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Term Life Insurance In Hawaii // Free Quotes & Tips For 2019

May 28, 2019 (0) comment

life insurance hawaii
life insurance hawaii

The Best Life Insurance Companies In Florida

​Anyone who has been to Hawaii talks only about how beautiful it is and how they can't wait to go back.

However, if you live there, you probably are completely used to how beautiful it really is.

​We put together this post so that you can have quick access to​ the Hawaii department of insurance as well as their guaranty association.

​You will also find out information specific to the state of ​Hawaii and have a better understanding of why you need life insurance if you ​live in ​the state of Hawaii.

​In This Article



​Comparing ​Hawaii Life Insurance Quotes

​What's The Free Look Period

When you purchase your life insurance policy you still have what is known as the "free look" period in which you can return the policy.

If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.

​The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.  

How Life Insurance Rates Are Determined In ​Hawaii

Age

​Age is going to be one of the largest factors when determining your life insurance rates in ​Hawaii.  The younger you are when you purchase coverage, the more affordable it is going to be.

​Gender

Your gender is going to be the second largest factor when figuring out your life insurance rates.  You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.

Tobacco Usage

If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in ​Hawaii, and since smoking increases your rates considerably, if you smoke, it's probably time to quit.

Coverage Amount

The amount of coverage that you purchase will also change your rates.  The higher the coverage amount you purchase, the more expensive the policy will become.  

Term Length

Term lenght is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.

Current Health

Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different.

Driving Record ​

Life insurance companies want to know that you aren't a crazy driver.  If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.

Top 10 Leading Causes Of Death In ​Hawaii

​It is essential that you purchase ​Hawaii life insurance ​when you are young so that your rates are affordable. 

  1. 1
    ​Heart Disease - ​2,528 Deaths
  2. 2
    ​Cancer - ​2,493 Deaths
  3. 3
    ​Stroke - 655 Deaths
  4. 4
    ​Accidents - 476 Deaths
  5. 5
    ​​Flu/Pneumonia - ​438 Deaths
  6. 6
    ​Alzheimer’s Disease - 6,980 Deaths
  7. 7
    ​ Chronic Lower Respiratory Diseases - ​313 Deaths
  8. 8
    ​Diabetes - ​276 Deaths
  9. 9
    ​Kidney Disease - ​220 Deaths
  10. 10
    ​Suicide - ​204 Deaths

​​A life insurance policy would cover all of the ​above deaths, including suicide after 2 years of having the policy.

​Hawaii Department Of Insurance

hawaii department of insurance

Website: ​Hawaii Department Of Insurance

Insurance Commissioner:  ​Gordon Ito

Consumer Insurance Helpline:  ​1 (808) 586 - 2790

Office Hours:  ​Monday - Friday  7:45 AM AM to 4:30 PM

File a Consumer Insurance Complaint: Complaint Page

Find a Licensed Life Insurance Agent: Agent License Search Page

​Hawaii Life & ​Disability Insurance Guaranty Association

​The ​Hawaii Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:

Website: ​Hawaii Life & ​Disability Insurance Guaranty Association

Phone: ​(808) 528 - 5400

Address:
     ​Hawaii Life & Disability Insurance Guaranty Association
     1132 Bishop Street, Suite 1590
     Honolulu, HI 96813

​Hawaii Guaranty Association Protection Limits

Each state has a specific limit that they can go up to in case your life insurance company ​fails.

​Life Insurance

  • ​​Life Insurance Death Benefit: $300,000 per insured life 
  • Life Insurance Cash Surrender: $100,000 per insured life 

Health Insurance

  • ​​​Hospital, Medical and Surgical Benefits $500,000 per insured
  • ​Disability Insurance ​Benefits: $300,000 per insured ​
  • ​Long-Term Care Insurance Benefits: $300,000 per insured ​
  • ​Other Types Of Health Insurance Benefits: $​100,000 ​per insured

​Annuities

  • ​​​Withdrawal & Cash Value Benefit: $250,000 per insured 


Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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