Life Insurance Protection for Wisconsin Families
Wisconsin is home to Northwestern Mutual, one of the largest life insurance companies in the United States, headquartered in Milwaukee. There are approximately 105 life insurance and annuity businesses operating in the state. The state has a strong insurance industry presence with multiple major carriers headquartered or having significant operations in Wisconsin.
Life Insurance in Wisconsin
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Why Life Insurance Matters in Wisconsin
Wisconsin has a population of approximately 5.9 million people. The median household income is approximately $67,125. The median age is 40.0 years. The state has a diverse economy with strong manufacturing, agriculture, healthcare, and technology sectors. Approximately 70% of Wisconsin residents own their homes.
Life Insurance Regulations in Wisconsin
Wisconsin life insurance regulations include a 10-day free-look period for new policies and a 30-day free-look period for replacement policies. The state requires all life insurance agents to be licensed through the Office of the Commissioner of Insurance (OCI). Wisconsin has adopted the Annuity Best Interest regulation, setting enhanced standards for annuity sales. The state also requires life settlement brokers and providers to be licensed. Wisconsin follows the NAIC model for insurance regulation and consumer protection.
Insurance Department: Office of the Commissioner of Insurance (OCI), Phone: (608) 266-3585, Toll-free: (800) 236-8517, Website: https://oci.wi.gov
Average Life Insurance Costs in Wisconsin
For a $500,000, 20-year term life insurance policy in Wisconsin, a healthy 35-year-old male can expect to pay approximately $20-$30 per month. Whole life insurance premiums are significantly higher, averaging $300-$500 per month for similar coverage. Wisconsin ranks 21st in total premium as reported on NAIC annual statement filings.
Top Life Insurance Carriers in Wisconsin
Northwestern Mutual (headquartered in Milwaukee), State Farm, New York Life, Prudential, MetLife, MassMutual, Allstate, American Family Insurance, CUNA Mutual Group, Sentry Insurance
Tax Advantages in Wisconsin
Wisconsin does not have a state estate tax (repealed in 2008) or inheritance tax. Life insurance death benefits are generally not subject to state income tax. Cash value growth in permanent life insurance policies is tax-deferred. Wisconsin residents can use irrevocable life insurance trusts (ILITs) to exclude proceeds from the federal taxable estate.
Frequently Asked Questions
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