Best Life Insurance Rates in Wyoming

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In 1891, President Benjamin Harrison made Shoshone Forest the first National Forest in America. Then, in 1906, President Teddy Roosevelt made Devil’s Tower in the Black Hills the first ever National Monument. And, in 1925, Wyoming governor Nellie Tayloe Ross became the first female governor of any state. Nowadays, Wyoming has high rates of death from firearms and respiratory diseases, but low rates of cancer. These factors can come into play when calculating the cost of life insurance.

Wyoming Life Insurance Quotes

This page will inform you about the varying life insurance regulations in Wyoming. It’ll also tell you about the many factors that affect rates in this state, and even its leading causes of death. 

We've collected all of this information to help you make an educated decision about which life insurance company and policy is best for you.

Let QuoteWizard provide you with the support you need to make the right choice. Many people did just that last year by using our form to compare life insurance rates in Wyoming.

Life Insurance Rate Factors in Wyoming

Below are the major factors that affect life insurance rates.

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal.

Life expectancy at birth in Wyoming is 78.3, slightly lower than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Wyoming at age 52, you would be more likely than not to pass away before 82 years of age, the end of the term.

On the other hand, if you were 32 years old and purchased a 30-year term life policy, you would be well under Wyoming’s life expectancy of 78.3 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Wyoming, the death rate from injury due to firearms is 16.7 per 100,000 deaths, tied with Montana as the #6 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Wyoming, the percentage of the population that’s female is 49.0%, and the percentage that’s male is 51.0%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Wyoming residents that used QuoteWizard last year.

 
         
 
   
52%Female
   
48%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your insurance premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Wyoming that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
61%Healthy
   
38%Major
   
1%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Wyoming, where skiing and hunting are common recreational activities.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Wyoming in 2009, the rate of marriage for people over 15 was 59.4 per 1,000 people, the rate of divorce was 21 per 1,000 people, and the rate of widowhood was 13.2 per 1,000 people.

Marriage status of Wyoming residents that used QuoteWizard last year.

 
         
 
   
51%Married
   
49%Single
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Wyoming, proportionally, is a subway operator.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 20.6% of Wyoming adults smoked cigarettes – about 92,000 adults.

Percentage of QuoteWizard users in Wyoming that indicated that they smoke last year.

 
         
 
   
86%Don't Smoke
   
14%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a policy’s rates is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Wyoming was 27.8%. This makes Wyoming the #30 most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Wyoming  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 939 152.4 30th 169.8
2 Cancer 946 148.2 44th 163.2
3 Lower Respiratory Disease 387 63.1 3rd 42.1
4 Accidents 325 55.2 7th 39.4
5 Stroke 213 35.1 32nd 36.2
6 Alzheimer's Disease 126 21.0 32nd (tie) 23.5
7 Diabetes 89 14.2 49th 21.2
8 Influenza/Pneumonia 112 18.4 14th 15.9
9 Kidney Disease 56 9.4 41st 13.2
10 Suicide 129 21.5 3rd 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Wyoming Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 UnitedHealth Group Inc. $79,220 7.0%
2 New York Life Insurance Co. $61,541 5.5%
3 Jackson National Life Group $52,380 4.7%
4 Assurant Inc. $50,468 4.5%
5 Lincoln National Corp. $46,112 4.1%
6 Prudential Financial Corp. $43,983 3.9%
7 Iowa Farm Bureau Life Insurance $37,873 3.4%
8 Cigna Life & Health Inc. $36,008 3.2%
9 OneAmerica Financial Partners Inc. $31,313 2.8%
10 Allianz Insurance Co. $29,514 2.6%

Financial Strength Ratings of Top Wyoming Life Insurers

Source: A.M. Best (Ratings as of 9/8/2015)

  • UnitedHealth Group Inc.: A
  • New York Life Insurance Co.: A++
  • Jackson National Life Group: A+
  • Assurant Inc.: A
  • Lincoln National Corp.: A+
  • Prudential Financial Corp.: A+
  • Iowa Farm Bureau Life Insurance: A
  • Cigna Life & Health Inc.: A
  • OneAmerica Financial Partners Inc.: A-
  • Allianz Insurance Co.: A+
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Rating Guide

Wyoming Life Insurance Regulations

Insurance in Wyoming is governed by the laws defined by Title 26 of the Wyoming State Statutes as outlined by the Legislature of Wyoming.

This legislation is used to regulate claims and provide certain protections to Wyoming consumers, for example:

Guarantee on Death Claims: If an insurance company is unable to make payments on death claims or becomes insolvent, the Wyoming Life and Health Insurance Guaranty Association will cover up to $300,000 of death benefits, and up to $100,000 in cash reimbursement. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit, but the amount is the same regardless of how much the policy is worth.

No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can cancel the policy for any reason for a full refund. Wyoming is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period of one to two weeks on most insurance policies.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Wyoming insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Wyoming Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the WLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(303) 292 – 5022
Address:
Wyoming Life & Health Insurance Guaranty Association
PO Box 36009
Denver, CO 80236

Wyoming Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Tom Glause
Insurance Hotline:
(800) 438 - 5768
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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