State Life Insurance Fund - Wisconsin
State Life Insurance Fund
State of Wisconsin
Office of the Commissioner of Insurance
P.O. Box 7873 ? Madison WI 53707-7873 ? (608) 266-0107 or 1-800-562-5558
oci.slif.htm
HISTORY OF THE FUND
The State Life Insurance Fund (Fund) is a state-sponsored
life insurance program for the benefit of residents of
Wisconsin.
The Fund is a nonprofit organization and receives no subsidies from the state. It is not permitted to use commissioned
agents, does not advertise, and is exempt from federal
income tax. As a result, overhead expenses are minimal.
The Fund was established in 1911 in response to a national
scandal over the improper practices of some life insurance
companies.
According to the Insurance Commissioner at the time, the
Fund was set up ¡°. . . to give the people of the state the
benefit of the best old-line insurance on a mutual plan at
the lowest possible cost.¡±
Originally the maximum level of coverage available to each
policyholder was $1,000. This maximum is now $10,000.
TYPES OF LIFE INSURANCE POLICIES
The Fund pays dividends on all the life insurance it issues.
The two types are:
TERM INSURANCE
A Term to Age 65 policy is offered by the Fund. The
premiums for these policies remain the same until the policy
terminates. Term to Age 65 may be converted to any type
of whole life insurance prior to age 55. (The Fund does
not offer decreasing or annually renewable term policies.)
Term insurance provides death protection for a specific
period. Death benefits are paid only if you die within that
period. People usually buy term insurance to get the most
death protection for their money.
WHOLE LIFE INSURANCE
The Fund offers four different whole life policies. An
Ordinary Life policy has premiums paid throughout the life
of the policyholder. A Life Paid Up at Age 65 policy has
OCI 42-571 (R 8/2021)
premiums payable to age 65. A 20-Payment Life policy is
paid for 20 years. A Single Premium Life policy has one
premium paid at the time of issue.
Whole life insurance has lifetime insurance protection for
the insured provided the premium is paid.
Whole life policies accumulate a cash value which is
returned to you if you surrender the policy. You may borrow
against the policy¡¯s cash value. If you do, the policy¡¯s net
value will be reduced proportionately.
Whole life insurance is sometimes bought as an investment.
However, very little of your premium will be returned to you
if you surrender your policy in the early years. For the
first several years, the rate of return on the cash value is
low. You should not consider any whole life policy as an
investment unless you intend to keep it for twenty years
or longer.
APPLICATION PROCESS
ELIGIBILITY
Life insurance policies are only available to persons who
are residents of the state of Wisconsin at the time the
application is submitted. Proposed insureds must be at
least 14 days old.
All five different policies are available to residents who are
standard risks. Residents who are substandard risks are
only eligible for an Ordinary Life policy.
Underwriting of the applications of substandard risks may
require the Fund to seek information from the Medical
Information Bureau and/or an investigative consumer
report. This information will only be obtained if necessary.
The Fund is not required to provide insurance to all
residents who apply. Consequently some substandard
risks may not be eligible for insurance from the Fund. The
Fund is required to operate in a manner consistent with
private insurers with regard to policy coverage, medical
examinations, and underwriting procedures.
MEDICAL EXAMINATIONS
The Fund requires a medical exam for applicants who are
55 years of age or older. The Fund may request exams on
other applicants. If a medical exam is required or requested,
the applicant will be required to see a licensed physician.
The Fund will pay a set fee toward the exam cost.
LIFE INSURANCE COSTS
PREMIUM TABLES
The premiums for the standard policies offered by the
Fund are given on the following page. To determine your
premium, look at your age, sex, and the policy you wish to
buy. The rates indicate the cost per $1,000 of insurance.
Multiply this rate by the amount of insurance you are buying
to determine the actual premium you will pay. If you pay
quarterly or semiannually, costs will be somewhat higher.
If you can afford to pay premiums annually, you can save
this cost.
WAIVER OF PREMIUM BENEFIT
Standard risks who buy life insurance through the Fund
automatically have a waiver of premium benefit. This
means if total and permanent disability of the insured
occurs, premium payments are paid by the Fund and the
policy remains in force.
