Wisconsin Life Insurance (WI)
The state of Wisconsin has laws and regulations in place to help financially protect both consumers and insurers.
WIsconsin Life Insurance Laws Protecting Consumers (WI)
The state of Wisconsin’s insurance industry is regulated under Chapter 632 of the Wisconsin Statutes. Here, the laws regarding policy requirements and claims procedures are overseen at the state level.
The 20-day “free look” period allows all Wisconsin life insurance policyholders a minimum of twenty days from the policy’s effective date to decline the coverage for any reason when the policyholder is replacing an old policy with a new one. The insurer is obligated to refund all premiums paid to the formerly insured individual.
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All life insurance claims in Wisconsin need to be settled within 30-days of receiving the proper proof of death. Any time needed after this window will result in interest accruement on the proceeds.
Policyholders may request pertinent information regarding themselves or their life insurance policy from their insurer. All requests must be honored within 30 days.
While Wisconsin insurers are legally allowed to share policyholder information, the policyholder at hand must be notified of the situation, which requestor asked for the information (and why) and how the information will be transferred.
WIsconsin Life Insurance Laws and Regulations Protecting Insurers (WI)
Protections are granted to life insurance companies as well. Any misleading or fraudulent statements found on a policy or application for coverage within the first two years of a policy’s life may result in policy termination or require the insured to pay extra premiums.
The first two years of a life insurance policy are exempt from death by suicide in the state of Wisconsin.
Additional WIsconsin Life Insurance Laws and Regulations (WI)
Insurance illustrations are financial projections made by the insurer, and are legal in Wisconsin.
An agreement between a third party and an insured individual in which the third party “purchases” the insured’s life insurance policy and assumes all payment responsibility is called a Viatical Settlement, also allowed in Wisconsin. The third party will then become the uncontestable beneficiary of the policy.
If your life insurance company were to become insolvent and unable to fund your claim, you would be compensated by the Wisconsin Insurance Security Fund. Restrictions are in place regarding the limitations of compensation. $300,000 is the maximum allowed per individual, no matter the number of polices held or their combined amount.
In order to qualify for these benefits, your life insurance company must be licensed in Wisconsin and your policy premiums must be current.
Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.