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Best Life Insurance in Wyoming of 2022

Amanda Hester

Did you know that life insurance rates go up as you grow older? So, enrolling in a life insurance plan now can help save you money in the long run. Moreover, purchasing insurance sooner rather than later can ensure your loved ones are always protected financially, even if you aren’t there to take care of them. 

To help you with the process of choosing a life insurance plan, we reviewed and compared the top life insurance companies based on policy pricing, available options, customer support, financial strength, and overall quality.

Flexibility to adjust coverage throughout your term

$8,000,000

Coverage Up To

No (up to $3M)

Medical Exam

Overview

With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.

What we like

  • Flexibility to adjust coverage throughout the term
  • Quick and simple coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Budget friendly life Insurance with quick approval

$2,000,000

Coverage Up To

Not Required

Medical Exam

Overview

At Ethos, your journey to life insurance just got easier. Offering a simple and convenient process, applicants can access plenty of terms and coverage plans.

What we like

  • 100% online and hassle-free application process
  • Budget-friendly plans
  • No cancellation fees

What we don't

  • Term coverage available for over the age of 65

Customizable life insurance policy to fit every life stage

$2,500,000

Coverage Up To

Not Required

Medical Exam

Overview

When you apply online, you can obtain instant coverage that starts from $9 per month. Medical exams are not required and policies are flexible according to your needs.

What we like

  • Personalized life insurance policies
  • Completely online experience
  • Adjust your coverage as your life changes
  • Track outstanding debts and reduce premiums as needed

What we don't

  • Issue age of 18 to 45 only
  • Serious pre-existing health conditions not covered

Life insurance with a complete online application process

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

Rewarding healthy lifestyle choices with better premiums

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Sproutt uses their Guided Artificial Intelligence Assessment (GAIA) platform to evaluate individuals based on their movement, sleep, balance, nutrition, and emotional health to make an informed decision on life insurance coverage. The agency will reward you with lower premiums as you improve your lifestyle choices towards a healthy one.

What we like

  • Improving lifestyle choices will get lower premiums
  • The healthier you are, the more competitive your rate will be
  • Personzlied suggestions on lifestyle improvements

What we don't

  • If you are a smoker, you will end up paying more
  • May have to contact an agent for whole life insurance

Easy going application with no medical exam

$1,500,000

Coverage Up To

Not Required

Medical Exam

Overview

Bestow determines the monthly premium for individuals based on how long a term they are looking for, their current health, and various other factors. You can receive a quote and determine the amount of coverage you are eligible for in minutes with no medical exam - you'll save yourself the hassle of going to appointments.

What we like

  • No medical exam
  • Individuals who do not smoke get better premiums
  • Flexible policy terms with coverage
  • Simple and straightforward application process

What we don't

  • No coverage for people over the age of 60
  • Only term life insurance is offered

Affordable life insurance coverage

$1,000,000

Coverage Up To

Not Required

Medical Exam

Overview

Walnut’s life insurance policies come with optional perks that include memberships to wellbeing services such as Headspace and Classpass. This provides you with tools to help live a healthier lifestyle.

What we like

  • Complete digital experience
  • Easy online application
  • Transparent pricing
  • No medical exam
  • Membership perks

What we don't

  • Low coverage for high-risk applicants
  • Coverage based on individual factors

What is the cost of life insurance in Wyoming?

The cost of life insurance in Wyoming varies depending on the insurance provider, their underwriting process, your age, your state of health, and your lifestyle. As such, you should shop around to find the best life insurance that suits your budget and needs. In the state of Wyoming, you can expect to pay a monthly rate of $50 for basic insurance coverage. 

When looking for life insurance in Wyoming, you should also note that there are specific provisions that may vary from county to county. For instance, maximum lifetime benefit varies depending on your county’s average annual earnings in the previous year that is adjusted for cost-of-living inflations.

How are life insurance rates determined in Wyoming?

When determining insurance rates, insurance providers take each policy owner’s risk to the insurance carrier into consideration. As such, the providers are cautious about charging higher rates for people who statistically might die prematurely.

