Best Life Insurance Companies in Wisconsin (2026)

Banner Life is Wisconsin’s top term life insurance company. Penn Mutual costs $38 a month for 40-year-old women and $47 for men, one dollar more than Banner Life on both rates. It has the same A+ AM Best rating and covers up to $10 million without a medical exam, compared with Banner Life’s $4 million no-exam cap. Applicants who need more than $4 million in no-exam coverage should choose Penn Mutual. 

Cincinnati Life’s eligibility range starts at birth and runs through age 75 with an A+ AM Best rating, but it doesn’t offer no-exam coverage. Pacific Life accepts applicants up to age 80 at $38 a month for women. Its male rate of $54 is the highest among the six carriers in the analysis.

Premiums are fixed for the length of the term and run lower than permanent coverage, so term policies suit income replacement and mortgage payoff during your working years. The six carriers in MoneyGeek’s Wisconsin review charge $37 to $47 a month for 40-year-old women and $46 to $59 for men on a 20-year, $500,000 policy. Term life pays a death benefit to your beneficiaries if you die during the coverage period.

Rates are based on 40-year-old nonsmokers in average health purchasing a 20-year term policy with $500,000 in coverage.

Banner Life offers no-exam life insurance for an average cost of $41 a month for 40-year-old women and $51 for men. Penn Mutual’s no-exam limit of $10 million is more than double Banner Life’s $4 million cap, at $42 a month for women and $51 for men. It’s the right choice for Wisconsin applicants who want the highest no-exam coverage available.

Transamerica accepts applicants up to age 80, the highest cutoff in MoneyGeek's analysis of no-exam providers. Average rates are $42 a month for women and $51 for men. It’s the only no-exam option for Wisconsin applicants older than 65. Its no-exam limit is $2 million.

Pacific Life’s male rate of $60 is the second-highest, $9 above Banner Life’s $51. It offers a $3 million no-exam limit with eligibility through age 60. Nationwide’s no-exam eligibility ends at 55, the lowest age cutoff. Coverage is capped at $1.5 million. Ethos charges $54 for women and $72 for men, the highest rates in MoneyGeek’s Wisconsin no-exam review. Its 3.8 MoneyGeek score is the lowest in the category.

Estimates reflect pricing for 40-year-old nonsmokers buying a 20-year term life policy with $500,000 in coverage.

No-exam policies let you get coverage without a standard medical exam. Insurers use health questionnaires and third-party records to assess risk instead. The six carriers in MoneyGeek’s Wisconsin review charge $41 to $54 a month for 40-year-old women and $51 to $72 for men on a 20-year, $500,000 policy. No-exam coverage costs more than fully underwritten policies. Coverage limits are also lower: Penn Mutual’s $10 million cap is the ceiling in this review.

Penn Mutual has the most affordable life insurance rates for seniors: $72 a month for 65-year-old women and $110 for men. It offers coverage up to $10 million. This includes no-exam options for eligible applicants. Pacific Life and Banner Life are tied at $84 for women and $119 for men. Pacific Life accepts applicants up to age 80; Banner Life’s cutoff is 75.  

Lincoln Financial also accepts applicants up to age 80 at $84 for women and $123 for men, but its coverage cap is $2.5 million, the lowest in our analysis.  Guardian Life is the only carrier in the review with an A++ AM Best rating. It charges $87 for women and $135 for men, $25 more per month for men than Penn Mutual.

Wisconsin seniors have a narrower eligibility window than younger applicants. Penn Mutual’s cutoff is age 70; Guardian Life and Banner Life stop at 75. Pacific Life and Lincoln Financial accept applicants up to age 80. A 10-year term policy taken out at 65 covers time-limited costs like burial expenses or a remaining mortgage through age 75. For applicants with health conditions, all five carriers in MoneyGeek’s Wisconsin seniors review include no-exam coverage options.

Estimates are based on 65-year-old nonsmokers buying a 10-year term policy with $250,000 in coverage.

Cincinnati Life scores 4.5 in MoneyGeek’s Wisconsin young adult review, the highest in the category. Its $10 million coverage limit starts at birth, but all applicants must complete a medical exam. Lincoln Financial matches Cincinnati Life’s female rate at $17 a month for 25-year-old women and charges $21 for men. Its coverage cap is $2.5 million.

Penn Mutual costs $18 for women and $21 for men. Its no-exam limit is $10 million, available from age 20. Guardian Life is the only carrier in the category with an A++ AM Best rating. It charges $19 a month for women and $24 for men. Fidelity Life charges $20 for women and $26 for men, the highest rates in the table. Its no-exam limit is $250,000.

Life insurance premiums are based on age and health at the time of application. A 25-year-old who buys a 20-year term policy locks in a rate through age 45. Cincinnati Life requires a medical exam. At $17 a month for women and $20 for men, it has the lowest rates in MoneyGeek’s young adult life insurance review for Wisconsin applicants who qualify medically. Young adults who want to skip the exam can get up to $10 million in no-exam coverage through Penn Mutual. Coverage is available from age 20.

Premium estimates are based on 25-year-old nonsmokers buying a 20-year term life insurance policy with $250,000 in coverage.

Banner Life and Transamerica have the lowest rates for 40-year-old Wisconsin residents at $37 a month for women and $46 for men on a 20-year, $500,000 policy. New York Life charges $47 a month for women, the highest female rate. A 40-year-old Wisconsin woman who buys from New York Life instead of Banner Life pays $2,300 more over a 20-year term for identical coverage. For men, Guardian Life’s $59 a month is the highest rate against Banner Life’s $46. Buying from Guardian Life over Banner Life costs $3,080 more over 20 years on the same policy.

Compare top life insurance companies in Wisconsin by age, coverage needs and budget using the interactive table below to find the policy that fits you best:

Rates shown are for term life policies based on the filters you select.

The Office of the Commissioner of Insurance (OCI) regulates all life insurance policies sold in Wisconsin under Chapters 628, 631 and 632 of the Wisconsin Statutes. These laws establish the minimum standards insurers must meet at every stage of a policy’s life, from issuance through cancellation.

• Free Look Period: Wisconsin gives you 10 days after receiving a life insurance policy to review it and cancel for a full refund. Replacement policies get a 30-day free look period. Canceling within either window requires the insurer to return all premiums paid.
• Grace Period: Wisconsin law requires a 31-day grace period for late premium payments on all life insurance policies. Coverage stays active throughout that window. A policy won’t lapse as long as payment arrives within 31 days of the due date.
• Incontestability Period: Insurers in Wisconsin can’t contest a policy’s validity after it’s been in force for two years, except in cases of fraud. After that two-year mark, the insurer can’t deny a claim by citing errors or omissions in the original application.
• Suicide Exclusion: Wisconsin allows insurers to exclude suicide deaths from coverage for the first two years of a policy. The exclusion ends after two years; most standard Wisconsin policies cover suicide deaths from that point forward.
• Marital Property Rights: Wisconsin is a marital property state. Your spouse may have a legal interest in your life insurance policy regardless of the beneficiary you name. Some policies require spousal consent to designate a non-spouse beneficiary.
• Conversion Rights: Wisconsin law gives you the right to convert group life insurance coverage through work to an individual policy without proof of insurability. The conversion window is 31 days from the date coverage ends.
• Guaranty Fund Coverage: The Wisconsin Life and Health Insurance Guaranty Association steps in when an insurer becomes insolvent. Death benefit coverage is capped at $300,000 per policy. Cash surrender value protection is limited to $100,000.
• Agent Licensing: All Wisconsin life insurance agents must hold a valid OCI license. Verify an agent’s status through the OCI’s online license lookup tool before buying a policy.