Wisconsin provides residents with a full life. You can enjoy downtown Milwaukee or head to rural areas and take in the beautiful countryside. If you live in Wisconsin with your family, it’s important to consider the effects your death has on the people you love. Make sure their financial future is protected by purchasing Wisconsin life insurance.
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Deaths in Wisconsin
- In 2011, there were 48,101 deaths in WI.
- The death rate was 8.4 per 1,000, slightly higher than 2010.
- 37 people died as a result of work injuries.
- Heart disease and cancer caused 47% of deaths.
- For males aged 1-44 and females aged 15-24, accidents were the leading cause of death.
Do I Need Wisconsin Life Insurance?
You can’t know when your last day will be but, when it happens, a Wisconsin life insurance policy can help your family navigate the grieving process without having to worry about financial matters.
If you’re young, purchasing life insurance may be a wise idea, especially if you opt for a permanent policy, and lock in a low rate for the rest of your lifetime. Rates are inexpensive for the young, and depending on the type of policy you acquire, you may have time to accrue a significant cash value on your policy.
Once you have a family, life insurance is a product that shouldn’t be bypassed. The right policy can pay for your children to attend college, pay off your mortgage, and support your spouse through the transition process, or retirement.
Term Life Insurance
Nearly 50% of all Americans die without any life insurance coverage, and many cite price as a reason for not purchasing a policy. Don’t let an expensive policy stand in the way of your family’s financial protection. Term life insurance provides a significant death benefit, at an affordable price. You purchase the policy for a specific amount of time, locking in a rate for the duration, which can be from 5 to 30 years.
If you pass away during this time period, your family receives the specified death benefit, which can reach over $1 million, depending on the policy you choose. This can be especially good for covering your working years, while your children are young and dependent on your income. However, the policy becomes more expensive to renew each time a term ends, because term life insurance rates tend to grow as you age, and as your health declines. For this reason, you may wish to purchase a permanent life insurance policy instead of term life, and lock in the rate that is available to you at your current age.
Permanent Life Insurance
This type of policy differs from term life in several ways.
- This policy term runs through age 100 or until you die. No renewals necessary.
- It’s generally more expensive than term life, but the rate is guaranteed not to increase with the onset of advanced age and illness.
- Permanent life is ideal for estate and business planning, as well as establishing trust funds.
- Permanent life provides tax deferred cash accumulation throughout the life of the policy, which can be used as collateral, cashed out, or paid out as a retirement annuity, depending on the policy type.
There are two popular types of permanent life insurance policies:
- Whole life insurance: This provides tax deferred death benefits, and increasing cash value, but is considered to be the safer option. Rates of return and premiums are steady for the life of the policy.
- Universal life insurance: While this option still provides increasing cash value and death benefits, it also offers more flexibility. You can deposit additional cash if you like, use your accumulated cash to pay for certain endeavors and, after a certain age, use your investments for retirement income.
Get the Life Insurance Policy You Need
To find out which Wisconsin life insurance policy is right for you, contact a Trusted Choice® member agent. An independent agent can compare policies and Wisconsin life insurance quotes to find what works for you. If you want to change or update your policy later in life, your local agent can help. Contact an agent near you to get a life insurance policy today.