When looking to get Hawaii Life Insurance Quotes it is important to assess the relative merits of the different life policies that are available from life insurance companies in Hawaii, and reached some measured conclusions. The fact is that life insurance is a big deal because it is the only way that you can ensure that your loved ones are taken care of after you have gone.
It can provide two types of comfort.
1/ Financial Comfort – Clearly having money available for your family to pay the bills is extremely important, and there is no downplaying how important this is.
2/ Emotional Comfort – Because they won't have to think about the financial aspect of the equation, it allows whoever is left to grieve properly.
So, what about the specifics of Hawaii Life Insurance Quotes? Where can you get them? What should you be looking out for?
And are there any special considerations because you are thinking about purchasing life insurance in Hawaii rather than another State?
Let’s start this discussion by considering the life insurance industry in Hawaii, and how large it really is.
There are 385 life insurance companies in Hawaii that are licensed to sell life insurance, and they cumulatively directly employ over 2000 people in the State, and support a further 2000 indirectly (through financing, mortgages, property agreements etc.) according to the American Council of Life Insurers.
Hawaii is the newest of the States in the Union, only being admitted on the 21st August 1959, and has a population of 1,360,301 according to the 2010 US Census. So it is one of the smaller states in terms of population size, being 40th. But in terms of life insurance Hawaii still packs a lot of economic punch, with Hawaiians having an estimated $100 billion in death benefit cover, and over 560,000 individual life insurance policies that each have an average of $130,000 of cover per policyholder.
The same is true of group life insurance in Hawaii, where there is $30 billion of cover.
To get the huge sums involved in perspective, in 2009 alone, the amount of Hawaii individual life insurance cover purchased topped $7 billion.
So what does this mean for you?
What this all amounts to for the average consumer who is looking for the best Hawaii Life Insurance Quotes is that there is now more choice than ever when it comes to what is available, and a vast range of options in terms of the cover that you can get. So whether you live in Honolulu, Lahaina, Hilo or the beautifully named Pearl City there is going to be some Hawaii life insurance to suit your particular circumstances.
One of the key considerations when discussing life insurance is the mortality rate of the people in a particular State, because this has a direct bearing on the price that you will end up paying for any life insurance in Hawaii.
Hawaii is actually fairly blessed in terms of death rates. Statistically speaking it has the longest lived population of any of the US States, with a projected lifespan for people born in Hawaii in 2000 of 77.1 years for men and 82.5 years for women, and this is reflected in lower life insurance costs than many other states.
So, what are some of the factors that you need to consider before getting Hawaiian Life Insurance Cover?
Here are 3 you should immediately think about:
1/ What Is The Reason For Getting The Life Insurance?
This may sound basic, but it is something that people very commonly miss. There can be many reasons for why people would want to get life insurance and these can range from providing protection for their families, ensuring that your children have enough money to go to college, or even having a legacy after you die by providing for a charity that you care about.
Getting clear in your own mind about these reasons is important, because it will allow you to start to get some clarity about how much life insurance you really need.
You may for example only have been looking at the issue from a one-dimensional perspective of paying your families immediate bills if you passed away. But stepping back a little and seeing the picture from a wider perspective allows you to consider whether you want your children to be able to afford to go to college, or be able to travel around the world, or help a charity in your memory.
There can be many facets to life insurance, because ultimately with money, many more things become possible.
2/ How much Hawaii Life Insurance do you need?
Say you have been living on a beautiful beach house in Hawaii. Then how much would your family need to keep it?
These are the kind of questions that you need to ask yourself, because once you have a clearer vision of what you would like to achieve with the life insurance money, then you need to sit down and work out some firm cash figures.
It is also a good idea to future project those figure i.e. work out how much Hawaii Life Insurance cash whoever came after you would need to achieve the goals you set down.
It is also a good idea to compartmentalise those goals. Which of them are ‘essentials’ and which are simply ‘would be nice’?
The reality is that you will have to pay the piper at some stage, and that the more Hawaii Life Insurance Cover you demand, the more money you will have to pay out right now. So prioritise your list so that you know what are MUSTS. In that way you can reach some speculative figures that you can then test by getting some Hawaii Life Insurance Quotes (if you scroll up you can get those at the top of this page) and see how much different levels of cover will cost you.
3/ Get some Hawaii Life Insurance Quotes and Share Your Dreams!
Once you have those speculative figures then you should go and get some Hawaii Life Quotes to see how much the different amounts you have in mind will cost.
It is a good idea to have a specific budget in mind, so you can be sure what you can afford, and what you can’t.
Start off with the ‘Big Dream’ and get Hawaii Life Insurance Quotes for that, and if it turns out to be too expensive, then start to drop the ‘Would Be Nice’ items, until you arrive at a premium amount that you can afford.
Once you have done that then get the insurance, and be sure to tell your family, or whoever will be executing your will after you die, EXACTLY what you have in mind for the money. So if you want part of it to go to charity, and part of it to be a college fund for your son, then tell them.
You won’t be around to insist remember, so you need to actually share your dreams.
Getting Hawaii Life Insurance Quotes is much easier than you might think, and if you approach it in the logical way that I have set out above, then you will end up not only with life insurance, but with a clearer vision about what is important to you.
Hawaii Life Insurance – The Details
Life insurance in Hawaii is handled by the State Insurance Code of Hawaii, which is a regulatory framework about how insurance in Hawaii should be handled.
There is actually quite an interesting blog all about Insurance Law in Hawaii which you can find here:
This discusses all the different case law as it relates to Hawaii Insurance Law. It is a very legalistic blog, but if you are interested in the minute details of how insurance law in Hawaii is handled, then you may find it of interest.
Hawaii Life Insurance Resources
Hawaii Insurance Department – Department of Commerce and Consumer Affairs
This is the Hawaii State level Insurance department which oversees life insurance Hawaii wide. It covers the issue of insurance in Hawaii from both the perspective of consumers, insurance companies and insurance professionals.
There is a nice facility on the Hawaii Insurance Departments website to do a search for a Hawaii Insurance Company according to “License Class”. In English, this simply means that you can choose between life, vehicle, marine etc and for License Type choose “Insurance Company Domestic” (to show life insurance companies who are actually domiciled in Hawaii) or “Insurance Company Foreign/Alien” to show insurance companies who may be regulated in another state in the United States, but who are licensed to sell life insurance in Hawaii.
Clicking on any of the Hawaii Life Insurance Companies that this brings up will then display details like the leading officials in that company, and when they were licensed.
Hawaii Life & Disability Insurance Guaranty Association
This is an association created by statute to protect consumers in the event that a Hawaii Insurance Company that sells life insurance, health insurance or accident insurance becomes insolvent.
It exists to compensate and provide protection to Hawaiian Policyholders if that were to happen.
