Life Insurance in Wisconsin

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Although Wisconsin's economy is driven for the most part by manufacturing, many people believe that it is a farming state only - and indeed it does produce more dairy products than any other state except California. It is also very active in food processing. Five hundred and three life insurers are licensed to do business in Wisconsin to serve the needs of the state's estimated 5.5 million residents.

According to the American Council of Life Insurers, Wisconsin residents own 3 million individual life insurance policies, with coverage averaging $84,000 per policyholder. Group life insurance coverage amounts to $150 billion.

The Council also reports that individual life insurance coverage purchased in 2006 in Wisconsin totaled $30 billion, and $8 billion was paid to residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments.

Wisconsin has a State Life Insurance Fund. This Fund was established in 1911, in response to a national scandal over the improper practices of some life insurance companies. This Fund is not permitted to use commissioned agents, does not advertise, and is exempt from federal income tax. As a result, overhead expenses are minimal.

Wisconsin Office Responsible for Life Insurance

Consumers may visit Wisconsin's Department of the Commissioner Insurance to verify the licenses of any life insurance company they're thinking of doing business with. In addition, the website offers summaries of the various types of insurance, laws and regulations, and a consumer page where one may see complaints filed against an insurance company or to lodge a complaint against a company if necessary.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Wisconsin Insurance Security Fund which was created by statute. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Wisconsin's Chapters 600-655. (Scroll down to Chapters 600 from this page of complete statutes.) These regulations cover every step in the life insurance process, from what companies are allowed to become licensed, to how they must conduct their business.

Contacting the Wisconsin Commissioner of Insurance