Life Insurance in Wyoming

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The state of Wyoming is ranked 10th in area among the fifty states, but is 50th in population, with less than a half million inhabitants. Residents of Wyoming may live in more wide-open spaces than many other Americans, but their need for life insurance is no different. Life insurance is an important part of personal financial planning.

There are 448 life insurers licensed to do business in Wyoming, none of whom are domiciled in the state. According to the American Council of Life Insurers, Wyoming residents have $30 billion in death benefit coverage and own 230,000 individual life insurance policies, with coverage averaging $92,000 per policyholder. Group life insurance coverage amounts to $7 billion.

Wyoming Office Responsible for Life Insurance

Consumers may visit Wyoming's Insurance Department to verify the licenses of any life insurance company they're thinking of doing business with. In addition, the website offers summaries of the various types of insurance, a review of Wyoming laws and regulations relevant to life insurance, and a consumer page where one may check to see if any life insurance company has had a complaint filed against it, or to lodge a complaint against a company if necessary.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Wyoming Life and Health Insurance Guaranty Association which was created by statute in 1991. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Wyoming's Title 26.

Contacting the Wyoming Insurance Department