Life insurance premiums vary from person to person in Wisconsin, and can depend on your personal characteristics, such as smoking or using tobacco products—or engaging in high-risk behaviors or having a high-risk job.
We’ve compiled a list of Wisconsin's top life insurance companies to help you find the best company and policy based on your needs.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Wisconsin
Best overall: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
Best overall life insurance
Financial resources, competitive rates, and an easy application process are some of the reasons we chose Legal & General America, which also does business as Banner Life and William Penn, as the best overall life insurance company in Wisconsin. In addition, Legal & General America offers an easy no-medical-exam application process with approval in less time than other insurance companies.
Cheapest life insurance
Legal & General America
With the cost of everything constantly going up, you don’t want to pay more for life insurance than necessary. That’s why we chose Legal & General America as the best choice for cheap life insurance. Since lifestyle choices and personal data affect the cost of life insurance, Legal & General America is also a great selection for people with medical conditions and those who use tobacco.
Best term life insurance
Legal & General America
Most people only need life insurance for a specific length of time. If you have children and want to ensure they're provided for in the event of your death, a term life insurance policy from Legal & General America is likely your best option.
On a term life insurance policy, you make premiums for a predetermined period, such as 10 or 20 years. After the term expires, the policy is canceled. If you pass away during the period, your beneficiary will receive the policy’s total benefit.
Best no-medical-exam life insurance
If a medical condition is keeping you from getting life insurance in Wisconsin, Brighthouse Financial offers a no-medical-exam life insurance policy that skips the medical exam to determine whether you’re eligible for coverage.
Best whole life insurance
Whole life insurance policies build cash value throughout the insurer’s entire life and may be sold for its equivalent value in times of need. Whole life insurance can cost up to 15 times more than term life since it never expires as long as you're living and paying premiums. We selected MassMutual as the best whole life insurance company because it pays more in dividends than other insurers do.
Best for seniors
Prudential is an excellent choice for Wisconsin seniors over age 60 who are considering purchasing a life insurance policy. Older adults pay higher rates than younger people, but Prudential’s rates are competitive, and it covers seniors with certain medical conditions that other companies won’t.
Best for young adults
If you’re between age 25 and 50 and have children, you’ll want to be sure they're financially protected in the event of your death. Brighthouse Financial is our top choice for whole or term life insurance. With its simple application process, approval for a new policy can take less than 24 hours.
Best for people with pre-existing conditions
Lincoln Financial is the best choice for most Wisconsin residents with pre-existing medical conditions like diabetes, arthritis, or cancer thanks to its affordable rates, flexible policies, and no-medical-exam options.
Best for marijuana users
Most life insurance companies assign expensive "smoker" rates to marijuana users, but Lincoln Financial offers many marijuana users more affordable rates, making it an obvious top choice.
Best for smokers
Legal & General America
Tobacco smokers typically pay much higher life insurance premiums than people who don't smoke, but Legal & General America offers the most affordable rates on the market for smokers. Even better, policyholders who have quit smoking for one year can have their premiums reduced.
Comparing the best life insurance companies in Wisconsin
Types of policies
5.0 / 5
No-medical-exam life, young adults
Term life, no-medical-exam life, whole life, short-term life, universal life
Legal & General America
4.9 / 5
Overall, cheapest, term life, smokers
Term life, no-medical-exam life, universal life
4.9 / 5
Term life, no-medical-exam life, whole life, universal life, variable universal life
4.8 / 5
Marijuana users, people with pre-existing conditions
Term life, no-medical-exam life, indexed universal life, variable universal life
4.1 / 5
Term life, no-medical-exam life, short-term life, universal life, indexed universal life
What is the average cost of life insurance in Wisconsin?
The price you pay for a life insurance policy in Wisconsin differs from person to person. Personal data, such as whether you smoke or have a medical condition, can affect your rates. Based on Policygenius data from 2023, the average monthly cost of a $500,000, 20-year term life insurance policy in Wisconsin for a healthy, non-smoking 35-year-old is $25.76 for women and $30.79 for men.
What happens if a life insurance company goes bankrupt in Wisconsin?
The Wisconsin Insurance Security Fund protects policyholders in the state if a life insurance company they do business with goes bankrupt. However, the fund doesn’t cover all types of policies, and policyholders can expect delays in payment while going through the bankruptcy process. Fortunately, it is extremely rare for a life insurance company to declare bankruptcy in the United States.
How to find a lost life insurance policy in Wisconsin
To find out about unclaimed death benefits or other missing financial assets, Wisconsin residents may contact the Wisconsin Department of Revenue or the Life Insurance Policy Locator Service, a nationwide database sponsored by the National Association of Insurance Commissioners.
Wisconsin life insurance laws
These Wisconsin laws and statutes protect the rights of policyholders and govern how life insurance companies conduct business in the state.
Free look period
Life insurance policies sold in Wisconsin offer a 10-day or 30-day period for purchasers to review the plan. New policyholders may return the policy during this period if they find it unacceptable.
Guaranty Fund protection
There are protections for policyholders in Wisconsin if a life insurance company becomes insolvent. The Wisconsin Insurance Security Fund is a non-profit entity that continues to provide policy coverage and pay policyholders' claims during the bankruptcy period.
The contestable period for a life insurance policy in Wisconsin is two years. Specifically, an insurer can reject a claim for up to two years if it determines that a policyholder lied on their application.
Time allowable to settle a claim
Wisconsin beneficiaries can expect payments within 30 days after a death claim is submitted to their insurer. After a month, interest accrues on the beneficiary’s account until the claim is paid.
Grace period for missed payments
Wisconsin life insurance policyholders have at least 31 days to make a payment on a life insurance policy.