No one likes to think about what will happen when they die, but it’s essential to protect your loved ones when the time comes. Life insurance can cover funeral costs, unpaid debts and other expenses that come after you die. Our partners at ConsumerAffairs researched the best life insurance in Milwaukee to help you keep your family financially secure.
Death is often unexpected, and life insurance policies help create financial stability for your family if you pass away. Death benefits from life insurance policies are used to pay for funeral expenses and outstanding debts. The benefits also serve to replace your income for your family and cover living expenses and education costs.
While many people may have a life insurance policy through their employer, that policy may not have a large enough benefit to provide for your family after your death. These policies also usually terminate when your employment ends, which could leave you without life insurance at a time when you’re financially vulnerable.
Types of life insurance in Milwaukee
There are two major types of life insurance available in Milwaukee:
Term life insurance is the simplest type of life insurance and pays a benefit if the policyholder dies during the policy term, which is usually between one to 30 years. Most term life policies have a level benefit, which means the benefit remains the same throughout the term, though some have a benefit that decreases each year.
Whole life insurance does not expire and pays a benefit whenever the policyholder dies. Most people find these policies ideal as they cover you no matter how long you live. These policies tend to be more expensive than term life insurance, though the premiums are cheaper if you purchase them at a younger age.
There are also variations of life insurance in Milwaukee that may fit your situation. Your insurance agent can help you decide if these policies are right for you.
Type of insurance
Universal life insurance
A more flexible type of whole life insurance that contains death benefit and cash value components
Accidental life insurance
Only provides a benefit if the policyholder’s death is caused by accident
Mortgage and credit life insurance
Benefits are used to pay off remaining debts for home or personal loans
Variable life insurance
Combines a death benefit and an investment account
A small policy that is used to cover funeral and burial costs and usually requires no medical examination
The cost of life insurance in Milwaukee
Many factors determine if you qualify for a policy and the cost of your premiums. The type of insurance and amount of death benefit will affect the premium. Your insurance provider will also look at your age and medical history. Nicotine use will increase your health risks and reduce your chances of qualifying or raise your premium.
People who have high-risk careers, such as policemen or firefighters, or dangerous hobbies may also pay higher premiums. Insurance companies may also look at your driving record to see if you have a history of speeding or accidents.
Choosing a life insurance provider in Milwaukee
When choosing a life insurance carrier, make sure that the company is financially stable and can pay the policy benefit when your family needs it. Companies like MetLife, Prudential Financial and State Farm have been in the industry for decades and have experienced agents to answer any questions. It’s important to have a carrier that will be there when you need them most.
Policygenius is an online life insurance broker that provides multiple policy options and unbiased advice from noncommissioned agents. The company handles all the paperwork for your life insurance policy at no extra cost. Milwaukee customers appreciate how easy the company makes purchasing life insurance.
EverQuote is an online insurance platform that provides quick and straightforward quotes. The company’s online tool allows customers to find and compare quotes without any obligation. Reviews of EverQuote from Milwaukee customers appreciate how easy the company makes comparing policies, but some people report receiving many phone calls after using the service.
Northwestern Mutual is a national company that was founded in Milwaukee. The company has been consistently ranked highly for the quality of its products and services. Northwestern Mutual’s agents tailor each plan to fit your needs. Customers from Milwaukee report the provider’s agents are professional and easy to work with.
Catholic Financial Life is a not-for-profit financial service provider in Milwaukee with 150 years of experience. The organization prides itself on taking a “Main Street, not Wall Street” approach to services. Milwaukee clients report the organization provides an exceptional level of care and customer service.