Best Life Insurance Companies In Hawaii For 2024

My research has shown that MassMutual is the best life insurance company in Hawaii.

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Updated: 14 July 2024
Written by Bob Phillips
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If you make your home in Hawaii and are thinking about getting life insurance, you probably hope that you can search out the best life insurance quickly and easily, at a budget-friendly price. My goal is to make this task easier for you, doing the research that will help you find the best coverage while saving your time and money.

After researching life insurance providers in Hawaii, my conclusion was that the best overall life insurance in the state is MassMutual. This decision was not just founded on market share alone, but by the company’s superior coverage, top customer service, and the lowest price. To me, those factors make MassMutual the right choice for anyone who wants to get the most bang for their buck.

Other companies that ranked at the top in my ratings were: Mutual Of Omaha for seniors, State Farm for having excellent service, Transamerica for younger people, Nationwide for smokers and MassMutual for having the cheapest life insurance policy.

Best Life Insurance Companies In Hawaii 2024

transamerica-icon-logo
Best for Seniors - Mutual of Omaha
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Best for Young People - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, Hawaii 2024

Compare The Best Life Insurance Companies In Hawaii

To help you in evaluating the top life insurance companies in Hawaii, this table shows my preferred companies across a few important factors.

Overall Rating A.M. Best Rating Best For Online Experience J.D. Power Rating (Best 1000) Get A Quote
Mutual of Omaha
4.6

A+

Seniors

9.7

801

Instant Quote
MassMutual
4.8

A++

Best Overall

9.7

780

Instant Quote
Transamerica
4.7

A

Young Adults

9.8

740

Instant Quote
State Farm
4.8

A++

Best for Customer Service

9.5

839

Instant Quote
MassMutual
4.8

A++

Best for Cheapest Life Insurance

9.7

780

Instant Quote
Nationwide
4.6

A+

Best for Smokers

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

When I started this research project to discover which were the best life insurance companies in Hawaii, my approach was to do an in-depth assessment of the state's top providers and compare them to each other. Multiple factors were taken into consideration, including things like: product offerings, online user experience, cost, and last but not least, customer service ratings. I also made use of my years of personal experience in life insurance sales, as well as my years of first-hand interaction with agents from other insurers. That experience provided me with insights into a broad range of products and services within the industry.

33

Quotes Analyzed

15+

Years of experience

16

Brands reviewed

35+

Research hours

The Best Life Insurance Companies In Hawaii


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Research brought us to the decision that MassMutual earned the title of Best Overall because of its numerous strengths. It offers a wide variety of top quality insurance products, including whole life, term life, and universal life–at competitive rates. MassMutual policies also offer a broad selection of riders that can be added to your policy, as well.

MassMutual’s sales agents are expertly trained and very knowledgeable in the field of life insurance, and they represent nothing but MassMutual’s products. They’re often called “career agents” with their extensive training on the insurer’s life insurance products, and are well qualified to answer a consumer’s most frequently asked questions. This is immeasurably helpful to policyholders, or those shopping around, who want to gain a better understanding of life insurance.

MassMutual’s robust financial strength was another key point in my ratings. It has received the highest possible rating from AM Best (A++ Superior) due to its financial strength and stability, plus its ability to pay claims.

Being designated Best Overall reflects MassMutual’s commitment to offering a broad range of insurance products, as well as an expert sales and service team. This determination wasn’t based on cost by itself, although its rates are quite competitive. MassMutual may not have as much brand recognition or market share as some of the competition, but it’s a reputable and respected insurance provider within Hawaii.

Benefits & Drawbacks

Benefits
  • Diverse product portfolio with many riders
  • Superior financial ratings
  • Cheapest rates in Hawaii
Drawbacks
  • Cannot buy whole life products online
  • Lower J.D. Power rating than some competitors
  • Must buy through MassMutual agents only

Best for Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

For many years, Mutual of Omaha has been acclaimed for its dedication to fulfilling the life insurance needs of seniors. America’s older age group put their trust in this company, not just because  of their famous television show “Mutual of Omaha’s Wild Kingdom,” but due to the extensive training their agents receive on serving the life insurance needs of the senior market.

This company is known for its senior life insurance products, including two that were specially written for older aged people with health problems. One is a guaranteed-issue policy that doesn’t require a medical exam or access to their health records, which makes it an appealing choice for seniors with serious health issues such as heart attack, stroke or cancer.

The second product is a simplified-issue policy that does require medical history records, but doesn’t require undergoing a medical examination. This one is a popular choice for seniors with minor medical problems such as Type 2 Diabetes, or hypertension, (high blood pressure).

Benefits & Drawbacks

Benefits
  • Gives seniors peace of mind through well trained agents
  • Competitive rates for seniors in Hawaii
  • The company is strong financially
Drawbacks
  • Fewer agents in Hawaii than some other major insurers
  • Higher ratio of complaints than some insurers

Best Life Insurance Companies for Seniors in Hawaii

Company Monthly Cost
Transamerica $52
GEICO $56
Nationwide $63
Allstate $51
Prudential $58

*Based on $75,000 of coverage for a 60 year old male non-smoker buying a 10 year term life contract.


