Life Insurance in Minnesota & Wisconsin
Build Wealth. Protect Your Family. Lock in Peace of Mind.
Get covered now — not just for what could go wrong, but for what you want to build right.
The Emotional Truth
Too many families wait until it’s too late to get the life insurance they truly need. We make it simple — and we go beyond traditional term plans by showing you how life insurance can also build tax-free wealth over time.
Life Insurance in Minnesota, Wisconsin & Iowa
Fallon Insurance Agency is licensed to help families across Minnesota, Wisconsin, and Iowa protect what matters most. Life insurance needs vary by state — from mortgage protection for Twin Cities homeowners to income replacement for Wisconsin families. Our licensed agents build every policy around your specific situation, not a one-size-fits-all quote. Select your state to learn more.
Coverage Options for Every Stage of Life
-
Term Life Insuranc
10, 20, or 30 years of coverage at affordable rates
-
Mortgage Protection Insurance
Protect your home for the people who live in it
-
Indexed Universal Life (IUL)
0% floor, up to 12.5% market-linked growth, tax-advantaged
-
Guaranteed Issue Plans
No medical exam, ideal for final expenses or legacy planning
Real Benefits That Go Beyond Just Coverage
- Tax-free retirement income potential (with IUL)
- No medical exam options available
- Plans that grow with you as your needs change
- Affordable protection for families, single parents, and retirees
Life Insurance — Frequently Asked Questions
Common questions from Minnesota and Wisconsin families about life insurance costs, coverage types, and how Farmers Insurance policies work.
How much does life insurance cost in Minnesota?
A healthy 35-year-old in Minnesota can typically get a 20-year $500,000 term life policy for $25–$40 per month. Your actual premium depends on your age, health, coverage amount, and policy type. Smokers and those with pre-existing conditions will pay more, while younger and healthier applicants lock in the lowest rates.
The most important thing about life insurance cost: the longer you wait, the more expensive it becomes. Locking in your rate today protects against future health changes that could make you uninsurable.
What is an Indexed Universal Life (IUL) policy and is it worth it?
An Indexed Universal Life (IUL) policy is permanent life insurance that also builds cash value tied to a stock market index — such as the S&P 500. The Farmers Insurance IUL offers a 0% floor (you never lose money in a down market) and up to 12.5% market-linked growth in strong years.
The cash value grows tax-deferred and can be accessed tax-free in retirement as a supplemental income stream. An IUL is worth considering if you've maxed out your 401(k) and Roth IRA and want additional tax-advantaged growth with built-in death benefit protection.
What is mortgage protection insurance and do I need it?
Mortgage protection insurance is a term life policy sized to cover your remaining mortgage balance. If you die before the mortgage is paid off, the policy pays out enough for your family to keep the home without having to sell it or take on a payment they can't afford.
For Minnesota and Wisconsin homeowners with mortgages of $250,000 or more, mortgage protection is one of the most cost-effective life insurance options available. A 20-year policy tied to your mortgage payoff date typically costs $20–$50 per month depending on your age and health.
What's the difference between term life and permanent life insurance?
Term life covers you for a set period — 10, 20, or 30 years — and pays a death benefit if you pass away during that term. It's the most affordable option and ideal for covering a mortgage, income replacement years, or raising children.
Permanent life insurance (including IUL and whole life) covers you for life and builds cash value over time. It costs more per month but provides lifelong protection, tax-advantaged growth, and a financial asset you can access while living. Most Fallon clients use a combination of both depending on their stage of life and financial goals.
Can I get life insurance without a medical exam in Minnesota or Wisconsin?
Yes. Farmers Insurance offers Guaranteed Issue life insurance plans that require no medical exam and no health questions. These are ideal for final expense coverage, legacy planning, or applicants who have been declined for traditional life insurance due to health conditions.
Guaranteed issue plans are available across Minnesota, Wisconsin, and Iowa. Coverage amounts and premiums vary by age. Request a no-exam quote here.