The national Types of Life Insurance Policies guide covers term, whole life, universal and variable life, group life and credit life. This guide covers the Wyoming rules for group life (Wyo. Stat. 26-17), credit life (26-21) and variable life.

Group life

• Who counts as an employee: the policy may include employees of subsidiaries and affiliates, proprietors and partners, retired and former employees, and directors (26-17-103(a)(ii)).
• Noncontributory plans cover all eligible employees except those who reject coverage in writing. The insurer may limit coverage based on insurability.
• Grace period: 31 days. The death benefit continues unless the policyholder gives advance written notice of discontinuance (26-17-111).
• Incontestability: an insured person's statements can't be used to contest coverage after it has been in force two years during their lifetime, and then only if in a signed written statement (26-17-112).
• Missed employer contributions: an employer or trustee that stops paying its usual share of the premium notifies the employee or beneficiary within 30 days (26-16-121).
• Assignment: an insured may assign their ownership rights to anyone other than the policyholder (26-17-126).

Conversion (26-17-118 to 26-17-120)

• When employment or membership ends, the insurer must issue an individual policy without evidence of insurability if the person applies and pays within 31 days.
• When the group policy ends, people insured at least three years may convert. The amount is reduced by any group coverage they become eligible for within 31 days.
• Death during the conversion period: the convertible amount is paid as a claim under the group policy.

Credit life (26-21)

• The initial amount can't exceed the total amount repayable on the debt.
• Coverage can't run more than 15 days past the scheduled maturity date unless extended at no extra cost.
• When credit insurance is required as security, the debtor may use existing policies or buy from any authorized insurer.

Variable life (Rule Ch. 67)

• A variable life policy's cash value is determined at least monthly. The variable death benefit is determined at least annually.
• Selling variable products requires the variable line, with FINRA Series 6 or 7 and Series 63.

Common exam traps

• Group life grace is 31 days, and the conversion window is 31 days.
• Conversion when the group policy terminates requires three years of coverage in Wyoming.
• Death during the conversion window is paid as if the person had converted.
• Credit life can't exceed the amount repayable, or extend more than 15 days past maturity.
• Variable cash values are valued at least monthly.