Insurance Underwriter Salary in Chicago, IL
Insurance Underwriters in the Chicago-Naperville-Elgin, IL-IN metro area earn a median $99,840 a year — 23% more than the national median. After 2026 taxes, that is $74,270 take-home, or $6,189 a month.
Take-home pay calculator
Pre-filled with the median insurance underwriter salary in Chicago, IL. Enter your own offer to see your paycheck.
- Federal income tax$13,135
- Social Security (6.2%)$6,190
- Medicare (1.45%)$1,448
- Illinois income tax$4,797
- Take-home pay$74,270
Marginal rate: 22% federal + 4.95% state
The Chicago-Naperville-Elgin, IL-IN metro spans Illinois, Indiana. Pick the state you live in — state income tax follows your residence.
Insurance Underwriter pay by experience in Chicago, IL
| Percentile | Salary | Hourly | Take-home / yr | Per month |
|---|---|---|---|---|
| 10th percentile (entry level) | $64,360 | $30.94 | $50,852 | $4,238 |
| 25th percentile | $76,660 | $36.86 | $59,110 | $4,926 |
| Median (50th) | $99,840 | $48.00 | $74,270 | $6,189 |
| 75th percentile | $130,050 | $62.52 | $93,862 | $7,822 |
| 90th percentile (top earners) | $164,440 | $79.06 | $115,666 | $9,639 |
Wages: BLS Occupational Employment and Wage Statistics, May 2025. Take-home: single filer, Illinois resident, 2026 tax rules.
What $99,840 buys in Chicago, IL
Prices in Chicago, IL are 3.6% higher than the U.S. average (housing costs are 1.12× the national average). Adjusted for local prices, a median insurance underwriter's $74,270 take-home pay has the buying power of $71,693 in a typical American city.
Rents: HUD Fair Market Rents, FY2026 (40th-percentile gross rent incl. utilities). Price levels: BEA Regional Price Parities, 2024.
Chicago, IL has 1.3× the national concentration of insurance underwriter jobs — a strong local market for this occupation.
Best-paying cities for insurance underwriters, adjusted for cost of living
Chicago, IL ranks #6 of 43 metro areas once taxes and local prices are taken into account.
| # | Metro area | Median salary | Take-home | Real value* |
|---|---|---|---|---|
| 1 | Milwaukee, WI | $106,570 | $79,534 | $82,047 |
| 2 | Madison, WI | $95,130 | $72,093 | $74,103 |
| 3 | Hartford, CT | $100,690 | $75,702 | $73,679 |
| 4 | Denver, CO | $101,840 | $76,702 | $72,509 |
| 5 | Boston, MA | $106,170 | $78,432 | $72,444 |
| 6 | Chicago, IL | $99,840 | $74,270 | $71,693 |
| 7 | Atlanta, GA | $95,430 | $71,635 | $71,593 |
| 8 | Seattle, WA | $100,130 | $79,271 | $71,330 |
*Take-home pay divided by the BEA price level, so every city is measured in U.S.-average dollars. See all 43 metros →
Frequently asked questions
How much does a insurance underwriter make in Chicago, IL?
The median insurance underwriter salary in the Chicago-Naperville-Elgin, IL-IN metro area is $99,840 a year, or about $48.00 an hour, according to the Bureau of Labor Statistics (May 2025). The middle half earn between $76,660 and $130,050.
What is a insurance underwriter’s take-home pay in Chicago, IL?
On the median $99,840 salary, a single filer living in Illinois takes home about $74,270 a year ($6,189 a month) after federal tax, Social Security, Medicare and $4,797 in Illinois taxes in 2026.
Is Chicago, IL a good place to work as a insurance underwriter?
Pay here is 23% above the national median of $81,370. Local prices are 3.6% above the U.S. average, so the take-home pay buys what $71,693 would in a typical U.S. city. Chicago, IL ranks #6 of 43 metro areas for cost-of-living-adjusted pay in this job.
Can a insurance underwriter afford rent in Chicago, IL?
HUD’s fair market rent for a one-bedroom in Chicago, IL is $1,534 a month ($1,743 for two bedrooms) — 25% of a median insurance underwriter’s monthly take-home pay. Financial planners usually suggest keeping rent under about 30%.
Related jobs in Chicago, IL
- Personal Financial Advisor — $113,210
- Financial Risk Specialist — $105,370
- Project Management Specialist — $105,320
- Management Analyst — $105,090
- Labor Relations Specialist — $103,570
- Financial and Investment Analyst — $101,750
- Financial Examiner — $98,470
- Tax Examiners and Collectors, and Revenue Agents — $93,590
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- Compliance Officer — $82,020