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Why Wyoming Life Insurance?
Simply, Wyoming life insurance will provide financial support to your beneficiaries after you die. The proceeds from your Wyoming life insurance policy can help your loved ones pay for life's necessities such as:
You will want to carefully consider these and other areas in which your family would need financial support if you were to die. Once you have identified these areas, you will need to determine how much money your loved ones would need to maintain a healthy standard of living.
When calculating the financial need for Wyoming life insurance, many experts suggest purchasing as much as five to eight times your annual salary. While this gives a good figure to work from, your exact needs will depend on your family's personal and financial circumstances.
You will want to calculate how much money your family spends on the abovementioned areas of need—including the affect of inflation. You will also need to determine your assets.
Assets can be things like savings, pension, Social Security or real estate that your beneficiaries could liquidate to acquire money. Make sure you subtract your assets from the overall financial need to avoid purchasing more Wyoming life insurance than needed.
Term and Permanent Life Insurance
The two most common forms of Wyoming life insurance are called term and permanent life insurance. Read on to learn the difference.
Term life insurance will protect you for a specified amount of years, which means that a death benefit will only be paid if you die during your policy's term. Keep in mind that you may renew your policy after it expires, but your premium may increase as you age.
Term life policies are ideal for people that need Wyoming life insurance, but don't have a lot of money to spend on it. Term life policies are also beneficial for covering expenses that will be alleviated with time, such as a house or car loan.
Permanent life insurance will protect you throughout your entire life and often carries a guaranteed death benefit. While permanent life policies are most costly than term life, many choose this form of Wyoming life insurance because they build cash value over time. This cash value may be borrowed against if needed, however the loan—plus interest—must be paid back to avoid a decreased death benefit.
There may be other forms of Wyoming life insurance available, so be sure discuss your needs and wishes with your Wyoming life insurance agent to ensure that you purchase the right policy to protect your family.
Need More on Wyoming Life Insurance?
If you have additional questions or concerns about Wyoming life insurance, be sure to contact the Wyoming Insurance Department at (307) 777-7401 or contact a licensed agent.
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