Magnum Health Insurance Review [2022]

Magnum health insurance offers individual, employer, short-term, and Critical Illinois Compensation for Illinois and Indiana residents. Magnum insurance reviews are mixed – some people are happy with the affordable prices, while others are frustrated with the claims process. However, Magnum Insurance gets an A+ from the Better Business Bureau.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Written by Laura Berry
Former Insurance Agent Laura Berry

Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

UPDATED: Jun 22, 2022

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Here's what you need to know...

  • Magnum offers individual, employer, Critical Illinois Compensation, and short-term care in Illinois and Indiana
  • Customer reviews tend to be split, with some loving the value and others frustrated with claims payouts
  • Magnum offers a variety of other insurance products, including home, car, and life insurance

With a global pandemic and healthcare getting more expensive every year, having reliable health insurance is vital for everyone. Without health insurance, you’re vulnerable to injuries and sudden illnesses — you’ll have to pay any medical bills you incur out-of-pocket.

Health insurance also keeps you healthier by giving you access to preventative care such as diagnostic tests, regular doctor visits, and flu shots. Even with insurance, healthcare can be expensive, which is why it’s important to find the best option for you.

Magnum Insurance is a small provider that has served Illinois and Indiana since 1981. It might not have an instantly recognized name, but it might offer the best coverage for you and your family. As a bonus, Magnum offers home and car insurance as well as many other types of coverage, so you can get all the protection you need.

If you’re interested in affordable Magnum insurance rates, you should compare prices to make sure you find the best option. If you want to see what quotes might look like for you, enter your ZIP code into our free tool today.

What is Magnum health insurance?

Magnum insurance promises to cover everything important to your family’s health at an affordable price. The type of insurance that’s best for you will depend on your unique needs.

From individual and family plans to insurance plans for companies, Magnum has several options for your consideration.

Magnum Individual and Family Health Insurance

The most common way Americans get their health insurance is through their work. Health insurance from an employer is so important that many people apply for jobs specifically because of their health insurance options. Others stay in jobs they no longer like to keep their coverage.

However, there are times when you’ll need to find your own health insurance policy. Retirees, self-employed people, and workers at jobs that don’t provide insurance are all prime candidates for individual or family health insurance.

The average monthly price of health insurance in Illinois is $507, while Indianans pay a little less at $437 a month. You’ll need to speak with a Magnum agent to get an exact quote, but you can expect to pay around the average price for your state. Customers generally praise Magnum for its affordability, so you might even pay less than average.

Magnum’s health insurance is tailored to cover medical emergencies, preventative care, inpatient and outpatient treatments, and routine doctor appointments. On a single plan, you can insure yourself, your spouse, and any children under the age of 26.

Magnum Group Insurance

Magnum offers insurance plans for employers. From small mom-and-pop stores to large companies with thousands of employees, Magnum has options that will work for you.

You can buy health insurance plans, as well as dental and vision plans, to cover all of your employee’s needs.

Magnum Critical Illinois Compensation

For Illinois residents, Magnum offers Critical Illinois Compensation.

This coverage protects people from health emergencies like heart attacks or cancer. The Compensation plan will cover up to $50,000 in emergency healthcare costs.

Of course, this health insurance option only applies to people who live in Illinois – Indiana residents are not eligible.

If you think your medical emergency qualifies, use the Magnum insurance customer service phone number to check with an agent.

Magnum Short Term Health Insurance

There are several reasons you might need short-term health insurance. Most often, it’s because you’re in between jobs or you’re waiting for your main insurance to start.

Magnum’s short-term insurance has no enrollment period, which means you can sign up whenever you need it. You can sign up for up to six months of temporary coverage for competitive prices and low deductibles.

You can find out how much short-term insurance would cost you by calling the Magnum insurance phone number and speaking with an agent.

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Magnum Health Insurance Reviews

Unfortunately, Magnum doesn’t have the best reviews.

People’s main problems revolved around customer service experiences and the claims process. Some customers state that Magnum insurance login isn’t as user-friendly as other companies, while others say representatives seem to be undertrained.

However, customers appreciate Magnum’s insurance quotes. Typically, people say Magnum offers cheaper insurance rates than competitors.

Customers also complain that the Magnum insurance payout system is painfully slow and they often suspect the company tries to put off paying claims.

The Better Business Bureau gives Magnum an A+ rating, but there are several customer complaints on the site. However, they are focused on Magnum’s car insurance. The health insurance product is rarely mentioned online.

What other insurance products does Magnum sell?

Magnum sells a lot more than health insurance. In fact, health insurance isn’t the main focus of the Magnum Insurance Company.

Magnum sells the following insurance products:

  • Auto. Magnum’s car insurance offers the typical coverage (liability, comprehensive, and collision), as well as underinsured/uninsured motorist, GAP protection, and rental reimbursement. You can even buy classic car insurance.
  • SR-22. Some states require that you show proof of minimum insurance coverage and Magnum can provide the form for you.
  • Motorcylce. Just like cars, motorcycles need insurance coverage as well. You can find liability, comprehensive, and collision with Magnum.
  • Mexican auto. If you plan on driving in Mexico, you’ll need special insurance. Magnum sells temporary insurance that works in Mexico.
  • Roadside assistance. If you ever find yourself stranded on the side of the road, Magnum insurance 24-hour roadside assistance will help out.
  • Home. Home insurance offers coverage for your dwelling structure, liability, and personal belongings.
  • Renters. If you don’t own your home, renters insurance protects your belongings from damage.
  • Condo. Similar to homeowners insurance, condo protects your dwelling and personal belongings with special coverage meant for condos.
  • Commercial auto. If you use your vehicle for work purposes, you’ll likely need commercial car insurance to make sure you’re covered on the streets.
  • Life. Magnum also offers term and whole life policies as the best way to protect your family from financial hardship after your passing.

Find the Best Insurance in Indiana or Illinois

Magnum insurance doesn’t have perfect reviews, but numerous customers enjoy affordable prices and choosing a local company. Residents of Illinois or Indiana should consider Magnum Insurance Company for any of their coverage needs.

Before you buy Magnum insurance, you should commit to shopping as many companies as possible to save money. If you’re ready to see what quotes might look like for you, enter your ZIP code into our free tool today.

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