (2024)". Policygenius. 2024-04-01. Retrieved 2025-06-11.
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