Insured by the governmentIn Wisconsin, all companies that do business selling insurance have to be accredited by the Office of the Commissioner of Insurance or OCI. If any company you should come across happens to be not licensed by the OCI, it would be in your best interest to avoid it for your own safety. At the same time, you should also need to know that besides private insurance companies, Wisconsin also has the State Life Insurance Fund. This is a life insurance program that is sponsored by the state exclusively for residents of Wisconsin only. With a maximum coverage of $10,000 and premiums at the lowest possible price, this state-sponsored insurance plan should not be disregarded at all.
What the types of life insurance are
Now, moving on to the types of insurance you can get from any company you may come across, there are various policies that differ in purpose according to your needs. For instance, if you are looking for life coverage as well as something that will make your money grow over time, then you need to be looking into whole life plans. Plus, any amount you earn over time is tax-free until you withdraw it.
Another type of insurance is also known as universal life. This is also referred to as adjustable life because of the flexible interest rates. As long as the interest does not drop below a certain percentage, you will be able to adjust how much you pay so that you will be able to cope during periods that your needs and responsibilities change as well.
Finally of course, there is term life insurance. This type of plan offers protection for a set amount of time and has no investment component in it at all. The good thing with this one is that it starts out really cheap and gradually becomes more expensive as you grow older. Find and compare quotes from various insurers in Wisconsin and you will surely find one that is to your advantage.