Illinois Mutual Life Insurance Company

Illinois Mutual Life Insurance Company
300 SW Adams St.
Peoria, IL 61634
IL Tel. 309-674-8255
Fax 309-674-7355

Illinois Mutual life Insurance Company is a private mutual company located in Peoria, Illinois. Owned by the McCord family, the company was founded in 1910 by O.L. McCord, the great-grandfather of now chairman and president Michel McCord. The McCords have managed the company for four successive generations. The company was previously known as the Illinois Woodmen Accident Association and altered its name to the Illinois Benefit Association in 1912. From 1916 to 1995, the company has had undergone some name changes, including Illinois Mutual Casualty Company, Illinois Mutual Life and Casualty Company, and Illinois Mutual Life Insurance Company.

This insurance provider runs its business in 47 states with more than 18,000 independent agents supplying the company’s insurance products all over the United States. Recently, Illinois Mutual was ranked 127 in the Top 200 Life Writers in the U.S., based on more than $1.2 billion reported assets.

As of December 31, 1009, the company garnered total assets of $1,248,028,412, with net surplus of $136,360,341 and net life insurance of $7,429,505,000. In the same fiscal year, the company reached $5,205,892 in life and annuity sales, $2,506,191 in accident and health, and $154,366,855 in national premium.

The company provides annuity products, disability insurance, life insurance and workplace insurance products. Annuity products include single premium immediate annuity, wherein the customer can buy the contract with a single deposit and begin receiving regular payments after 30 days. Income options for immediate annuity include annuity for a certain period where the buyer indicates the number of years over which he or she would like to receive annuity payments; life annuity where payments are guaranteed throughout the customer’s lifetime; life annuity with a certain period where payments are assured throughout the insured’s lifetime, or an assured period of time if longer; and joint and survivor annuity where payments are made through the buyer’s lifetime and the lifetime of the joint annuitant chosen by the buyer.

For its disability insurance, the company provides individual DI, return of premium DI, business expense, special risk, special risk business expense, and worksite DI. It likewise offers term life, return of premium term, whole life, universal life, mature market and ChildGUARD life insurance products. Furthermore, Illinois Mutual’s offered workplace insurance products include accident insurance, interest-sensitive whole life insurance and short-term disability insurance.

In October 2010, A.M. Best Co. rated Illinois Mutual with a financial strength of B+ (good) and an issuer credit of bbb-. These ratings mirror A.M. Best’s concerns over the sizeable decline in Illinois Mutual’s accounted surplus in 2010, its modest risk-adjusted capital position, remaining degree of risk within its investment portfolio and restricted financial flexibility.

Illinois Mutual has 212 employees, headed by its chairman and president Michel McCord and executive vice president William Edwin Palmatier. The company’s secretary and treasurer are Scott Douglas Reed and Robert Frederick Pedersen, respectively. Katie McCord Jenkins and Stephen Kershaw serve as senior vice presidents and Craig Parr as the vice president for sales, while Edward Zell is the assistant vice president for technology support.