Where you live doesn’t actually affect what you pay for life insurance. Life insurance rates depend mostly on the kind of policy you buy and the amount of coverage you get, along with details about your health and medical history.
That’s why many of our picks for the best life insurance companies in Hawaii line up with our picks for the best overall companies. But, while location doesn’t affect rates, it can affect company availability and local life insurance laws.
Policygenius rating | Best for … | AM Best score | Number of complaints | Cost | |
|---|---|---|---|---|---|
4.9/5 ★ | Overall, cheapest, term life | A+ | Fewer than average | $ | |
5.0/5 ★ | No-medical-exam life, young adults | A | More than average | $ | |
4.9/5 ★ | Whole life | A++ | Fewer than average | $$$ | |
4.8/5 ★ | Pre-existing conditions, marijuana | A | Fewer than average | $ | |
4.8/5★ | Guaranteed universal life | A+ | Fewer than average | $ | |
4.6/5 ★ | Smokers | A | More than average | $ | |
4.1/5 ★ | Seniors | A+ | Fewer than average | $$ |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance company in Hawaii: Legal & General America
The best life insurance company in Hawaii is Legal & General America, which also does business as Banner Life and William Penn in some states. Legal & General America has cheap life insurance rates for people with clean medical records, but it also has reliably affordable coverage even for applicants with certain medical conditions.
We also like that Legal & General America received about 60% fewer complaints than what’s expected in the market, according to the National Association of Insurance Commissioners.
Cheapest life insurance company in Hawaii: Legal & General America
Legal & General America is a go-to company for cheap life insurance rates, but remember that location doesn’t actually affect the cost of life insurance. Legal & General America just has cheap rates in general.
The best way to find an affordable is by getting life insurance quotes from different companies before you buy a policy. It’s also a good idea to get life insurance while you’re young, since rates only go up as you age.
Best term life insurance in Hawaii: Legal & General America
The best company for term life insurance in Hawaii is Legal & General America. The longest term that many other companies offer is 30 years, but Legal & General offers term lengths up to 40 years and policies worth up to $65 million in coverage.
Term life insurance is the simplest and best option for most people. When you buy a term life policy, you choose how long you want your coverage to last (the term) and the amount of money you want your loved ones to receive if you die while the policy is active (the death benefit).
Best no-medical-exam life insurance in Hawaii: Brighthouse Financial
The best company for no-medical-exam life insurance in Hawaii is Brighthouse Financial. Brighthouse offers policies worth up to $3 million in coverage and term lengths as long as 30 years without taking a medical exam — you may even be approved for a policy in as little as 24 hours.
A no-medical exam policy, sometimes called instant life insurance, just means it’s a normal term life policy, but without a required medical exam, so the application process is much faster. Insurance companies all have their own rules about eligibility, but usually you have to be relatively young or have a clean medical history to qualify.
Best whole life insurance in Hawaii: MassMutual
We found that MassMutual is the best whole life insurance company in Hawaii. It earned an A++ rating from AM Best for financial strength, which is important because whole life insurance is permanent, meaning it pays out when you die, no matter when that is.
A whole life policy is like a combination life insurance policy and investment account. It has a cash-value component that gains interest over time, plus you can access it while you’re alive.
Best guaranteed universal life insurance in Hawaii: Pacific Life
Pacific Life is the best guaranteed universal life insurance company in Hawaii, thanks in part to its high financial stability scores (it received an A+ financial strength rating from AM Best). Pacific Life’s guaranteed universal life insurance rates are affordable compared to competitors, especially if you opt for a policy that ends at age 90 years old as opposed to lifetime coverage.
Guaranteed universal life insurance is a type of permanent life insurance coverage that’s cheaper than whole life. It’s best for people who want to make sure they’ll leave something for their dependents and aren’t as interested in the investment component.
Best life insurance for seniors in Hawaii: Prudential
We found that Prudential is the best life insurance company for seniors in Hawaii, since it accepts applicants up to age 70. You may even qualify for coverage from Prudential if you have an age-related health condition, like a past heart attack, melanoma, osteoporosis, arthritis, and others.
