--- title: Life Insurance in Illinois: Quotes and State Rules url: https://coverfolk.com/states/illinois updated: 2026-10-08 --- # Life insurance in Illinois Free quotes from licensed Illinois agents, plus the state rules that protect you, in plain words. [Your rights](#rights) Updated October 8, 20266 sources[Fact checked](/editorial-standards) The short answer In Illinois, you get at least 10 days to return a new life policy for a refund, a 30 day grace period if you miss a payment, and up to $300,000 of protection if your insurance company fails. ## Your rights in Illinois Free look : 10 daysReturn a new policy for a full refund. Grace period : 30 daysCoverage stays on while you catch up. Safety net : $300,000Death benefit protection. Cash value: $100,000. State help line : [866-445-5364](tel:8664455364)Illinois Department of Insurance 10 days for life policies. 20 days if the policy replaces an existing one (215 ILCS 5/224). 30 days or one month (215 ILCS 5/224(1)(b)). * If a new policy replaces one you have, Illinois gives you 20 days to return it (215 ILCS 5/224). ## Who lives in Illinois About 12.7 million people live in Illinois. We help people in Chicago, Metro East St. Louis, Quad Cities and the towns in between. **67.1%**of homes are lived in by the owner. Median value $263,300. **18.7%**of people are 65 or older **478,196**veterans live here **$83,390**median household income Census QuickFacts, American Community Survey 2020 to 2024. ## What people in Illinois look for **Mortgage protection** With 67.1% of homes owned and a median value of $263,300, a lot of families want the house covered. [More on mortgage protection](/coverage/mortgage-protection) **Final expense** 18.7% of people here are 65 or older. A small policy keeps funeral costs off your family. [More on final expense](/coverage/final-expense) **Term life** The lowest price for the most coverage while the kids are young. [More on term life](/coverage/term-life) **Veterans** 478,196 veterans live in Illinois. See what goes beyond VGLI. [More on veterans](/jobs/veterans) ## Common questions in Illinois What is the free look period for life insurance in Illinois? Illinois gives you at least 10 days to review a new individual life policy and return it for a refund. 10 days for life policies. 20 days if the policy replaces an existing one (215 ILCS 5/224). Source: [Illinois free look law](https://content.naic.org/sites/default/files/model-law-chart-li-30-life-insurance-disclosure-provisions.pdf) What happens if I miss a payment in Illinois? Illinois law gives at least a 30 day grace period. 30 days or one month (215 ILCS 5/224(1)(b)). Source: [Illinois grace period law](https://law.onecle.com/illinois/215ilcs5/224.html) What if my life insurance company goes out of business in Illinois? The Illinois Life and Health Insurance Guaranty Association steps in. It protects up to $300,000 in death benefits and $100,000 in cash value, per insured person, as of June 2025. Source: [Illinois Life and Health Insurance Guaranty Association](https://www.ilhiga.org/) · [NOLHGA: how you are protected](https://nolhga.com/policyholders/how-youre-protected/) Who regulates life insurance in Illinois? The Illinois Department of Insurance. You can call its consumer help line at 866-445-5364 or visit idoi.illinois.gov to check an agent's license or file a complaint. Source: [Illinois Department of Insurance](https://idoi.illinois.gov) Can I get a life insurance quote online in Illinois? Yes. Coverfolk works with licensed agents in Illinois. Answer a few questions, confirm your phone with a text code, and an agent shows you real prices. It is free. Source: [Illinois Department of Insurance](https://idoi.illinois.gov) Are you a licensed agent? [Buy Illinois life insurance leads on Dial Haul](https://dialhaul.com/states/illinois/). ## Sources 1. [Census QuickFacts Illinois (ACS 2020-2024)](https://www.census.gov/quickfacts/fact/table/IL/PST045224) 2. [NOLHGA: How You're Protected (coverage as of June 1, 2025)](https://nolhga.com/policyholders/how-youre-protected/) 3. [NOLHGA: Contact My Guaranty Association](https://nolhga.com/policyholders/contact-my-guaranty-association/) 4. [NAIC Model Law Chart LI-30, Life Insurance Disclosure (Fall 2023)](https://content.naic.org/sites/default/files/model-law-chart-li-30-life-insurance-disclosure-provisions.pdf) 5. [215 ILCS 5/224 (Onecle)](https://law.onecle.com/illinois/215ilcs5/224.html) 6. [IDOI Consumers](https://idoi.illinois.gov/consumers.html) 7. [Illinois Department of Insurance](https://idoi.illinois.gov) 8. [Illinois Life and Health Insurance Guaranty Association](https://www.ilhiga.org/) This is a plain summary of state rules, not legal advice. Your policy and the law control. Call the Illinois Department of Insurance if you have a problem with a company or agent. Cities ## Life insurance in Illinois cities Local income, home values and jobs for 8 Illinois cities. [See all cities](/cities) [Chicago](/states/illinois/chicago)[Aurora](/states/illinois/aurora)[Naperville](/states/illinois/naperville)[Joliet](/states/illinois/joliet)[Rockford](/states/illinois/rockford)[Peoria](/states/illinois/peoria)[Elgin](/states/illinois/elgin)[Springfield](/states/illinois/springfield) [Final expense in Illinois](/states/illinois/final-expense)[Mortgage protection in Illinois](/states/illinois/mortgage-protection)[Funeral costs in Illinois](/funeral-costs/illinois)[En español](/es/estados/illinois) Other states ## We also work in [**Arizona**AZ](/states/arizona)[**California**CA](/states/california)[**Florida**FL](/states/florida)[**Georgia**GA](/states/georgia)[**Michigan**MI](/states/michigan)[**New Jersey**NJ](/states/new-jersey)[**New York**NY](/states/new-york)[**North Carolina**NC](/states/north-carolina)[**Ohio**OH](/states/ohio)[**Pennsylvania**PA](/states/pennsylvania)[**Tennessee**TN](/states/tennessee)[**Texas**TX](/states/texas)