DEFINITION of 'Wisconsin State Life Fund'
A life insurance distribution system available to residents of Wisconsin. The Wisconsin State Life Fund is a state-sponsored life insurance program. The state of Wisconsin underwrites and sells life insurance policies to Wisconsin residents who apply for the policies. The Wisconsin State Life Fund is a nonprofit organization that receives no state subsidies, is not allowed to use commissioned agents, does not advertise and is exempt from federal income tax. As a result, the fund's overhead expenses are minimal.
BREAKING DOWN 'Wisconsin State Life Fund'
The Wisconsin State Life Fund was launched in 1911 in reaction to a scandal involving improper practices by some life insurance companies operating within the United States. The fund was set up to provide residents of Wisconsin with access to life insurance at the lowest possible cost.