For instance, young people have a lower risk of dying than seniors (older people may have age-related conditions). Hence, seniors often pay higher life insurance rates than younger policyholders. Similarly, men will pay higher premiums than women since women tend to have a longer life expectancy. 

Moreover, insurance companies will consider your health risks when determining your rates. For example, high cholesterol, height/weight ratio, high triglycerides, a history of diabetes, or any hereditary condition that could decrease your life span tends to spike the insurance rates up. 

Also, your lifestyle such as travelling to dangerous areas of the world, scuba diving, skydiving, racing cars, smoking, or having a bad driving record, could increase the rates you pay for your life insurance. 

Difference between term and whole life insurance in Wyoming

When thinking about purchasing life insurance, there are often two basic options you can choose from- term life and whole life insurance. However, there can be different policies within the two categories. So the question is: what are the differences and which one is the best option for you?

Term Life Insurance

Term life insurance is a temporary plan with a set expiration date. That term can last for 10, 20, or 30 years. If you pass away during the active period of your plan, your beneficiary will receive the total death benefit amount. However, if you pass away after the end of the term, your loved ones will not receive the benefit. 

Some insurance carriers have introduced a return of premium option. That enables you to get a refund of the premiums if you are still alive at the end of the policy term. Of course, you could also renew the plan, but the premium rates will probably change as you’ve grown older and your health risks have increased. 

Term life insurance is ideal for policyholders looking for:

  • Relatively low premiums with large amounts of coverage
  • Coverage for your loved ones during the time they need you most, such as when your children are young
  • Easy-to-purchase life insurance

Whole Life Insurance

This is a form of permanent life insurance without any term limit (some have a 95 to 120-year limit). It remains active until the day you pass away, provided your insurance premiums, and other plan obligations have been met adequately. Typically, whole life insurance rates are fixed. Thus, as you age, you can still pay the same rates you paid when you were young, healthy, and at a lower risk for health complications. In addition, some whole life policies offer you the potential to receive dividends that can increase the value of your policy and death benefit for your beneficiaries. 

Whole life insurance plans are ideal for policyholders looking for:

  • Guaranteed level premiums: The premiums you pay remain the same for life, regardless of health or age. Note that due to the cash value build-up and savings components, whole life insurance is usually more costly in comparison to term life policies. 
  • Guaranteed benefits: Beneficiaries will receive the total policy amount upon the insured person’s demise. That’s provided the insured person doesn’t have outstanding plan loans, and the premiums were paid on time.
  • Guaranteed cash value: Typically, whole life insurance offers cash value build-ups. The premiums grow at a stipulated interest and are tax-deferred. You can have access to cash through withdrawal or loan options.

What does life insurance cover in Wyoming?

When you get a life insurance plan, you’re investing in your loved one’s future- you could even leave an inheritance to your kids or grandkids. In addition, the money that your insurance carrier pays out upon your demise can help pay off your house, send your children to college, or solidify your family business. With life insurance coverage, you can also feel secure knowing that your loved ones will have help to cover your funeral and burial costs, in addition to other financial needs they may face without you. 

Other ways that your beneficiary can use the death benefit include:

  • Pay off debts such as auto loans and credit card loans
  • Supplement income/retirement
  • Pay for medical bills
  • Create an emergency fund

How to choose the best life insurance plan in Wyoming

Many factors contribute to how you choose a life insurance plan in Wyoming. Here are some key aspects to keep in mind when choosing a policy:

  • Your budget and income: Term life policies are an excellent option for people who need coverage for a specified period at a lower cost. But if you earn a high salary, then you should consider whole life insurance, which is more extensive than term life plans. 
  • Your age and health: If you’re young and healthy, it is a wise decision to buy term life coverage that is more affordable than a whole life plan. However, if you’re in poor health, consider getting a policy with an accelerated death benefit rider. 
  • Life insurance riders: Typically, life insurance doesn’t cover every situation. For instance, if you were to become disabled, a basic policy might not cover disability and long-term nursing needs. However, you could buy policies with a disability or long-term care rider depending on your occupation and/or projected risk of developing a chronic illness.