1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
How Much Does an Illinois Insurance Producer Bond Cost?
An insurance producer bond in Illinois costs between $100 and $5,000. The bond amount required by the state is between $2,500 and $50,000. However, you do not need to pay the full amount. Instead, you can meet the requirement by purchasing the bond from a surety company for a bond premium.
We are an authorized surety company that has been serving customers in Illinois for more than a decade. By purchasing your insurance producer bond from us, you will pay a rate between 1% and 10% of the total bond amount. More than 99% of applicants qualify for the bond they need.
Your rate is determined by your credit scores, professional experience and financial assets. We provide bonds to applicants with most credit scores. If you apply with a 700 credit score, the rate is between 1% to 3%. A $50,000 surety bond in this case costs between $500 and $1,500.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Illinois Insurance Producer Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
How to Get an Illinois Insurance Producer Bond
1. Apply For Your Bond
Setting up your Illinois insurance producer bond is easy when you make your purchase from us. We offer you a three-step process and the full support of our bond specialists. The first step is to spend a few minutes filling out the online application.
2. Get Your Bond Quote
Your bond will be reviewed immediately. Most of our applicants receive a bond quote from us in a matter of minutes. For a complex application that requires extra review, a bond quote is available within 48 hours.
Paige wanted to submit her insurance producer license application right away, but she needed a surety bond first. Through our easy, online process, Paige walked through the three steps without a hassle and received her bond without delay.
3. Buy Your Bond
To wrap up your insurance producer bond purchase, you simply need to make the premium payment. You can conveniently do this through our online payment portal. Once your payment is received, we will prepare the bond and email it to you. Upon request, we can also mail the bond.
We are pleased to provide you with a stress-free way to set up your new surety bond. Our team is available to support you and answer questions. Reach us online or by phone at (877) 514-5146 today for assistance.
Insurance Producer Bond Requirements in Illinois
Illinois Insurance Code Section 500-30 establishes the licensing requirements for insurance producer licensing. One of the state’s licensing requirements is an insurance producer bond. The obligee is the People of the State of Illinois.
The bond amount is 5% of the producer’s premiums over the last calendar year. The minimum bond amount is $2,500, and the maximum amount is $50,000.
The insurance producer bond is continuous and remains effective until canceled. The surety company must provide the principal with a 30-day written notice prior to cancellation. The surety company may cancel the bond if the bond premium is not paid annually.
The bond must remain active in order to maintain your license and continue working as an insurance producer in Illinois. To assist you with your timely payment, we will contact you each year with updated payment instructions.
How to Get Your Insurance Producer License in Illinois
In Illinois, the Department of Insurance is in charge of insurance producer licensing. A license is required for all lines of authority, including motor vehicle, life, fire, personal and accident/health. The following items are needed to apply for an insurance producer license in Illinois:
- Up to 20 hours of pre-licensing education, depending on lines of authority
- A passing score on the state licensing exam
- Application
- Licensing fee
- Surety bond
We can tell you more about Illinois insurance producer bond requirements. For additional information about insurance producer licensing, please get in touch with:
Illinois Department of Insurance
320 W. Washington Street
Springfield, IL 62701
Phone: (217) 782-4515
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!