Wyoming Life Insurance Quotes
Life insurance is a necessity in this day and age, as no-one particularly wishes to leave their family in financial distress if they were to pass away. Therefore, a life insurance policy can provide financial support to your family if you die. All US residents should consider purchasing a life insurance policy, and this is no different in the state of Wyoming.
Wyoming is currently ranked 32nd out of the 50 states and the District of Colombia in life expectancy. The life expectancy in Wyoming is 76.7 years. Approximately 0.9% of Wyoming residents aged between 55 and 64 will pass away every year. This figure increases to 2% for residents aged between 65 and 74, and over 5% of Wyoming residents aged between 75 and 84 will die every year.
The proceeds of a life insurance policy can be used for just about any purpose, although they are typically used to cover life’s necessities, which may include: final expenses, estate tax, house payments, utilities, childcare, continuing education, food and clothing, and retirement savings. Prior to purchasing a life insurance policy, consumers should carefully consider these and other areas where they believe they’re family would need financial support if they were to die.
It is also important to ensure that your family is able to maintain a healthy standard of living once you have passed away. This is typically why many experts suggest that consumers should purchase 5 to 8 times their annual salary in life insurance coverage. However, it must be said that while this is a good figure to work from, an individual’s exact needs will depend on their family’s personal and financial circumstances.
Life insurance policies are standardized to some degree in Wyoming by the State Insurance Code of Wyoming. The code is generally used to regulate claims and can also provide certain provisions to protect consumers. These include:
Death benefit processing
Beneficiaries of a life insurance policy are entitled to fast and efficient payment of death benefit. Therefore if all the documentation is found to be in order, the benefits will typically be paid within 30 days. Interest will also be paid on death benefits, and this will begin to accrue as soon as they claim is filed. If, however, a life insurance company fails to pay a claim within 30 days, the interest rate may increase thereafter.
The state of Wyoming, and indeed the state insurance code, will require all life insurance companies to allow customers a 30 day grace period on late payments. Therefore, consumers have a period of 30 days to bring their account current, if they miss a payment, before their insurer can cancel the policy for non-payment.
There are also certain regulations that will protect life insurance companies in Wyoming against insurance fraud. An insurance company has the ability to dispute any information that they find on a life insurance application for up to two years after the policy was issued. If they find any discrepancies, especially those related to tobacco use, medical conditions, dangerous lifestyle or job-related activities, they are able to terminate the policy immediately.
There are two main types of life insurance available in Wyoming, and these include:
Term life insurance – This will protect a policyholder for a specified number of years. In other words, death benefit will only ever be paid if the policyholder’s dies during the policy’s term. If the policy expires, the policyholder does have the ability to renew, although their premiums are likely to increase due to their age.
Term life insurance policies are best suited to consumers that require insurance, but perhaps don’t have a lot of money to spend on it. A term life insurance policy is also ideal to cover expenses that will eventually reduce or diminish, such as a house or car loan.
Permanent life insurance – This will protect a policyholder throughout their entire life, and also has a guaranteed death benefit. A permanent life insurance policy will be more expensive than a term life policy, although it will build a cash-value over time. This cash-value can be borrowed against if required, although the loan plus any interest will need to be paid back if the policyholder wishes to avoid a decreased death benefit.
There are a number of ways in which Wyoming residents can obtain a life insurance quote, although possibly the best way is to start their search online. There are a number of price comparison websites, which allow consumers to enter their personal details, and then receive a number of quotes from different insurance providers. It must be said, that this initial quote is merely a guide that is based on an applicant’s age, the length of the policy they require, the amount of coverage they require, and whether they are a smoker or not. However, a more in-depth quote can be requested if the consumer is happy with the initial premiums offered.