Wisconsin Life Insurance

Have you ever just taken a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is Wisconsin Life Insurance. Purchasing Wisconsin Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

When shopping for Wisconsin Life Insurance, you need to be aware that there are certain provisions that vary from state to state, and the Wisconsin State Department of Insurance does issue regulations for Wisconsin Life Insurance policies pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements.

Why Do I Need Wisconsin Life Insurance?

You may wonder why do I even need Wisconsin Life Insurance? Take a look at these figures.

Wisconsin is ranked 14th out of 50 states and the District of Columbia with a life expectancy of 77.9 years.  That means, for every 100,000 people in Wisconsin, over 800 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to over 2,000, and at 75 to 84 nearly 5,500 Wisconsin residents die for every 100,000 living in the state. More on mortality by age, sex and race, and the leading causes of death in Wisconsin can be found at:
http://www.cdc.gov/nchs/pressroom/data/Wisconsin09.pdf

For more reasons why you should apply for Wisconsin Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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: Under State Code a “free look” means you are entitled to change your mind.
All sellers of Wisconsin Life Insurance plans are obligated to include the Free Look provision. With Free Look, you can choose to cancel your life insurance policy for any reason, even after you have signed the contract with the insurance company and received all policy documents. In most cases, the free look period is at least a 20 days without penalty. Some Wisconsin Life Insurance Companies give as much as 30 days, while still others only offer a 10 day period to review a policy and cancel without penalty.

Death Benefit Processing: In Wisconsin your beneficiaries are entitled to swift and efficient payment of death benefits. If all documentation is in order the norm is within 60 days. The State Code also provides for Wisconsin Life Insurance companies to pay interest on death benefits. With a Wisconsin Life Insurance policy, interest begins to be applied to a death benefit as soon as a claim is filed.

Most Wisconsin Life insurance policies will cover accidental deaths even if they occur within the first 2 years that a policy is in effect. Suicide, however, is not covered by any Wisconsin Life insurance policy that is less than 2 years old.

Life insurance purchasers are not the only ones protected by state regulations. Wisconsin Life Insurance sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, a Wisconsin Life Insurance company can question any information you stated on your Wisconsin Life Insurance application for up to two years from the purchase of the policy. Any discrepancies, especially those related to medications or tobacco use, can result in revocation of the policy. Allowances for misstatement of age are given. If age is found to be incorrect, the policy rate will likely be adjusted to reflect the accurate age, and not terminated entirely.

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. 
http://oci.wi.gov/

Wisconsin Life & Health Insurance Guaranty Association State guaranty associations are there to provide protection and continuing Wisconsin Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.wilifega.org/

Wisconsin Life Insurance Company Ratings These companies provide ratings for Wisconsin Life Insurance Companies based on financial strength and past performance.
http://www.ambest.com/
http://www.moodys.com/cust/default_alt.asp
http://www2.standardandpoors.com