- State Guaranty Association The Wyoming Life and Health Insurance Guaranty Association (contact details are in the national directory at nolhga.com) provides limited protection if an insurance company fails. Coverage for annuity benefits is generally $250,000 in present value per contract owner, per insurer. Verify current limits directly with the association. Annuities are not FDIC insured.
- Annuity Tax Treatment Wyoming has no state income tax, so annuity income, along with Social Security, pension, and IRA distributions, faces no state income tax at all. Property and sales taxes are also among the lowest in the country. Confirm your specific situation with a tax professional.
- State Insurance Department The Wyoming Department of Insurance regulates annuities sold in Wyoming. You can verify any insurance professional's license through its online license lookup.
- Free Look Period Wyoming generally provides a free look period of at least 10 days for annuity contracts, often longer for replacement contracts. Your contract states the exact period that applies to you.
- Best Interest Standard Wyoming has adopted the NAIC Best Interest standard for annuity recommendations. Advisors recommending annuities to Wyoming residents must act in the consumer's best interest.
Retiring in Wyoming
Wyoming is arguably the lowest-tax state in the nation for retirees, with no income tax and rock-bottom property and sales taxes.
Learn before you buy
Start with what an annuity actually is, then see how the types differ and which myths to ignore. If someone has already shown you a product, get a free second opinion before you sign.