10 Best Life Insurance Companies in Wyoming
Key Terms
- Life Insurance provides peace of mind for you and your family.
- Life insurance can cover your final expenses like funeral costs and debts.
- Wyoming life insurance companies can help you find a policy to suit your financial needs and budget.
Wyoming is known as the Equality State and is located in the north-western region of the United States. It’s bordered by Montana to the north, South Dakota and Nebraska to the east, Colorado and Utah to the south, and Idaho to the west. With a population of around 577,000 people as of 2022, it’s the 50th-most populous state. The largest city in Wyoming is Cheyenne which has a population of 63,957 residents. Cheyenne is also the state capital.
According to the Center for Disease Control and Prevention (CDC), the average life expectancy in the state of Wyoming is approximately 76.3 years which is lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Wyoming have been heart disease, cancer, and Covid-19. The homicide rate in Wyoming is around 4.9 homicides per 100,000 residents, which is lower than the national average of 7.5.
According to the U.S. Bureau of Labor Statistics, in Wyoming, the 90th percentile income is currently $86,510. The median income in the state is approximately $45,890. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Wyoming, this works out to around $865,100 – $1,730,200 dollars for most people.
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How life insurance works in Wyoming
There are different types of life insurance plans, but they all work in a similar way. You, the policyholder, pay monthly or annual premiums to the insurance company like you do with health insurance and long-term care insurance. If you die while the policy is active, the insurance agency pays a death benefit to your beneficiaries. The beneficiaries can then use the money to cover your final expenses and any other debts or expenses you may have left behind.
There are two main types of life insurance products: term life insurance and whole life insurance. Term life insurance coverage is the more affordable and straightforward option. It pays a death benefit only if you die during the term of the policy, which is usually 20 or 30 years. If you outlive the term, the policy expires. Term life insurance is ideal for people who want coverage for a specific period of time, such as when they have young children and large mortgages (this is most people who buy insurance).
Whole life insurance is more expensive. It pays a death benefit regardless of when you die. In addition, whole life insurance builds cash value over time that you can borrow against in annuities or cash out. Because whole life insurance mixes investing and insurance products, most people will benefit for simply buying cheap and easy to understand term life insurance policy. It’ll cost you a lot less and you can use the money you save to build up an investment fund.