Short answer: Wisconsin individual life policies must give at least thirty-one days of grace for every premium except the first, with the death benefit in force throughout. An individual policy can't be contested after two years in force during the insured's lifetime except for nonpayment. Policyowners keep the right to make an irrevocable beneficiary designation or, if not irrevocable, to change beneficiaries without the prior beneficiary's consent.
This guide is general consumer information for Wisconsin life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Grace of at least 31 days
Wis. Stat. §632.44(2) requires every non-group life insurance policy to entitle the policyholder to a grace period of not less than 31 days for any premium due except the first, during which the death benefit continues in force. The same section (§632.44(1)) requires each benefit promised in the policy to be specified separately.
Two-year incontestability; misstated age or sex
Under §632.46, an individual life policy may not be contested after it has been in force from issue for 2 years during the insured's lifetime, except for nonpayment and the listed exceptions. If age or sex was misstated and not corrected during the insured's life, the amount payable is what the premium would have bought at the correct age or sex; if the insured was over the insurer's maximum age at application, the insurer must refund at least the premiums collected.
Naming and changing beneficiaries
§632.48 says a policy may not restrict the owner's right to make an irrevocable designation, or—if the designation is not explicitly irrevocable—to change the beneficiary without the prior beneficiary's consent. Insurers may set formalities to protect themselves, and an insurer that pays a properly designated beneficiary is discharged unless it had actual notice of a change or assignment.
Free-look
Read your Wisconsin policy's face page for any examination window the insurer prints; §632.44 itself sets grace and separate-benefit rules, not a free-look number.
Insurer financial strength
If you have questions about an insurer's financial strength or solvency in Wisconsin, contact the Wisconsin Office of the Commissioner of Insurance.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Wisconsin.
Frequently asked questions
What's Wisconsin's life insurance grace period?
Not less than 31 days for premiums after the first under Wis. Stat. §632.44(2).
Can a Wisconsin policyowner change beneficiaries without consent?
Yes, unless the designation was explicitly irrevocable, under §632.48.
When is a Wisconsin individual life policy incontestable?
After 2 years in force during the insured's lifetime, except for nonpayment and listed exceptions, under §632.46.
Alishahi Insurance · 439 N Canon Dr, Penthouse, Beverly Hills, CA 90210 · (877) 711-4545 · CA License #4348151. General information only. This isn't legal, tax or financial advice or a coverage determination. Coverage depends on policy language and underwriting, and rules vary by state.