Hawaii Life Insurance

Hawaii, like most states, does not regulate life insurance on the policy level the way that states Departments of Insurance regulate other insurances. However, there are certain provisions that do vary from state to state regarding regulations pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements. You should be aware of these rules as you shop for Hawaii Life Insurance.    

Why Do I Need Hawaii Life Insurance?

You may wonder why do I even need Hawaii Life Insurance? Take a look at these figures.

Hawaii may be ranked number1 out of 50 states and the District of Columbia in Life Expectancy, with an average life expectancy of 80 years, but that does not mean Hawaiians should forego life insurance.  For every 100,000 people in Hawaii, almost 750 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number nearly triples to 2000, and at 75 to 84 well over 5000 Hawaiians die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Hawaii can be found at: http://www.cdc.gov/nchs/pressroom/data/Hawaii09.pdf

For more reasons why you should apply for Hawaii Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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Hawaii Life Insurance Specifics

The insurance industry in Hawaii is regulated by specified title of The State Insurance Code of Hawaii. The state uses this code to regulate claims and provide certain provisions to protect Hawaii Life Insurance consumers. Such as:
Death Benefit Processing: As a resident of the State of Hawaii and beneficiary of a Hawaii Life Insurance policy, it is your right as recognized by the State Code to a swift and reasonable payment of death benefits. Life Insurance companies are required to process any claim as soon as possible, and that should never be longer than 30 days – so long as all documentation is in order.
Grace Period: You have 30 days to bring your Hawaii Life Insurance premiums current if you have missed a payment, and not lose your benefits. This is known as a Grace Period and is a provision of The Hawaii State insurance code.

The Hawaii Life Insurance state regulations have also been designed to protect Hawaii life insurance companies against obvious cases of consumer or insurance fraud. You cannot knowingly make misstatements on your Hawaii Life Insurance application. Hawaii Life Insurance Companies have up to 2 years to dispute such statements. If they find any discrepancies or misinformation, they can terminate the policy immediately, and you may be subject to criminal charges or other penalties

Hawaii Life Insurance State Resources

Hawaii Department of Insurance The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Hawaii Life Insurance industry.
http://insurance.state.al.us/ 
http://hawaii.gov/dcca/areas/ins

Hawaii Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing Hawaii Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.hilifega.org/

Hawaii Life Insurance Company Ratings - These companies provide ratings for Hawaii Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/
http://www2.standardandpoors.com