Life Insurance in Wyoming
As a Wyoming resident, purchasing life insurance today is a smart way you can help make sure that your loved ones will always be financially protected, even if you are not there to take care of them.
When shopping for life insurance in Wyoming, you need to be aware that there are certain provisions that vary from state to state. The Wyoming State Department of Insurance issues regulations for life insurance policies that pertain to free-look time frames, premium payment grace periods and other features.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Wyoming was ranked 31st out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.62. With this in mind, people living in Wyoming may want to consider their life insurance options.
Wyoming life insurance specifics
Wyoming’s Department of Insurance relies on The State Insurance Code of Wyoming to regulate claims and provide certain provisions to protect Wyoming life insurance consumers. These provisions include:
- Incontestibility
All Wyoming life insurance policies are considered incontestable after the policy has been in place for at least two years, except for in cases where the insured person has not paid their premiums. - Grace Period
A grace period is allowed on late payments under the Wyoming state insurance code. If you miss a premium payment for any reason, Wyoming life insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.
Wyoming life insurance state resources
Wyoming Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Wyoming life insurance industry.
http://insurance.state.wy.us/
Wyoming Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Wyoming, even in the event that a life insurance company becomes insolvent.
http://www.wlhiga.org/
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
www.standardandpoors.com/en_US/web/guest/home
www.moodys.com
