Best Life Insurance Companies in Wisconsin

When you’re shopping for life insurance policies, remember that low coverage usually means a cheaper policy. MoneyGeek found that MassMutual tops the list of affordable life insurance companies in Wisconsin for a $250,000 policy, with an average monthly premium of $9.99 for men and $9.41 for women.

There are several affordable types of life insurance worth considering. Term life insurance, for example, requires lower monthly premiums but allows your family to submit a claim only during a financial emergency. A policy with minimal coverage might not be best for everyone, though. If you have younger members in the household, you may want to consider a policy that will cover their ongoing expenses. Think hard and consider all these factors to determine how much life insurance you need to protect your loved ones.

In Wisconsin, to adequately cover family expenses after death, an average person should have a life insurance policy worth $660,000. This is based on the state’s cost of living, average incomes and lost wages.

The most affordable life insurance companies in Wisconsin for a policy worth $660,000 are Nationwide and Mutual of Omaha. For men, Nationwide’s policies cost an average of $16.66 per month. Based on affordability, the best option for women in Wisconsin is Mutual of Omaha, with an average cost of $14.54 per month. MassMutual and Nationwide are both very competitive for women’s premiums, at $14.66 and $14.86 per month on average, respectively.

Best Cheap Life Insurance Companies in Wisconsin: Males

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• Company
  $250K Coverage
  Suggested Coverage: $660k
• Nationwide
  $10.63
  $16.66
• MassMutual
  $9.99
  $16.73
• Mutual of Omaha
  $11.22
  $17.61
• Transamerica
  $14.13
  $26.84
• State Farm
  $18.98
  $33.93
• AAA
  $19.21
  $40.79
• Progressive Life
  $22.51
  $45.61
• Prudential
  $26.84
  $52.32

Best Cheap Life Insurance Companies in Wisconsin: Females

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• Company
  $250K Coverage
  Suggested Coverage: $660k
• Mutual of Omaha
  $11.22
  $14.54
• MassMutual
  $9.40
  $14.66
• Nationwide
  $9.73
  $14.86
• Transamerica
  $12.33
  $25.04
• State Farm
  $20.18
  $32.87
• AAA
  $16.63
  $34.61
• Progressive Life
  $20.71
  $42.91
• Prudential
  $19.34
  $48.72

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Wisconsin using average buyer profile statistics in Wisconsin, including average age of 32, average weight of 198 pounds for males and 157 pounds for females, and an average coverage need of $660,000.

Gender is one of the primary factors considered in the cost of life insurance. Women tend to have a longer life expectancy and, therefore, often pay less for life insurance than men. Life insurance quotes in Wisconsin for females are generally more affordable.

On average, females pay a monthly premium of $17.06 for a policy of $250,000 coverage. Males will have to pay a $19.05 monthly premium for the same coverage.

To reach the recommended life insurance coverage level of $660,000, you will need to pay higher monthly premiums. Life insurance quotes in Wisconsin offering $660,000 of coverage cost an average of $33.60 per month for women and $37.46 for men.

Considering your options, you also want to consider the company’s financial stability and ability to pay your claims. You can find this information by investigating the company’s market share, as larger companies tend to be more stable.

A market share is the number of premiums the company has written divided by the total number of policies written in the state. The top three most popular life insurance companies in Wisconsin hold an approximate 32.23% of the market. Northwestern Mutual is the most popular life insurance company in this state by a wide margin, with a market share of 21.57%.

Most Popular Life Insurance Companies in Wisconsin

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• Company
  Market Share
• Northwestern Mutual
  21.57%
• Lincoln Financial
  5.81%
• Prudential Financial Inc.
  4.85%
• American Family Life Insurance Co.
  3.53%
• State Farm
  3.38%
• New York Life
  3.19%
• John Hancock
  3.12%

Wisconsin’s life insurance market share data is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Age is one of the biggest factors when determining the cost of life insurance policies. A younger buyer considering affordable life insurance quotes in Wisconsin will find lower rates because their age makes them a low-risk individual. On average, the least expensive options for young people in this state are:

• Transamerica: $13.90 per month
• Mutual of Omaha: 15.73 per month

Best Life Insurance Companies for Young People in Wisconsin

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• Company
  Monthly Cost
• Transamerica
  $13.90
• Mutual of Omaha
  $15.73
• MassMutual
  $16.03
• AAA
  $18.74
• Prudential
  $18.76
• Nationwide
  $21.00
• State Farm
  $22.67
• Progressive Life
  $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Wisconsin who is 5 ft 10 inches and 168 pounds that purchases a 20-year term contract at the average coverage need of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Senior buyers generally pay higher monthly premiums because they are riskier to insure. But you can still find life insurance policies at reasonable rates if you know where to look, partly because older buyers are less likely to need coverage for adult dependents. With this in mind, MoneyGeek calculated rates based on a policy coverage of $100,000. This amount is the death benefit expected to cover the policyholder's final burial expenses.

Based on our study, the best life insurance companies in Wisconsin for seniors include:

• MassMutual: $38.37 per month
• Mutual of Omaha: $43.47 per month

Best Life Insurance Companies for Seniors in Wisconsin

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• Company
  Monthly Cost
• MassMutual
  $38.37
• Mutual of Omaha
  $43.47
• Nationwide
  $44.19
• State Farm
  $51.50
• Progressive Life
  $69.17
• AAA
  $72.34
• Prudential
  $79.39
• Transamerica
  $79.89

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Wisconsin who is 5 ft 10 inches and 198 pounds that purchases a 10-year term contract at the average coverage need of $83,000.

Aside from gender and age, one determining factor that increases monthly premiums is the insured’s smoking history. Life insurance companies in Wisconsin charge higher premiums for smokers than non-smokers as they have a higher risk profile. Comparing the prices from different life insurance companies in Wisconsin ensures you get the best rates.

If you’re a smoker, the most affordable policies from life insurance companies in Wisconsin are:

• State Farm: $117.50 per month
• MassMutual: $118.50 per month

Best Life Insurance Companies for Smokers in Wisconsin

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• Company
  Monthly Cost
• State Farm
  $117.50
• MassMutual
  $118.50
• Nationwide
  $124.29
• Mutual of Omaha
  $124.57
• Transamerica
  $134.26
• Progressive Life
  $177.92
• Prudential
  $181.83
• AAA
  $218.64

Rates were determined by analyzing quotes for a 32-year-old male smoker in Wisconsin who is 5 ft 10 inches and 198 pounds that purchases a 20-year term contract at the average coverage need of $660,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

These sample life insurance quotes in Wisconsin presented by MoneyGeek help you find the best rates that match your needs. When shopping for life insurance policies, don’t fall prey to life insurance scams. You should also familiarize yourself with laws designed to protect you as a consumer.

• The “Free Look Period'' allows you to test drive a policy for 10 days or more. During this period, you’d be able to ask questions or request clarifications regarding your policy. If you decide that it is not the right match, this law makes you eligible for a full refund.

• The Grace Period is the allowable time to settle missed payments, usually not longer than 30 days from the due date. Under this law, the provider cannot cancel your policy due to missed payments.

• Allowable Timelines To Settle a Claim cannot go over 30 days from the date proof of death documents are submitted. Once the provider receives these documents, they should be able to process the claim immediately. Not following this timeframe charges the provider with interest on the unpaid amount.

• The Contestable Period gives the provider the right to contest a claim, investigate a claim further, pay a reduced amount or even deny coverage.

MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age to determine the recommended life insurance coverage amount in Wisconsin.

Take note that each buyer has unique factors to consider, which might allow them to have more or less coverage depending on their circumstances.