A Midwestern life insurer now has access to a new source of financing.

Illinois Mutual Life Insurance Company, Peoria, Ill., has become a member of the Federal Home Loan Bank of Chicago, bank officials say.

The Chicago FHLBank, a member-owned regional wholesale bank, helps finance member financial institutions’ mortgage loans and small business loans.

Illinois Mutual is one of about 200 insurers that belong to the FHLBank system, officials say.

The company can use FHLBank financing to cope with unexpected cash-flow disruptions as well as to support fixed-rate assets and annuity products, officials say.