Best for Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers, the leading marketing research firm in the nation, has been in business for more than half a century. For many years it has recognized State Farm as a life insurance company with superior customer satisfaction rankings, a reflection of this company’s dedication to superb customer service. This shouldn’t come as a surprise, since State Farm has more agents in the field than any other insurance company in the United States.

State Farm is acclaimed for its commitment to customer service, which is appreciated by policyholders. The company is unique in its numerous local offices where policyholders can meet with their local agent in person for the sales help and service they need.

State Farm is well known for its wonderful customer service and fast claims process. This is really an important point in life insurance, and is even more important when a family is mourning and dependent on an insurance company for assistance that is both timely and compassionate.

Benefits & Drawbacks

Benefits
  • Has fewer customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
  • More agents to provide service than any other insurer
Drawbacks
  • A limited number of riders are offered
  • Can only purchase policies through State Farm agents

Best for Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica is aware of its own strong points, and one of those is providing low cost life insurance rates for young adults. The company knows that a lot of young people are cautious with their finances, especially when it comes to buying something intangible like life insurance.

Because of this, Transamerica works to keep its rates within the limits of a young, budget-conscious niche market trying to maximize life insurance benefits while minimizing the financial outlay.

Transamerica also understands that this younger group of consumers is accustomed to doing business online, and consequently has made sure that their website is easy to navigate and comfortable. This group wants an online experience that’s  user-friendly with clear, to-the-point information that can be accessed fast and efficiently.

Transamerica’s website provides that, so visitors are able to progress through the site easily to get the data they need. Transamerica firmly believes that everybody, regardless of age or budget, deserves the security and protection provided by life insurance.

Life insurance carriers find it challenging marketing to a younger bracket of consumers. This may be because a lot of young adults don’t yet understand the importance of having life insurance. These days, members of this group are waiting until later in life for marriage than in past generations, tending to put off securing life insurance until after getting married or having children.

Companies such as Transamerica focus on providing life insurance to this demographic for a good reason: They have lower mortality rates, meaning higher profits for the company.

Of the companies I reviewed, Transamerica received the lowest ranking in customer service. This might be attributed to their practice of using independent insurance agents for sales and service. A number of independent agents, working alone without company supervision, probably have room for improvement in both of those areas.

Benefits & Drawbacks

Benefits
  • Online availability for purchasing term life insurance
  • Policies can provide coverage up to $10 million
  • Qualifying applicants can secure coverage of up to $2 million without a medical exam
Drawbacks
  • Has a lower customer service satisfaction rating than some competitors
  • $25,000 is the minimum term life insurance face amount you can buy

Best Life Insurance Companies for Young Adults in Hawaii

Company Monthly Cost
State Farm $15
GEICO $9
Nationwide $12
Mutual of Omaha $11
Protective $9

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, Hawaii’s leading life insurance provider, is a financially robust leader with competitive rates. Other insurers offer low-cost term life insurance, but MassMutual’s rates are the most budget friendly choice.

While it isn’t a good idea to choose your life insurance on price alone, there’s no doubt that price is a major factor amongst most life insurance purchasers. MassMutual offers the most favorable rates for Hawaii residents on the lookout for life insurance, even though it is most commonly known for its professionalism rather than its low price. MassMutual is dedicated to expanding its market share within the Aloha State, and is using aggressive price strategies to reach this goal.

Benefits & Drawbacks

Benefits
  • Offers a full portfolio of life insurance products
  • A wide network of well-trained agents sell MassMutual policies
  • Least expensive of any I evaluated for Hawaii life insurance
Drawbacks
  • Doesn't allow online applications for life insurance
  • You can only purchase through a MassMutual agent

Cheapest Life Insurance Companies in Hawaii

Company Average Monthly Cost
Allstate $13
GEICO $14
Nationwide $17
Transamerica $13
Protective $14

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


Best for Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is an established, reputable company with numerous local offices for both sales and service, which makes it a win-win for its policyholders. Their famous slogan: “Nationwide is on your side,” is the truth for Hawaii smokers shopping around for life insurance.

Nationwide’s premiums for smokers might be a little more than some of its competitors, but I concluded that it’s still the best choice for smokers due to its above average customer service, easy access to agents, and competitive rates.

Benefits & Drawbacks

Benefits
  • Offers a full range of life insurance products
  • Has numerous offices located throughout Hawaii
  • An extensive network of trained agents sells and service Nationwide policies
Drawbacks
  • No online applications for life insurance products
  • Can only buy through a Nationwide agent

Best Life Insurance Companies In Hawaii For Smokers

Company Average Monthly Cost
State Farm $53
GEICO $35
Prudential $39
Nationwide $46
Mutual of Omaha $45

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker

If you smoke and are searching around for life insurance, you’ll soon discover that your rates are going to be quite a bit more than for non-smokers. You’ll save time as well as money if you can show that you haven’t smoked for the past one to two years.

This is dependent on the insurance company’s policies, and many insurers will charge higher rates if you’ve ever smoked at all. Still, you might manage to get a cheaper price if you look around and compare premiums. You’ll probably be required to undergo a paramedical examination as well as a blood test to prove that you don’t currently have nicotine in your bloodstream.

