Life Insurance in Wisconsin
As a Wisconsin resident, purchasing life insurance today is a smart way you can help make sure that your loved ones will always be financially protected, even if you are not there to take care of them.
When shopping for life insurance in Wisconsin, you need to be aware that there are certain provisions that vary from state to state. The Wisconsin State Department of Insurance issues regulations for life insurance policies that pertain to free-look time frames, premium payment grace periods and other features.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Wisconsin was ranked 14th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.79. With this in mind, people living in Wisconsin may want to consider their life insurance options.
Wisconsin life insurance specifics
Wisconsin regulates its insurance industry through The State Insurance Code of Wisconsin. Under the code, those purchasing Wisconsin life insurance are afforded certain protections such as:
- Free Look Period
According to the Wisconsin state code, life insurance companies are required to give you a Free Look Period (also called the Right to Return policy) to review your policy and decide if you want to keep it. If you decide during this period (within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
- Grace Period
A grace period is allowed on late payments under the Wisconsin state insurance code. If you miss a premium payment for any reason, Wisconsin life insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.
Wisconsin life insurance state resources
Wisconsin Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Wisconsin life insurance industry.
Wisconsin Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Wisconsin, even in the event that a life insurance company becomes insolvent.
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.