Wyoming Life Insurance

Selecting the right type of life insurance and the appropriate amount of coverage can be essential to securing your family’s financial future, but navigating the many options available can be overwhelming. Understanding Wyoming life insurance laws and knowing where to turn for help can make policy shopping easier so you can make smarter coverage decisions for yourself and your loved ones.

Wyoming Life Insurance Rules and Specifics

All insurance business in Wyoming is overseen by the Wyoming Department of Insurance, which enforces the state laws and regulations defined in Title 26 of the Wyoming Insurance Code. These statutes help standardize the state insurance marketplace and provide various consumer protections, including:

• A 30-day late payment grace period: In Wyoming, your insurer can’t legally cancel your policy if your premium payment is less than 30 days late. Coverage remains in force during this time, so if you die, your beneficiaries still receive a payout.
• Incontestability after two years: If your policy has been in force for at least 2 years and your premiums are up to date, it’s considered incontestable in Wyoming. Incontestability does not extend to provisions that provide disability or accidental death benefits.
• Interest accrual on late payouts: Wyoming laws don’t require insurers to issue the death benefit payout within a specific timeframe. However, companies must pay interest on the benefit amount, beginning on the date they receive a certified copy of the insured’s death certificate.
• Bankruptcy protection: If the company that holds your policy goes out of business, you’re protected. As long as your premium payments are up to date and the issuing company is state licensed, you’ll receive continuing coverage up to the state’s legal limit through the Wyoming Life and Health Insurance Guaranty Association.

Life Insurance Resources in Wyoming

If you have questions or concerns about a life insurance policy or provider in Wyoming, there are several resources available to consumers:

• The Wyoming Department of Insurance: This state agency has a comprehensive website that includes general information about life insurance, including a shopper’s guide, plus several consumer protection services. Consumers can access online complaint and fraud-reporting forms, and agent and company lookups. There are also links to helpful off-site resources.
• The National Association of Insurance Commissioners: NAIC provides an array of educational materials to help consumers better understand life insurance so they can make informed policy decisions. The association also offers a form for filing complaints against life insurance companies and a policy locator service to help beneficiaries find information about a deceased loved one’s coverage.
• The Wyoming Life and Health Insurance Guaranty Association: The state’s guaranty association protects consumers who are at risk of losing coverage due to an issuer’s insolvency. The association’s website has an online form that consumers can use to request additional information.