We spend our lives caring and providing for loved ones because we want the best for them. Life insurance enables you to provide for them after you die, protecting them from financial hardships caused by losing your income. Our partners at ConsumerAffairs researched the best life insurance in Green Bay so you can make informed decisions to provide for your family.
Many residents of Green Bay may not think they need life insurance, but death is unpredictable, and it’s less expensive to purchase life insurance when you are younger and in good health. The most common purpose of life insurance is to replace the income of someone who has passed away. Loved ones may need to pay for medical bills, mortgages and funeral costs. Funeral costs alone average more than $7,000 in Green Bay.
If you have children, there are additional costs that create a burden on your family if you or your spouse die unexpectedly. In Wisconsin, the average cost to raise a child is more than $200,000, which doesn’t include college costs, according to a USDA report. Stay-at-home parents in Green Bay should also consider life insurance since the family would incur increased childcare costs if they pass away.
The two most common types of life insurance are term life and whole life. The chart below highlights the differences.
Type of life insurance policy
Term life insurance
Death benefit only
Terms usually last one to 30 years
Lower premiums than whole life insurance
Options to continue coverage after it expires
Whole life insurance
Guaranteed death benefit and cash value
No end date
Higher premiums than term life insurance
Cash value grows over time in tax-deferred accounts
Life insurance providers in Green Bay also offer universal life insurance, which is a variation of whole life insurance. Universal life insurance policies contain a cash value component and tend to be more flexible than whole life policies, allowing you to adjust the premiums and coverage as your needs change.
The cost of life insurance varies on the type of policy, the death benefit and your risk factor, which includes your age and health.
When choosing a life insurance provider, make sure you work with one that is financially stable and has a track record of customer satisfaction. Several national carriers, including MetLife and Prudential Financial, offer policies in Green Bay.
Policygenius has helped more than 4.5 million people find insurance. Customers use a calculator on the company’s website to determine what type of coverage they require, and Policygenius helps compare plans from various insurance providers. Customers appreciate how Policygenius’s staff works on their behalf to find the best deal.
EverQuote works with many regional insurance providers and serves as a broker that provides side-by-side comparisons of available life insurance policies. The company’s form takes just a couple minutes to complete. Customers appreciate the easy-to-use interface but dislike the company’s information-sharing policies.
Pagel & Associated Insurance Agency
Based in Green Bay, Pagel & Associates Insurance Agency is an independent agency that works with major insurance providers to find you the best deal. The company’s agents walk you through your options and answer any questions. Customers in Green Bay appreciate Pagel & Associates’ helpful staff.
Mongin Insurance Agency
Mongin Insurance Agency, which opened in 1912, is the oldest family-owned insurance agency in Green Bay. The company offers multiple policies for customers to choose from and provides other types of insurance. Reviews from Green Bay rate the company highly and say the agents thoroughly explain every available option.