- State Guaranty Association The Wisconsin Insurance Security Fund (contact details are in the national directory at nolhga.com) provides limited protection if an insurance company fails. Coverage for annuity benefits is generally $250,000 in present value per contract owner, per insurer. Verify current limits directly with the association. Annuities are not FDIC insured.
- Annuity Tax Treatment Wisconsin taxes annuity income as ordinary income, with modest retirement exclusions for lower-income residents 65 and older. Social Security benefits are not taxed. Confirm your specific situation with a tax professional.
- State Insurance Department The Wisconsin Office of the Commissioner of Insurance regulates annuities sold in Wisconsin. You can verify any insurance professional's license through its online license lookup.
- Free Look Period Wisconsin generally provides a free look period of at least 10 days for annuity contracts, often longer for replacement contracts. Your contract states the exact period that applies to you.
- Best Interest Standard Wisconsin has adopted the NAIC Best Interest standard for annuity recommendations. Advisors recommending annuities to Wisconsin residents must act in the consumer's best interest.
Retiring in Wisconsin
Wisconsin retirees enjoy no state tax on Social Security, though most other retirement income is taxable, making withdrawal sequencing worth real attention here.
Learn before you buy
Start with what an annuity actually is, then see how the types differ and which myths to ignore. If someone has already shown you a product, get a free second opinion before you sign.