Best Life Insurance Companies in Hawaii

If you have dependents, purchasing a life insurance policy can help to give them financial security after your passing. If you live in Hawaii, you can get a policy from any life insurance company in Hawaii. However, depending on your specific needs and personal circumstances, life insurance quotes can vary greatly. Therefore, it is important to shop around and compare quotes before purchasing a policy. MoneyGeek analyzed life insurance companies to help you find the best life insurance companies in Hawaii depending on your age, health profile and gender.

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Best Cheap Life Insurance in Hawaii

When shopping for life insurance in Hawaii, the cost will largely depend on the amount of coverage you purchase. If you buy a life insurance policy with a high coverage value, you will pay more monthly premiums.

For a $250,000 coverage policy in Hawaii, the cheapest option is MassMutual which costs $11.10 monthly for men and $9.41 for women.

A lower coverage amount may mean lower costs in terms of premiums, but it may not be sufficient to cover your beneficiaries’ ongoing expenses after death. MoneyGeek recommends that people in Hawaii purchase a life insurance policy with at least $1,009,000 in coverage. This amount is based on the cost of living in Hawaii, the average income in the state, and other state-specific factors.

For our recommended coverage value of $1,009,000, the cheapest option for men in Hawaii is Transamerica, which costs $19.07 monthly, while for women, the most affordable option is Nationwide, costing $17.72 monthly.

Best Cheap Life Insurance Companies in Hawaii: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $1k
  • Transamerica
    $9.68
    $19.07
  • Nationwide
    $11.81
    $23.19
  • MassMutual
    $11.10
    $24.09
  • Mutual of Omaha
    $12.26
    $26.85
  • AAA
    $13.42
    $29.92
  • State Farm
    $17.62
    $35.96
  • Prudential
    $29.41
    $53.98
  • Progressive Life
    $16.31
    $64.82
Best Cheap Life Insurance Companies in Hawaii: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $1k
  • Nationwide
    $10.43
    $17.72
  • Mutual of Omaha
    $11.03
    $19.53
  • MassMutual
    $9.40
    $30.37
  • Transamerica
    $12.77
    $33.56
  • State Farm
    $19.97
    $42.62
  • Progressive Life
    $18.79
    $45.81
  • Prudential
    $19.34
    $59.82
  • AAA
    $16.63
    $69.70

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Hawaii using average buyer profile statistics in Hawaii, including average age of 31, average weight of 173 pounds for males and 137 pounds for females, and an average coverage need of $1,009,000.

What Is the Average Cost of Life Insurance for Companies in Hawaii?

Men and women pay different rates for life insurance in Hawaii because they have different life expectancies. However, on average, men pay more for life insurance because they have shorter life spans.

For a $250,000 life insurance policy in Hawaii, the average cost for men is $17.12 monthly compared to $16.64 per month for women.

If you want to increase your coverage to the recommended $1,009,000, you will pay an average of $42.87 monthly or $25.75 more if you are a man. Women who want to increase their coverage will pay $27.22 more at $43.86 per month.

Most Popular Life Insurance Companies in Hawaii

Although there are many life insurance companies in Hawaii, seven insurance companies make up 39.75% of the life insurance market share. Pacific Life accounts for up to 10.34% of the life insurance market share in Hawaii, making it the most popular insurance company for life insurance.

Market share should be an important consideration when choosing the best life insurance company in Hawaii because it helps determine its financial stability. Companies that have the highest share of the market are likely to be financially stable.

Most Popular Life Insurance Companies in Hawaii

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  • Company
    Market Share
  • Pacific Life
    10.34%
  • New York Life
    6.18%
  • Lincoln Financial
    5.16%
  • John Hancock
    5.00%
  • Transamerica
    4.62%
  • Guardian
    4.51%
  • State Farm
    3.94%

Life insurance market share data for Hawaii is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Hawaii?

One of the main determinants of the cost of life insurance in Hawaii is your age. Younger people have a higher life expectancy which means they pay much lower rates for life insurance. This means that you can save a lot on your policy by purchasing one as early as possible and taking advantage of younger people’s lower rates.