This benefit expires when the insured reaches age 60
unless the insured is disabled.
CASH SURRENDER VALUE
The cash surrender value is the guaranteed amount of
cash available in the policy. Cash surrender values are
important to policyholders who wish to borrow money or
build an asset fund.
Cash surrender values may be borrowed. If you borrow the
cash surrender value and die, this amount will be deducted
from the benefits paid. The Fund currently charges 8%
interest on outstanding loans. If you terminate the policy,
you will receive the net cash surrender value. If you would
like a printout of cash values for a desired plan, contact
the Fund.
OTHER CONSIDERATIONS
Cost is only one consideration in buying life insurance.
Consumers should also be concerned about the provisions
of the policy contract, the stability of the insurer, and the
service received.
APPLICATION INSTRUCTIONS
Instructions for completing the Fund application form are included on the form. However, five important instructions
should be noted:
1. All questions in the application must be answered. The processing of the insurance will be delayed with incomplete
responses.
2. Enter the total annual premium on the application. For a $5,000 policy, the annual premium will be five times the rate
per $1,000, etc. This must be entered on the application form even if you are paying quarterly or semiannually.
3. State the full name of all beneficiaries. Do not list beneficiaries as ¡°my wife,¡± ¡°my spouse,¡± or ¡°Mrs. Brown.¡±
4. If the person to be covered by the insurance is under age 18, an owner must be designated.
5. Mail the application form and premium to:
State Life Insurance Fund
P.O. Box 7873
Madison, WI 53707-7873.
PRE NOTICE¡ªDISCLOSURE OF
INFORMATION
State Life Insurance Fund
P.O. Box 7873
Madison, WI 53707-7873
(608) 266-0107 or 1-800-562-5558
Fax: (608) 264-6220
ocislif@
oci.slif.htm
We, or our reinsurers, may make a brief report to the MIB, Inc. MIB, Inc., is a not-for-profit membership organization of
insurance companies that operates an information exchange on behalf of its members. If you apply to another MIB member
company for life or health insurance coverage, or a claim for benefits is submitted to such a company, MIB, upon request
will supply the company with the information in its file. At your request, MIB will arrange disclosure of any information it may
have in your file. If you question the accuracy of the information in MIB¡¯s file, you may contact MIB and seek correction
in accordance with the procedures set forth in the Federal Fair Credit Reporting Act. The address of MIB¡¯s information
office is 50 Braintree Hill Park, Suite 400, Braintree, Massachusetts 02184-8734. The telephone number is 866-692-6901.
Information for consumers about MIB, Inc., may be obtained on its website at .
LIFE INSURANCE ANNUAL PREMIUMS PER $1,000
INCLUDES WAIVER OF PREMIUM BENEFIT AT APPLICABLE AGES
MALE PREMIUMS
Issue
Age
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
OL
Ordinary
Life
20P
Twenty
Pay Life
L65
Life
Paid Up
at Age 65
T65
Term to
Age 65
8.26
8.37
8.47
8.57
8.67
8.77
8.89
9.02
9.15
9.27
9.39
9.56
9.72
9.88
10.03
10.17
10.35
10.52
10.70
10.87
11.04
11.25
11.46
11.67
11.88
12.10
12.36
12.63
12.91
13.21
13.50
13.86
14.23
14.60
14.98
15.38
15.84
16.31
16.80
17.31
17.83
18.34
18.88
19.44
20.02
