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Types of Insurance in Wyoming

Wyoming State Life Insurance Information

Whole Life Insurance

Insurance which provides coverage for an individual's whole life, provides a fixed premium for the duration of the policy, provides a minimum guaranteed interest rate and a guaranteed death benefit. Whole life coverage typically does not allow any changes once issued.

Term Life Insurance

Insurance which provides coverage for a stated period of time, (5 years, 10 years, 20 years, 30 years, etc.). This type of coverage does not provide a cash value.

Universal Life Insurance

Allows for changes in the amount and timing of premium payments (within certain limits) and the ability adjust coverage levels as needs change.

Similar to whole life in that it includes a minimum guaranteed interest rate, but no investment flexibility.

Variable Life Insurance

Allows the policyholder the ability to allocate their premium to investment account accounts, with different levels of risk and growth potential.

Minimum cash values are not guaranteed because of market fluctuation, and coverage amounts cannot be changed.

Exposes the policyholder to greater market risk, but has the potential for greater long term returns compared to whole or universal life insurance policies.

Variable Universal Life Insurance

Similar to Variable Life insurance, but allows for changes in coverage levels and amount of premium payments.

Allows the policyholder the ability to allocate their premium to investment account accounts, with different levels of risk and growth potential.

Minimum cash values are not guaranteed because of market fluctuation, and coverage amounts cannot be changed.

Exposes the policyholder to greater market risk, but has the potential for greater long term returns compared to whole or universal life insurance policies.

There are many variations, benefits, options, etc., to all of these types of contacts. Be sure to ask your producer to explain the policy in detail before you make your purchase.

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