Best Life Insurance In Wyoming

Wyoming may be known for its stunning natural beauty and wide-open spaces, but it’s also home to some of the best life insurance companies in the country. Whether you’re a young family just starting out or a retiree looking to protect your legacy, having the right life insurance policy can provide peace of mind and financial security. In this blog post, we’ll take a closer look at some of the top life insurance companies in Wyoming and what sets them apart from the rest. From affordable rates to exceptional customer service, these companies have earned their reputation as the best in the business. So, if you’re in the market for life insurance in Wyoming, read on to find out which companies you should consider.

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Wyoming Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Wyoming

Condition Deaths in 2021
Heart Diseases 1,442
Cancer 1,183
External Causes 620
Lung Diseases 568
Nervous System Diseases 371

Life Insurance Laws In Wyoming

Wyoming’s life insurance laws are governed by Title 26 of the Wyoming Statutes.

  • 30-day free look period (WY Admin Code Ins Gen Ch 12 §4)
  • 31-day grace period (WY 26-17-111)
  • If the claim takes longer than 45 days to settle, the insurer must pay interest beginning from the date of death (WY 26-16-112)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Alabama’s life insurance laws and Alaska’s life insurance laws are nearly identical to those of Wyoming).

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Top Life Insurance Companies In Wyoming

The table above provides a comprehensive list of the top 50 life insurance companies in Wyoming based on their 2022 premiums and market share percentage. The ranking highlights the leading companies in the state’s life insurance market, showcasing their contributions to the industry and their relative market positions. In analyzing this table, it becomes evident that several key players dominate the Wyoming market, while a variety of other companies also hold substantial market shares.

As of 2022, the top company on the list is Prudential Of America Group, generating $26,531,809 in premiums and capturing an 8.2% market share. Following closely behind in the second position is New York Life Group with $26,378,978 in premiums and an 8.1% market share. These two frontrunners exhibit their strong presence in the Wyoming market.

The Northwestern Mutual Group takes the third place, with $22,903,668 in premiums and a 7.1% market share. This further exemplifies the competition among insurance giants in the state. In the fourth position is Iowa Farm Bureau Group, a significant player in the market, contributing $18,493,305 and holding a 5.7% market share. The table then continues to show the following top companies and their corresponding market shares, illustrating the depth and breadth of Wyoming’s life insurance sector.

As the ranking progresses, it is worth noting the presence of companies such as State Farm Group, Lincoln National Group, Pacific Life Group, Penn Mutual Group, Zurich Insurance Group, and Metropolitan Group, among many others, occupying the top 10 spots. While these companies may have slightly smaller market shares than the top three players, they are still substantial contributors to the insurance landscape within the state.

Looking beyond the top 10, the remaining companies on the list also play an important role in the life insurance market in Wyoming. Ranging from long-established industry stalwarts such as John Hancock Group, Mass Mutual Life Insurance Group, and American International Group to emerging competitors like Global Atlantic Group and GuArdian Life Group, the diversity of providers ensures that individuals in Wyoming have a wide range of options when selecting life insurance coverage.

In summary, the table provides valuable insights into the top 50 life insurance companies in Wyoming based on 2022 premiums and market shares. By analyzing this information, readers can gain an understanding of the key players in the state’s insurance market and make informed decisions when researching and purchasing life insurance policies.

Rank Company 2022 Wyoming Premiums Wyoming Market Share %
1Prudential Of America Group$26,531,8098.2%
2New York Life Group$26,378,9788.1%
3Northwestern Mutual Group$22,903,6687.1%
4Iowa Farm Bureau Group$18,493,3055.7%
5State Farm Group$15,711,7244.9%
6Lincoln National Group$15,279,8454.7%
7Pacific Life Group$10,510,0133.2%
8Penn Mutual Group$9,959,4673.1%
9Zurich Insurance Group$9,722,1893.0%
10Metropolitan Group$9,437,7462.9%
11Mass Mutual Life Insurance Group$8,557,7432.6%
12John Hancock Group$8,291,3802.6%
13Sammons Enterprises Group$6,345,8422.0%
14Dai‐Ichi Life Holdings Group$5,575,3081.7%
15Thrivent Financial For Lutherans$5,256,8781.6%
16Minnesota Mutual Group$5,204,5491.6%
17Globe Life Group$4,922,3811.5%
18LIA Holdings Group$4,852,2091.5%
19American International Group$4,666,6951.4%
20Global Atlantic Group$4,498,1041.4%
21Guardian Life Group$4,483,2771.4%
22Aegon US Holding Group$4,467,2391.4%
23Mutual Of Omaha Group$4,463,0511.4%
24Equitable Holdings Group$4,132,1991.3%
25Meiji Yasuda Life Insurance Group$3,250,8841.0%
26Resolution Life US Holdings Group$3,187,1801.0%
27Primerica Group$3,110,4821.0%
28National Guardian Life Insurance Group$3,084,3061.0%
29American Enterprise Mutual Group$3,081,9661.0%
30West Southern Group$2,969,2970.9%
31Nationwide Corporation Group$2,596,2220.8%
32Principal Financial Group$2,544,3570.8%
33Cuna Mutual Group$2,434,7550.8%
34Unum Group$2,428,0000.8%
35United Services Automobile Association Group$2,118,2810.7%
36Ohio National Life Group$2,099,8420.7%
37Oneamerica Financial Partners Group$2,096,1050.7%
38Genworth Financial Group$1,950,7870.6%
39Banner Life Group$1,906,4110.6%
40Knights Of Columbus$1,901,8460.6%
41Brighthouse Holdings Group$1,781,4450.6%
42Ameriprise Financial Group$1,722,9630.5%
43National Life Group$1,713,6550.5%
44Voya Financial Group$1,697,4700.5%
45Allianz Insurance Group$1,620,6870.5%
46Sun Life Assurance Company Of Canada Group$1,594,9050.5%
47Sumitomo Life Insurance Group$1,515,9650.5%
48American National Financial Group$1,507,6660.5%
49Ameritas Mutual Holding Group$1,492,9350.5%
50Kansas City Life Insurance Group$1,487,4380.5%