Tuesday, September 27th, 2016

Bet your life in Wisconsin

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Just imagine if Wisconsin could advertise it’s life insurance program.

When you say life insurance, you said it all.

Wisconsin Life Insurance, for when you go forward too far.

Too much cheese can clog your arteries, so remember to buy Wisconsin-brand life insurance.

Close Packer game causing you a heart attack? You should have bought Wisconsin life insurance, available only from the state of Wisconsin.

This week at the MacIver Institute I took a look at the state’s life insurance program that refuses to die. You didn’t know Wisconsin sold life insurance?

Yep, Wisconsin is the only state in the country that sells life insurance. The sole purpose of the program is to sell cheap insurance to directly compete with the private sector.

As the website for the state program explains, “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 guidelines.”

Unlike the life insurance pushed by Ed McMahon before he cashed in his policy, the state’s insurance plan even requires a medical exam for applicants who are 45 and older.

Fortunately we are spared the annoying advertising campaigns. State law prohibits the program from having any agents and any advertising. Would you really want former Governor Jim Doyle interrupting Jay Leno with a talk on how you can protect your loved ones from the expense of your final days?

The only way to find out about the program is to already know about it. Shhh. It’s a state secret.

The program is entirely funded by policy holders. There is no subsidy for the poor. It’s just another cruel, heartless insurance company, only one run by the state of Wisconsin. “I’m with the government, and I’m here to sell you life insurance in case our high taxes kill you.”

 

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