Wyoming Life Insurance

Wyoming life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Wyoming life insurance regulations.

Explains the protection of the Wyoming Guaranty Association.

Links to more information about life insurance in Wyoming.

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

Use InsureME to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Wyoming life insurance rights and regulations

The insurance industry in the State of Ohio is regulated under Title 26 of the Wyoming Statutes. These statutes outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

One consumer protection required, by law, on all Wyoming life insurance policies is a 30-day grace period on late premium payments. During this window, an insurer will not cancel the policy, and coverage will continue uninterrupted so long as the account is brought current.

Wyoming law also requires that claims settlement be made upon receipt of proof of death. Final payment should include interest paid on the benefits from the date of death through final settlement.

However, Wyoming law extends some protections to insurers, too. Consumer misrepresentation on a policy or application, if discovered within the first two years of the policy, can result in its cancellation. The insurer won't be obligated to honor any claims.

A misstatement of age can be discovered at any time and will result in the reduction of death benefits to reflect the actual age of the insured.

Wyoming insurers are also exempt from having to honor claims made during the first two years where suicide is the cause of death. (Premiums will be refunded.)

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If you are ready to apply for a Wyoming term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Wyoming Life Insurance Guaranty

Licensed insurance companies in Wyoming pay annual fees to the Wyoming Life and Health Insurance Guaranty Association. This organization is designed to protect insurance consumers, like you, by helping to cover policies lost through insurance company insolvency.

However, there are restrictions on this protection. In Wyoming the compensation for lost death benefits is limited to $300,000, and compensation for net cash surrender or withdrawal is limited to $100,000. These limits are per person, and apply even in the event of multiple policies with a higher total amount of coverage.

And your insurer must be licensed in Wyoming to qualify for the guaranty's backing. To check the status of an insurer, you can call the Wyoming Insurance Department at (307)777-7401 or toll free 1-800-438-5768 (in-state only).

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Apply for a quote with confidence at Insured Street
(for Wyoming term life insurance), or InsureME.
Your insurer will be licensed in Wyoming.

More WY life insurance help

If you want more help getting the best value on your WY life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about WY life insurance laws and regulations, visit the official website of the Wyoming Insurance Department.