Best Life Insurance Companies in Wyoming

Having a life insurance plan ensures that your family members and loved ones do not undergo any undue financial stress after your death. It also helps pay off your mortgage or any other personal loan that you might have left behind.

In this guide, MoneyGeek identified the best life insurance companies in Wyoming. To make it easy for you to get a life insurance quote, we categorized different insurance companies in Wyoming according to gender, age and smoking history.

MoneyGeek presents a comparison between life insurance companies in Wyoming to help you find the right policy according to your needs.

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Best Cheap Life Insurance in Wyoming

Your average monthly life insurance expenses depend on the amount your policy covers. If you choose a plan with a lower coverage amount, your monthly premium will also be lower. MoneyGeek’s research data shows that MassMutual offers the lowest monthly premium for $250,000 worth of coverage in Wyoming, at an average of $11.10 for males and $9.41 for females.

While a life insurance policy with a low coverage amount may seem like a good option right now, it may not be beneficial for your family in the long run. It’s possible that a policy with a low coverage amount won’t cover many ongoing expenses after your death.

MoneyGeek’s study determined that you need a policy with at least $793,000 worth of coverage to cover your family’s expenses after your death in Wyoming. This policy amount was determined considering the average age, cost of living, income and personal debt in Wyoming.

For $793,000 worth of coverage, MassMutual is the most affordable option for males at $21.02 a month on average, while Nationwide is the cheapest option for females at around $15.98 per month.

Best Cheap Life Insurance Companies in Wyoming: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $793k
  • MassMutual
    $11.10
    $21.02
  • Nationwide
    $11.81
    $21.26
  • Mutual of Omaha
    $12.04
    $22.42
  • Transamerica
    $11.40
    $25.09
  • AAA
    $16.50
    $37.66
  • Progressive Life
    $11.40
    $38.67
  • State Farm
    $18.72
    $39.24
  • Prudential
    $29.41
    $43.48
Best Cheap Life Insurance Companies in Wyoming: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $793k
  • Nationwide
    $10.43
    $15.98
  • MassMutual
    $9.40
    $16.43
  • Mutual of Omaha
    $10.84
    $16.50
  • Progressive Life
    $12.58
    $28.04
  • Transamerica
    $12.58
    $30.55
  • Prudential
    $18.97
    $35.53
  • State Farm
    $19.77
    $37.17
  • AAA
    $16.63
    $41.50

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Wyoming using average buyer profile statistics in Wyoming, including average age of 30, average weight of 190 pounds for males and 150 pounds for females, and an average coverage need of $793,000.

What Is the Average Cost of Life Insurance for Companies in Wyoming?

Your gender plays a significant role in determining the average monthly cost of your life insurance plan. Due to longer lifespans, females tend to get cheaper life insurance quotes in Wyoming than males.

The average monthly cost of life insurance in Wyoming is $17.40 for males and $15.54 for females for $250,000 worth of coverage.

For $793,000 in coverage, male buyers pay $37.61 per month on average, and women pay an average of $33.36. Therefore, men pay $20.21 more per month, and women pay an additional $17.82 monthly for this coverage amount compared to the lower $250,000 level.

Most Popular Life Insurance Companies in Wyoming

A good way of gauging the popularity of a company is by calculating its market share. Companies with a high market share are usually highly profitable and more reliable for a term life insurance policy.

You can calculate a company's market share by dividing its number of policies written by the total number of policies in the state. MoneyGeek identified the major life insurance companies in Wyoming by market share.

Our research shows that the seven largest companies in Wyoming make up 47.25% of the life insurance market in the state. Of these companies, New York Life is the most popular option, as it covers 8.46% of the market.

Most Popular Life Insurance Companies in Wyoming

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  • Company
    Market Share
  • New York Life
    8.46%
  • Lincoln Financial
    8.11%
  • Northwestern Mutual
    7.75%
  • Iowa Farm Bureau Federation
    6.93%
  • State Farm
    6.73%
  • Prudential Financial Inc.
    5.36%
  • John Hancock
    3.91%

Life insurance market share data for Wyoming is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Wyoming?

