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Did You Know?Wisconsin State Facts
- Wisconsin is the 18th most populous state in the USA
- Milwaukee is the largest city in the state
Marky D. From Madison, WI
April 11, 2011
Wisconsin is a state situated in the north central regions of United States. The state is bordered by Minnesota to the west and Illinois to the south. The name of the state originated from the Wisconsin River. The state was admitted into the Union on May 29, 1848.
If you are a Wisconsin resident, it is essential that you have sufficient life insurance coverage to keep your family protected, especially if you are the only earning member in your family and people are dependent on you for all their needs. Having a Wisconsin life insurance policy you can ensure that you have peace of mind that your family member will be safe financially when you pass away.
If you are looking to buy a Wisconsin life insurance, you need to know that there are mainly two types of life insurance; term life insurance and permanent life insurance.
Term life insurance as the name suggest are valid only up to certain period of time. Typically, most people buy term life insurance policy for a period of 20 or 30 years. If you pass away during this period, your insurance policy will pay the death benefit amount specified in the policy to the beneficiary nominated by you. When the policy term ceases, you will no longer have insurance coverage. However, you can easily renew your policy and continue to have coverage for life. The premium rate of Wisconsin life insurance is directly proportional to your age. As your age increases your premium rates would increase. Hence, it is advisable to buy insurance policy at an early age so as to get cheap insurance coverage.
Permanent life insurance also known as Whole life insurance is not bound by time. In other words, permanent Wisconsin life insurance policy provides coverage to you for life time. In this type of insurance policy, the insurance company will pay the death benefit amount to the beneficiary appointed by you regardless of what age you pass away.
Permanent life insurance policies in Wisconsin are mainly of three types; Variable, Whole and Universal life insurance. All these policy types not only provide death benefit but also provide cash value that grows tax deferred over a period. Certain types of permanent life insurance polices also invests a portion of your premium amounts in bonds, securities and mutual funds so as to provide maximum cash value. These polices can greatly help you to be financially independent post retirement and cover all your expenses.