Best Life Insurance Companies In Hawaii For 2024

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 for Seniors in Hawaii

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

Best Life Insurance Companies for Young Adults in Hawaii

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

Cheapest Life Insurance Companies in Hawaii

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

Best Life Insurance Companies In Hawaii For Smokers

*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:

Average Cost Of Life Insurance In Hawaii 

Best Cheap Life Insurance Companies In Hawaii For Females 

 *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 

 **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.