If you’re a young person in your 20s or 30s, you’ll pay a lower monthly premium than someone who’s 60 years old. While providing a life insurance quote, the insurer first calculates the risk associated with you.

Younger people are healthier and pose less risk; hence they also pay less. Getting a life insurance plan while you’re younger is one of the best strategies for saving money on premiums.

The two least expensive insurance companies in Wyoming for young people are:

  • Transamerica: $15.51 per month
  • Mutual of Omaha: $17.21 per month
Best Life Insurance Companies for Young People in Wyoming

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  • Company
    Monthly Cost
  • Transamerica
    $15.51
  • Mutual of Omaha
    $17.21
  • MassMutual
    $17.39
  • Progressive Life
    $18.60
  • AAA
    $18.74
  • Nationwide
    $21.00
  • State Farm
    $21.13
  • Prudential
    $21.23

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Wyoming who is 5 ft 10 inches and 161 pounds that purchases a 20-year term contract at the average coverage need of $320,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Wyoming?

As you age, the average monthly premium for your insurance plan increases because the insurance provider considers older people to be high-risk individuals. However, you can still find affordable insurance companies in Wyoming if you shop around and compare rates.

MoneyGeek identified affordable insurance providers in the state for seniors that provide $100,000 worth of coverage. The coverage amount is lower because seniors usually don’t have dependent children.

The most affordable life insurance plans for seniors in Wyoming are from:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Wyoming

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $46.20
  • Progressive Life
    $57.45
  • AAA
    $57.99
  • Prudential
    $79.39
  • Transamerica
    $90.70

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Wyoming who is 5 ft 10 inches and 190 pounds that purchases a 10-year term contract at the average coverage need of $95,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Wyoming?

The average monthly insurance premiums are generally higher for smokers in Wyoming because their habit puts them in the high-risk category. However, if you smoke and have good health, you may still find affordable life insurance plans.

The two least expensive life insurance providers for smokers in the state are:

  • Transamerica: $108.29 per month
  • MassMutual: $128.64 per month
Best Life Insurance Companies for Smokers in Wyoming

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  • Company
    Monthly Cost
  • Transamerica
    $108.29
  • MassMutual
    $128.64
  • State Farm
    $132.34
  • Nationwide
    $138.16
  • Mutual of Omaha
    $142.45
  • Progressive Life
    $143.62
  • Prudential
    $160.09
  • AAA
    $243.23

Rates were determined by analyzing quotes for a 30-year-old male smoker in Wyoming who is 5 ft 10 inches and 190 pounds that purchases a 20-year term contract at the average coverage need of $793,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Wyoming Life Insurance Laws You Should Know

While looking for the best life insurance companies in Wyoming, keep the following state laws in mind to make a better and informed decision.

  • The Free Look Period: This period is typically 10–30 days, and it allows you to look over the policy’s features to see if they work for you. In Wyoming, there is no legal requirement of a free look period for a new contract. For a replacement contract, this period is 30 days.

  • Grace Period: This refers to the number of days that you’re allowed to delay insurance payments after the deadline has passed. The Wyoming insurance code states that the policyholder is entitled to a grace period of 31 days.

  • Contestable Period: During this period, the insurer can check for any misrepresentation in your provided information and cancel a policy if they find any misrepresentation. In Wyoming, this period is two years.

  • Allowable Timelines for Claims Settlement: The Wyoming insurance code requires the insurer to settle claims within 45 days and pay interest on the total amount from the day the insurer receives a certified copy of the death certificate.

Methodology

For this guide, MoneyGeek determined the recommended life insurance coverage amount of $793,000 for the residents of Wyoming by taking into account the per capita income from the U.S. Bureau of Economics, average age, average personal debt and average mortgage debt. For the coverage amount, individual circumstances do matter, and every person might need a different policy amount to cover their needs.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.