20.64
21.29
21.97
22.69
23.45
24.25
25.07
25.93
26.83
27.78
28.77
29.68
30.63
31.61
32.64
33.70
35.29
36.97
38.75
40.65
42.67
45.15
47.83
50.73
53.86
57.24
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10.68
10.85
11.03
11.21
11.39
11.57
11.79
12.01
12.22
12.44
12.67
12.93
13.20
13.46
13.71
13.96
14.24
14.51
14.78
15.05
15.32
15.63
15.94
16.25
16.57
16.89
17.26
17.64
18.03
18.43
18.84
19.31
19.78
20.26
20.75
21.24
21.80
22.37
22.94
23.53
24.12
24.74
25.38
26.04
26.72
27.44
28.15
28.89
29.67
30.48
31.32
32.13
32.97
33.84
34.75
35.70
36.46
37.24
38.05
38.90
39.78
41.18
42.65
44.21
45.87
47.65
49.76
52.06
54.55
57.29
60.28
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8.39
8.50
8.62
8.73
8.84
8.95
9.10
9.24
9.39
9.53
9.67
9.86
10.05
10.24
10.42
10.59
10.81
11.02
11.24
11.45
11.67
11.93
12.20
12.48
12.76
13.06
13.41
13.77
14.16
14.56
14.99
15.49
16.01
16.56
17.14
17.75
18.45
19.19
19.97
20.81
21.71
22.67
23.70
24.83
26.07
27.44
28.95
30.64
32.52
34.63
37.01
39.67
42.74
46.29
50.46
55.43
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
7.19
7.26
7.30
7.34
7.37
7.40
7.45
7.50
7.54
7.58
7.63
7.69
7.76
7.83
7.91
7.99
8.11
8.22
8.32
8.43
8.52
8.65
8.76
8.87
8.97
9.06
9.18
9.30
9.42
9.56
9.71
9.85
10.00
10.18
10.37
10.58
10.88
11.21
11.56
11.93
12.33
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
SP
Single
Premium
Life
120.67
123.07
125.65
128.30
131.00
133.76
136.78
139.86
143.01
146.22
149.48
153.10
156.77
160.49
164.22
167.92
171.95
175.90
179.74
183.65
187.63
191.99
196.44
200.98
205.63
210.37
215.56
220.91
226.43
232.14
238.02
244.33
250.79
257.37
264.10
270.95
278.15
285.47
292.90
300.46
308.15
316.04
324.09
332.31
340.78
349.49
358.45
367.68
377.17
386.95
397.00
407.39
418.03
428.90
440.00
451.33
462.98
474.85
486.90
499.12
511.49
524.22
537.06
550.00
563.01
576.09
589.58
603.18
616.88
630.67
644.51
659.39
674.26
689.05
703.73
718.26
733.92
749.50
765.00
780.42
795.73
INCLUDES WAIVER OF PREMIUM BENEFIT AT APPLICABLE AGES
FEMALE PREMIUMS
Issue
Age
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
OL
Ordinary
Life
7.89
7.98
8.07
8.16
8.25
8.33
8.45
8.56
8.67
8.78
8.89
9.03
9.17
9.32
9.45
9.58
9.74
9.90
10.06
10.23
10.39
10.59
10.79
11.00
11.20
11.41
11.66
11.91
12.17
12.43
12.70
13.02
13.34
13.68
14.02
14.37
14.77
15.20
15.63
16.07
16.54
17.01
17.51
18.02
18.56
19.12
19.73
20.36
21.02
21.71
22.42
23.16
23.93
24.74
25.58
26.46
27.26
28.09
28.96
29.85
30.78
32.09
33.47
34.93
36.48
38.11
40.24
42.52
44.96
47.58
50.40
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
20P
Twenty
Pay Life
9.99
10.15
10.30
10.47
10.62
10.78
10.97
11.16
11.36
11.55
11.74
11.97
12.21
12.44
12.67
12.89
13.15
13.40
13.66
13.92
14.19
14.49
14.80
15.11
15.42
15.73
16.09
16.45
16.83
17.20
17.59
18.01
18.45
18.90
19.35
19.81
20.32
20.84
21.37
21.92
22.48
23.08
23.70
24.34
25.00
25.68
26.39
27.11
27.85
28.62
29.42
30.18
30.97
31.79
32.63
33.50
34.20
34.91
35.65
36.41
37.20
38.35
39.56
40.83
42.17
43.60
45.42
47.38
49.48
51.76
54.23
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
L65
Life
Paid Up
at Age 65
8.01
8.11
8.21
8.31
8.41
8.51
8.64
8.77
8.90
9.02
9.15
9.31
9.48
9.65
9.81
9.97
10.17
10.37
10.57
10.77
10.98
11.24
11.50
11.76
12.03
12.31
12.65
12.99
13.35
13.73
14.12
14.57
15.05
15.55
16.08
16.63
17.27
17.95
18.67
19.44
20.27
21.17
22.16
23.23
24.40
25.69
27.13
28.72
