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|
*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|
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 Life and Health Insurance Guaranty Association
P.O. Box 36009
Denver, CO 80236
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.