Best life insurance for young adults in Hawaii: Brighthouse Financial
Brighthouse Financial is the best life insurance company for young adults in Hawaii. Young applicants may be able to get a 30-year term life insurance policy even if they’re smokers. If you’re in good health and at least 25 years old, you may also be able to get up to $3 million in coverage without taking a medical exam through Brighthouse’s no-med option.
Best life insurance for pre-existing conditions in Hawaii: Lincoln Financial
We found that Lincoln Financial is the best life insurance company in Hawaii if you have a pre-existing medical condition. Lincoln Financial offers coverage to people who have had a past heart attack, or who currently have high blood pressure, scoliosis, asthma, epilepsy, and other common pre-existing conditions.
Best life insurance for marijuana users in Hawaii: Lincoln Financial
Lincoln Financial is the best life insurance company in Hawaii if you use marijuana because it doesn’t classify marijuana users as smokers. This means that your rates will be lower than for smokers, even if you use marijuana regularly.
Make sure you’re honest about your marijuana use when you apply for life insurance. If your insurance company finds out you misrepresented yourself when you applied for coverage, it may deny a future claim or rescind your policy altogether.
Best life insurance for smokers in Hawaii: Corebridge Financial
The best life insurance company for smokers in Hawaii is Corebridge Financial, which allows you to reapply for better rates a year after you quit smoking. Other companies make you wait multiple years before you can apply for cheaper rates. Corebridge Financial does offer affordable rates for regular cigar smokers — but not other forms of tobacco.
How is life insurance different in Hawaii?
There are some state-specific rules and regulations in Hawaii that you should know about before you buy a policy. [1]
Contestable period: If it finds out within the first two years of the policy that you misrepresented yourself when you applied, your life insurance company can rescind the coverage or deny a claim.
Free look period: After you receive a new life insurance policy, you have 10 days to cancel it and still get a full refund.
Grace period: You have at least 30 days in Hawaii to make up a missed payment before your life insurance company can cancel your policy.
Guaranty Fund protection: The Hawaii Guaranty Association will cover up to $300,000 of your death benefits and $100,000 of your policy’s cash surrender value if your insurance company goes bankrupt.
Time to settle a claim: Your life insurance company has to process a claim within 30 of receiving proof of death.
Largest life insurance companies in Hawaii
Here are the 10 largest life insurance companies in Hawaii by market share. [2]
Market share in Hawaii | |
|---|---|
New York Life | 10.84% |
MassMutual | 7.82% |
Guardian Life | 4.28% |
Northwestern Mutual | 4.09% |
Transamerica | 4.04% |
John Hancock | 3.63% |
Pacific Life | 3.59% |
Prudential | 3.56% |
National Life | 3.37% |
State Farm | 3.25% |
What happens if a life insurance company goes bankrupt in Hawaii?
It’s rare for life insurance companies to go out of business, but if yours does, the Hawaii Life and Health Insurance Guaranty Association steps in to cover up to $300,000 of a policy’s death benefits and $100,000 in its cash surrender value. You can keep your coverage by continuing to pay your premiums.
How to find a lost life insurance policy in Hawaii
You can find a lost life insurance policy in Hawaii by searching the Life Insurance Policy Locator Service from the National Association of Insurance Commissioners — but only if you have a connection to the deceased person.
Average life insurance rates in Hawaii
We used Policygenius data to find the average cost of life insurance in Hawaii for a $500,000, 20-year term life insurance policy. Coverage costs $27 per month ($307 per year) for women and $32 per month ($373 per year) for men, but keep in mind that the exact cost of life insurance doesn’t depend on where you live.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
20 | Female | $15 | $23 | $34 |
Male | $19 | $29 | $48 | |
30 | Female | $15 | $23 | $37 |
Male | $18 | $29 | $49 | |
40 | Female | $22 | $35 | $61 |
Male | $25 | $43 | $75 | |
50 | Female | $44 | $78 | $139 |
Male | $57 | $102 | $188 | |
60 | Female | $108 | $194 | $355 |
Male | $149 | $268 | $500 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 09/01/2024.
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