Best life insurance companies in Wisconsin (2024)

To help Wisconsin residents find the best life insurance companies in their state, we looked at cost, coverage quality, and unique policy offerings.

Headshot of Gianetta Palmer

By

Gianetta PalmerContributing WriterGianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Kristi Sullivan, CFP®Kristi Sullivan, CFP®Certified Financial PlannerKristi Sullivan, CFP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, she was a regional consultant at Fidelity Investments for nine years.

Updated|5 min read

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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

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

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

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

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

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2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam option

Cons

  • Traditional term life not available in CA, IL, LA, ME, or NY

  • Term life applicants limited to ages 25-50

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

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

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

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2024 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

$

$

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No-medical-exam option

Why we chose itchevron icon

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and conschevron icon

Pros

  • Good for people over 60

  • More flexible income requirements than some other insurers

  • Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

  • Younger applicants will likely find better prices elsewhere

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

Brighthouse Financial

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 

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2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

Pros

  • Affordable rates

  • Good for many existing health conditions, including depression, stroke, and heart conditions

  • Good for marijuana users, including daily users

Cons

  • Term life not available in New York

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

Lincoln Financial

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 

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.

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Comparing the best life insurance companies in Wisconsin

Company 

Policygenius rating

Best for

Types of policies 

Brighthouse Financial

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

MassMutual

4.9 / 5

Whole life

Term life, no-medical-exam life, whole life, universal life, variable universal life

Lincoln Financial

4.8 / 5

Marijuana users, people with pre-existing conditions

Term life, no-medical-exam life, indexed universal life, variable universal life

Prudential

4.1 / 5

Seniors

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.

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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.

Contestable 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.

Frequently asked questions

What is the best life insurance company in Wisconsin?

According to Policygenius' rating methodology, the best insurance company for Wisconsin residents is Legal & General America. It has affordable rates and a range of policy options.

What is the contestable period for life insurance policies in Wisconsin?

The contestable period is two years in Wisconsin. Insurance companies can deny or delay paying claims during this time if they find the client wasn’t truthful on their application.

Author

Gianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Kristi Sullivan, CFP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, she was a regional consultant at Fidelity Investments for nine years.

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