Best Life Insurance Rates in Hawaii

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Hawaii is the only state with its own native language. And, while the Islands’ population is just over a million people, nearly 8 million tourists visit Hawaii each year. Though the Hawaiian population is small, it is the healthiest of any state. With the highest life expectancy, and extremely low rates of cancer, smoking, and obesity, Hawaiians may be able to obtain life insurance rates for less than the US average.

Hawaii Life Insurance Quotes

Comparing life insurance quotes from multiple companies on your own can be time-consuming, and when you live somewhere like Hawaii it’s the last way you want to spend your time.

Let QuoteWizard help. We’ll bring you together with a number of top insurers so you can quickly and easily figure out which offers the best rates.

Life Insurance Rate Factors in Hawaii

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that the policy will pay out, so the lower your rates will be, other things being equal.

Life expectancy at birth in Hawaii is 81.3 years, the highest in the country. The life expectancy at birth for the US overall is 78.9 years. So, if you purchased a 30-year term life policy in Hawaii at age 57, you would be more likely than not to pass away before 87 years of age, the end of the term.

On the other hand, if you were 34 years old and purchased a 30-year term life policy, you would be well under Hawaii’s life expectancy of 81.3 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Hawaii, the death rate from injury due to firearms is 2.6 per 100,000 deaths, the lowest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Hawaii, the percentage of the population that’s female is 49.5%, and the percentage that’s male is 50.5%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Hawaii residents that used QuoteWizard last year.

 
         
 
   
53%Female
   
47%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Hawaii that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
67%Healthy
   
32%Major
   
1%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Hawaii, where surfing and climbing are common recreational activities.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Hawaii in 2009, the rate of marriage for people over 15 was 46.8 per 1,000 people, the rate of divorce was 16.1 per 1,000 people, and the rate of widowhood was 13 per 1,000 people.

Marriage status of Hawaii residents that used QuoteWizard last year.

 
         
 
   
65%Single
   
35%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Hawaii, proportionately, is a tour guide.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2013, approximately 13.3% of Hawaii adults smoked cigarettes – about 148,000 adults.

Percentage of QuoteWizard users in Hawaii that indicated that they smoke last year.

 
         
 
   
93%Don't Smoke
   
7%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Hawaii was 21.8%. This makes Hawaii the second-least obese state, after only Colorado. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Hawaii - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 2,521 139.0 45th 169.8
2 Cancer 2,332 135.5 49th 163.2
3 Lower Respiratory Disease 279 15.6 5th 42.1
4 Accidents 467 30.1 47th 39.4
5 Stroke 638 34.8 34th 36.2
6 Alzheimer's Disease 260 12.6 49th 23.5
7 Diabetes 271 15.5 45th 21.2
8 Influenza/Pneumonia 457 24.1 2nd 15.9
9 Kidney Disease 209 11.3 32nd 13.2
10 Suicide 171 11.8 41st 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Hawaii Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Northwestern Mutual Life Insurance Co. $56,821 7.8%
2 New York Life Insurance Group $46,491 6.4%
3 Prudential Financial Inc. $36,626 5.0%
4 John Hancock Life Insurance Co. $35,354 4.8%
5 AEGON $33,924 4.6%
6 Guardian Life Insurance Co. $27,401 3.8%
7 Lincoln National Corp. $27,131 3.7%
8 MetLife Inc. $26,163 3.6%
9 Pacific Guardian Life Insurance Co. $23,205 3.2%

Financial Strength Ratings of Top Hawaii Life/Health Insurers

Source: A.M. Best (Ratings as of 8/31/2015)

  • Northwestern Mutual Life Insurance Co.: A++
  • New York Life Insurance Group: A++
  • Prudential Financial Inc.: A+
  • John Hancock Life Insurance Co.: A+
  • AEGON: A+
  • Guardian Life Insurance Co.: A++
  • Lincoln National Corp.: A+
  • MetLife Inc.: A+
  • Pacific Guardian Life Insurance Co.: NR
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Rating Guide

Hawaii Life Insurance Regulations

Insurance in Hawaii is governed by the laws defined under Title 24 of the Hawaii Revised Statutes, as outlined by the Hawaii Department of Commerce.

The statute contains 13 chapters used to regulate claims and provide certain protections to Hawaii consumers, for example:

Interest on Death Claims: In Hawaii, a deadline for settling death claims is not specified. In order to ensure payments are made in a timely manner, insurance companies have to pay daily interest for unpaid claims, starting the day the policyholder passes. This ensures that most claims are paid within a month.

Privacy Laws: Insurance companies need a client’s consent before sharing any personal information with third parties. This includes health information, as Hawaii’s privacy laws are strict. Also, if a client requests that health information is sent to a third party, insurance companies must do so within 30 days.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Hawaii insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Hawaii Life & Disability Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the HLDIGA. Their contact info is below:

Website:
Homepage
Phone:
(808) 528 - 5400
Address:
Hawaii Life & Disability Insurance Guaranty Association
1132 Bishop Street, Suite 1590
Honolulu, HI 96813

Hawaii Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Gordon Ito
Insurance Hotline:
(808) 586 - 2790
Office Hours:
Monday - Friday
7:45 AM AM to 4:30 PM
File a Consumer Insurance Complaint
Complaint Page

Sources:

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