For young people in Hawaii, the most affordable insurance companies for a life insurance policy are:

  • Transamerica: $14.71 per month
  • Mutual of Omaha: $16.47 per month
Best Life Insurance Companies for Young People in Hawaii

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  • Company
    Monthly Cost
  • Transamerica
    $14.71
  • Mutual of Omaha
    $16.47
  • MassMutual
    $16.71
  • AAA
    $18.74
  • Prudential
    $19.99
  • State Farm
    $20.19
  • Nationwide
    $21.00
  • Progressive Life
    $24.19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Hawaii who is 5 ft 10 inches and 147 pounds that purchases a 20-year term contract at the average coverage need of $300,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Hawaii?

Seniors in Hawaii can expect the cost of life insurance to be significantly higher than the cost for young people. This is because the lower life expectancy of seniors poses an increased risk for the insurer. However, regardless of age, seniors can also get affordable life insurance policies in Hawaii.

The least expensive life insurance companies for seniors in Hawaii are:

  • MassMutual: $38.37 per month
  • State Farm: $41.59 per month

These rates are based on a life insurance policy with $100,000 in coverage. Since seniors have less need to cover future income because they generally do not have young dependents, they can get lower coverage than younger people who may have young families to support after death.

Best Life Insurance Companies for Seniors in Hawaii

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • State Farm
    $41.59
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • AAA
    $45.50
  • Progressive Life
    $69.17
  • Prudential
    $79.39
  • Transamerica
    $87.10

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Hawaii who is 5 ft 10 inches and 173 pounds that purchases a 10-year term contract at the average coverage need of $91,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Hawaii?

Smoking is a critical risk factor for certain illnesses, and it is a rating factor that insurers take into account when calculating life insurance premiums. Therefore, if you are a smoker, you are likely to pay more for life insurance in Hawaii compared to non-smokers. However, if you are a smoker in good health, there are also affordable options for life insurance in Hawaii.

The cheapest life insurance companies in Hawaii for smokers are:

  • Transamerica: $137.95 per month
  • State Farm: $164.10 per month
Best Life Insurance Companies for Smokers in Hawaii

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  • Company
    Monthly Cost
  • Transamerica
    $137.95
  • State Farm
    $164.10
  • MassMutual
    $165.42
  • Nationwide
    $172.81
  • Mutual of Omaha
    $181.50
  • AAA
    $193.60
  • Prudential
    $202.25
  • Progressive Life
    $238.82

Rates were determined by analyzing quotes for a 31-year-old male smoker in Hawaii who is 5 ft 10 inches and 173 pounds that purchases a 20-year term contract at the average coverage need of $1,009,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Hawaii Life Insurance Laws You Should Know

Before you purchase life insurance, it is essential to understand how state laws regulate life insurance policies in Hawaii. Hawaii life insurance is regulated under Title 24 of the state statutes. Some of the fundamental Hawaii insurance laws you need to understand include:

  • Free Look Period: In Hawaii, you have up to 10 days after purchasing a policy within which you can cancel and get a refund for your policy. This 10-day period is the free look period and protects consumers who want to cancel, change or opt-out of their life insurance policy.
  • Grace period for late premiums: In Hawaii, you have a 30-day grace period within which your insurer cannot cancel your policy if you are late with the payment. Insurers cannot cancel or leave you uncovered if you do not pay within this 30-day grace period.
  • Interest on claims: There is no specific law on how long the insurer should take to pay a life insurance claim in Hawaii. However, your policy will accrue interest daily from the date of the policyholder’s death, meaning the insurer will have to pay more the longer they delay settling the claim.
  • Guaranteed claim payments: Hawaii protects life insurance policyholders by guaranteeing up to $300,000 of your death benefit and $100,000 cash value per insured person if your insurance company becomes insolvent. This guarantee is provided by the Hawaii Life and Disability Insurance Guaranty Association.

Methodology

MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age to determine the recommended life insurance coverage amount in Hawaii. However, the recommended coverage is only a guideline. Individual circumstances vary, and you may need more or less coverage based on your specific circumstances.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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