30.49
32.47
34.70
37.24
40.16
43.54
47.51
52.24
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
T65
Term to
Age 65
SP
Single
Premium
Life
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6.66
6.70
6.73
6.76
6.80
6.83
6.88
6.94
6.98
7.02
7.05
7.11
7.18
7.24
7.30
7.35
7.44
7.52
7.60
7.67
7.73
7.82
7.89
7.96
8.03
8.09
8.18
8.27
8.36
8.47
8.57
8.74
8.91
9.08
9.26
9.44
9.72
10.01
10.31
10.63
10.97
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
110.58
112.61
114.86
117.22
119.62
122.06
124.74
127.46
130.25
133.08
135.96
139.14
142.38
145.71
149.08
152.44
156.12
159.80
163.53
167.35
171.27
175.53
179.91
184.39
188.94
193.57
198.61
203.77
209.07
214.49
220.04
225.96
232.01
238.20
244.53
250.96
257.74
264.65
271.68
278.84
286.17
293.86
301.76
309.87
318.20
326.75
335.67
344.79
354.12
363.65
373.39
383.49
393.82
404.35
415.08
426.02
437.34
448.85
460.56
472.45
484.52
496.89
509.41
522.06
534.83
547.69
560.88
574.14
587.46
600.83
614.23
628.45
642.73
657.05
671.40
685.76
701.37
716.96
732.51
748.00
763.39
State of Wisconsin
Office of the Commissioner of Insurance
State Life Insurance Fund
P.O. Box 7873
Madison, WI 53707-7873
(608) 266-0107 or 1-800-562-5558
APPLICATION FOR INSURANCE
Ref: Ch. 607, Wis. Stat.
For office use only:
Cash with Application $
Date Received
Policy Number
INSTRUCTIONS: Print in ink or type all information, sign form, and forward to above address. All questions must be answered. Only
Wisconsin residents are eligible to apply for this insurance. The Fund is NOT required to provide insurance to all applicants.
A. Proposed Insured Information
1. Proposed Insured¡¯s Name First
Middle
2. Resident Address
3. Sex
Male
Female
Last
City
4. Age
8. Social Security # of Insured
State
5. State of Birth
Date of Birth
9. Occupation
6. Phone
Zip Code
7. Email
10. Employer
11. Employer Address
City
State
12. Who will be paying for this policy? Name
Zip Code
Last 4 digits of SSN
Address
City
State
Zip Code
B. New Business Product and Benefit Information
1. Complete the amount of coverage and premium for the plan of
3. Amount of premium enclosed $
Premium method may be changed only on the policy anniversary
date. The Automatic Premium Loan provision is effective on all Fund
policies.
4. Dividends are to be:
insurance you desire. Maximum coverage amount is $10,000.
Face Amount of Insurance
Annual Premium
$
Ordinary Life
$
Premium Amount
$
20-Payment Life
$
Premium Amount
$
Life Paid Up at Age 65
$
Premium Amount
$
Term to Age 65
$
Premium Amount
$
Single Premium Life
$
Applied to reduce premium
Left to accumulate interest
Paid in cash
Unless otherwise specified, dividends will be applied to reduce
the premium.
Total Premium
2. How do you wish to pay premium? (Not applicable to Single Premium
Life) If amount is less than $10, you MUST pay annually.
Annually
Semiannually (Annual x .51)
Quarterly (Annual x .26)
C. Ownership Information
A minor (under age 18) may not be the owner.
1. Will the Proposed Insured be the Sole Owner of the new policy? [ ] Yes
If yes, proceed to Section D, Beneficiary Information.
[ ] No
2. Policy Owner
First Name
Middle Initial
Last Name
Address
City
State
Relationship to Insured
Date of Birth
Social Security # of Owner
OCI 42-511 (R 8/2021)
Zip Code
1
................
................
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