Stats in Your State
To demonstrate the importance and impact of the life insurance industry in Wisconsin, we’ve compiled the stats and charts below, which will give readers a perspective on just how crucial the life insurance industry is to Wisconsin’s economy. If you considered life insurance an afterthought, the following information should change your mind.
Life Insurance in Wisconsin
According to the American Council of Life Insurers, Wisconsin residents received roughly $10 billion from life insurance policies in 2011. With so much coming back into the Wisconsin economy, it’s clear that the life insurance industry plays a major role in keeping the state’s wealth on track.
|Number of Licensed Life Insurers||461|
|Total Life Insurance Coverage||$510 billion|
|Average Policyholder Coverage||$105,000 per policyholder*|
|Amount Paid Out in 2011||$8 billion**|
|Amount of Paid Annuity Benefits in 2011||$2 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Roughly 18,000 Wisconsin residents hold life insurance policies maintained through government-administered programs. Approximately 11,000 of those policyholders are national servicemen and women, and thousands more are veterans, including many disabled veterans.
The Life Insurance Industry: Beyond Insuring You
It’s no secret that Wisconsin’s life insurance industry feeds back into the state’s economy, but in addition to large yearly payouts, roughly 51,000 jobs stem from the industry statewide. Additionally, insurers invest roughly $72 billion in the state in the form of business investments and bonds.
|Job creator||Approximately 51,000 jobs|
|Invested in Wisconsin 's Economy||$72 billion invested in the Wisconsin economy|
Rules in Your State
Wisconsin’s regulations for insurance companies include guidelines for fair claims settlement practices, as well as definitions of unfair and forbidden practices. Know your rights and read through the following links for additional insurance rules and details on the regulations.
Representatives & Resources in Your State
Use the following representatives and links to learn more about life insurance in Wisconsin, and to seek consumer advocacy for any insurance issues that might arise. The Office of the Insurance Commissioner provides a wealth of information and a great place to learn more about different kinds of policies and life insurance options in Wisconsin.
Wisconsin Office of the Commissioner of Insurance
125 South Webster Street
Madison, Wisconsin 53703-3474
Consumer Complaint Resource
Life Insurance Information
Wisconsin Insurance Security Fund
2820 Walton Commons West, Suite 135
Madison, WI 53718-6797
The Insurance Security Fund serves as a financial backer for your insurance company, and ensures that your life insurance policy will remain active even if your insurer withdraws from the market or becomes financially insolvent.