Wyoming Life Insurance

Wyoming residents can appreciate the value of a good life insurance policy; after all, over $500 million was paid out to Wyoming beneficiaries and policyholders from life insurance policies in 2011. If you thought of life insurance as an afterthought or a needless luxury, think again, and think of your family’s future should something happen to you. To help Wyoming residents understand their options for life insurance, The Simple Dollar has compiled a number of useful resources, information sets, and links to guide you through it.

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Stats in Your State

To give you an idea of the factors influencing life insurance in Wyoming, we’ve drawn together several sets of data to paint a clear picture of the life insurance industry in the state. Below you’ll find key statistics on just how the industry affects the state’s economy and the thousands of policyholders each year.

Life Insurance in Wyoming

Since over $42 billion in life insurance policies are held by the state’s residents, it should come as no surprise that Wyoming beneficiaries and policyholders collected nearly $600 million in payouts in 2011. Between death benefits, dividends, annuities, and other payments, the life insurance industry plays a major role in the pocketbooks of thousands of Wyoming residents.

Number of Licensed Life Insurers 418
Total Life Insurance Coverage $42 billion
Average Policyholder Coverage $125,000 per policyholder*
Amount Paid Out in 2011 $483 million**
Amount of Paid Annuity Benefits in 2011 $104 million
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

Approximately 1,612 Wyoming veterans and national servicemen and women hold life insurance policies under government-administered programs. Those policyholders consist of over 900 servicemen and women, and over 580 veterans and disabled veterans.

The Life Insurance Industry: Beyond Insuring You

Approximately 1,300 jobs stem either directly or indirectly from the life insurance industry in Wyoming, and with roughly $12 billion invested in the state’s economy by insurance companies, it’s no wonder Wyoming residents place such a high value on their life insurance coverage and the benefits it yields for the state.

Job creator 1,300 jobs created
Invested in Wyoming 's Economy $12 billion invested in Wyoming’s economy
Source: ACLI.com

Rules in Your State

With the following links, readers can brush up on the regulations and rules that define how insurers in Wyoming must do business. Additionally, readers will find the specific claims settlement guidelines and prohibited claims practices applicable to all Wyoming insurers. If you are concerned that an insurer has treated you unfairly, consult with an attorney to find out your options for recourse.

Representatives & Resources in Your State

Use the following links and resources to learn more about how insurance works in Wyoming, and what your options are for different policies and types of coverage. Additionally, the Department of Insurance supports consumers through help with insurance claims and consumer advocacy on difficult insurance issues.

Wyoming Department of Insurance
106 E. 6th Avenue
Cheyenne, WY 82001
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Contact Information
Consumer Complaints
Life Insurance Information

Wyoming Life and Health Insurance Guaranty Association
P.O. Box 36009
Denver, CO 80236
(303) 292-5022
Contact Information
The Life and Health Insurance Guaranty Association is a key player in backing your insurance company, and acts as a guarantor that your insurance policy will remain in effect even if your insurer declares bankruptcy or withdraws from the market.