How To Find The Best Life Insurance Company For You

If you reside in Hawaii and are considering getting life insurance, you should know that when it comes to life insurance coverage, there’s not a one-size-fits-all policy. Insuranceopedia knows that everyone’s situation is uniquely theirs, depending on their own situation. I kept this in mind when evaluating various companies and designated awards for different categories. To obtain the best life insurance for your circumstances, I recommend that you follow these 3 steps:

  1. Figure the amount of coverage you need. The majority of insurance companies have handy “life insurance calculators” on their websites that help you calculate how much coverage is adequate for you.
  2. Select 3 companies that seem suitable for you, for comparisons. Comparing life insurance companies and their coverage is wise, but don’t compare just their rates, but their customer reviews, financial strength and other important statistics, too. Low rates are important, of course, but they’d be worthless if your life insurance company was unable to pay your claim.
  3. When your choices have been narrowed down to just one company, you can move on to submit an application for coverage. A lot of life insurance shoppers don’t go on to complete the process of becoming buyers, but postpone securing life insurance until an unspecified later time. It’s important not to wait, because if life insurance is needed, it will be too late at that point to get it. Your family’s security and protection is up to you, so it’s vitally important to act quickly.

Largest Life Insurance Companies In Hawaii

There are numerous life insurance carriers operating in Hawaii. Here are the 5 largest as measured by market share:

Company Market Share
New York Life 10.85%
State Farm 3.24%
Northwestern Mutual 6.11%
Primerica 3.85%
Southern Farm Bureau Life Insurance 3.70%

Average Cost Of Life Insurance In Hawaii 

Best Cheap Life Insurance Companies In Hawaii For Females 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
GEICO $9 $15
Allstate $10 $16
Nationwide $11 $22
Transamerica $14 $27
Protective $19 $31

 *Rates based on a 10-year term life policy for a 30-year-old female nonsmoker 

Best Cheap Life Insurance Companies In Hawaii For Males 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
GEICO $10 $17
Allstate $11 $18
Nationwide $10 $19
Transamerica $15 $31
Protective $19 $34

 **Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Hawaii

The price of life insurance in Hawaii is affected by multiple factors, including:

  • Age
  • Gender
  • Health status
  • Smoking habits
  • Credit score
  • Riders added to your policy
  • Your life insurance company

It’s not unusual for males to have higher priced life insurance premiums than females because historically, men have shorter average life spans than women. This is more or less the same way it works with insurance rates for smokers: male and female smokers will incur more costly life insurance premiums because they generally have shorter projected life spans than nonsmokers.

Insurance providers in Hawaii may take other things into consideration, also, such as your credit score when calculating your rates. Adding riders to your policy, as for a child or possibly a disability waiver of premium, will cause a higher premium.

How Much Life Insurance Do You Need In Hawaii?

The amount of life insurance that would be adequate for your needs is based on your situation.  Homeowners, for instance, generally need more life insurance benefits than renters. Those with dependents, such as children, usually need more coverage, also.

Typically, life insurance agents will recommend that you secure coverage of ten to twenty times your yearly wages to ensure adequate protection for your family. For example, if your annual income is $75,000, you might require coverage ranging from $750,000 to $1.5 million.

Hawaii Life Insurance Laws To Know

If you’re planning to purchase life insurance in Hawaii, you might find it helpful to familiarize yourself  with the state’s main guidelines that are in effect to protect policyholders. These laws include:

Contestable Period:

Life insurance companies in Hawaii can deny paying a claim if they learn that the policyholder provided false or misleading information on their application, within 2 years of the policy’s effective date. But, after two years have gone by, the insurance provider cannot contest the application based on any errors or discrepancies.

Free Look Period:

After you receive your life insurance policy, you have ten days to review it. Within this ten day window, if you decide that you don’t want to keep your  policy, you may return it with no penalty and be fully refunded for any premiums you’ve paid.

Grace Period For Missed Payments:

If you miss a payment, Hawaii law allows you a thirty day grace period. During this time, you can still make the payment without losing your insurance.

Time Allowable To Settle A Claim

Beneficiaries are required to file a claim with the insurance company in order to receive benefits. Once the claim has been filed, life insurance companies in Hawaii are required to settle the claim within 30 days.

Guaranty Fund Protection

The Hawaii Guaranty Association will cover as much as $300,000 of your death benefits and $100,000 of your policy’s cash surrender value in the event that your insurance company becomes bankrupt.

FAQs

Is life insurance more expensive in Hawaii?

No, it isn’t. Life insurance rates in Hawaii are about the same as in other states. Insurers who charge higher rates sometimes do so because they have paid out more claims than they anticipated.

How much per month is a million-dollar life insurance policy in Hawaii?

According to my research, MassMutual has the lowest rates for a ten year term life policy of $1 million in Hawaii, with a premium of  approximately $25 per month.

What is the average monthly cost of life insurance in Hawaii?

Life insurance rates for a 30 year old man in Hawaii might be as low as $10 monthly for $250,000 of coverage. The same amount of coverage for a 30 year old woman in Hawaii will cost around $9 per month.

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