According to the National association of Insurance Commissioners US insurance premiums amounted to$945.9 billion in 2005 which was down 1.1% $956.9 billion. Premiums in the property/casualty sector totaled $427.4 billion (excluding state funds), while life/health premiums totaled $518.5 billion. As on 2003 average expenditure on
auto insurance in the US, stood at $821 which was a percentage of 5.7% over average expenditure in 2002.
The Hawaii Life & Disability Insurance Guaranty Association is a statutory entity created by the Hawaii legislature under the Hawaii Guaranty Association Act . The guaranty association comprises insurance companies licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Hawaii. When a member insurance company becomes insolvent and is ordered to be liquidated by a court, the Guaranty Association Act allows the guaranty association to provide coverage (up to the limits spelled out in the Act) to Hawaii residents who own life and health insurance policies and individual annuities with the insolvent insurance company.
Specifically, when a member insurer becomes insolvent and is faces liquidation, a special deputy receiver takes over the insurance entity under court supervision and processes the assets and liabilities through liquidation. The responsibility of servicing the insurance company's policies and providing coverage to policyholders domiciled in Hawaii becomes the obligation of the guaranty association. The protection provided by the guaranty association is derived from Hawaii law and the language of the insolvent company's policies at the time of insolvency.
Life Insurance Policies that are found in Hawaii can be of many different types:-
Term Life Insurance - This policy provides a certain amount of money in the event of death of the policy holder given that the individual's death occurs within a specified time period.
Permanent Life Insurance – This policy includes in its scope a variety of plans including Whole Life, Universal Life and Variable Life policies. These policies are held and paid towards, for the duration of the holder's life. This policy is also alternatively called cash value insurance.
Whole Life - In this kind of policy the insured is required to pay a certain amount of sum as premium on an annual basis. The policy covers the individual until the time of his death or up to the age of 90 or 100.
Universal Life Insurance: This type of insurance was introduced in the 1980s as a high interest alternative to whole life insurance. This policy provides a bigger set of investment choices and higher projected interest rates.
Variable Life Insurance - A life insurance policy that offers several investment options and the policy owner decides how the net policy values accrued are to be invested. The values may amass more rapidly than with other cash value policies, but the policy owner incurs additional risk of his/her death benefit decreasing due to market fluctuations. In this event the holder might have to expend more on premiums to keep the policy in effect. As with whole life and universal life insurance policies, policy owners may borrow against or withdraw the cash value at any time. Loans and withdrawals may reduce cash values and the death benefit.
Here is a list of Insurance Companies that provide Life Insurance in Hawaii:-
AAA Hawaii
1130 N Nimitz Hwy Rm A170
Honolulu, HI 96817
(808) 550-4650
Aflac
1132 Bishop St Ste 2101
Honolulu, HI 96813
(808) 521-3522
Aflac Benefits by Design
1136 Union Mall
Honolulu, HI 96813
(808) 526-4440
All American Life/Hawaii Inc
1580 Makaloa St Ste 1111
Honolulu, HI 96814
(808) 955-4422
Allstate Insurance
1314 S King St Ste 752
Honolulu, HI 96814
(808) 593-8342
Allstate Insurance
1806 S King St Ste 32
Honolulu, HI 96826
(808) 941-2886
American Mutual Group
1357 Kapiolani Blvd Ste 1000
Honolulu, HI 96814
(808) 522-8650
American Pacific Insurance Company
Honolulu, HI 96813
(808) 545-2454
First Hawaiian Bank
Honolulu, HI 96813
(808) 525-6280
First Hawaiian Insurance
Honolulu, HI 96813
(808) 643-4344
First Hawaiian Insurance Inc
999 Bishop St
Honolulu, HI 96813
(808) 525-6280
Guardian
Honolulu, HI 96813
(808) 553-8445
Hawaiian Insurance & Guaranty Company Limited
1001 Bishop St Ste 500
Honolulu, HI 96813
(808) 536-2777
Metlife Financial Services
1099 Alakea St Ste 1500
Honolulu, HI 96813
(808) 537-5433
National Interstate Insurance
1001 Bishop St Ste 600
Honolulu, HI 96813
(808) 536-3366
Pacific Guardian Life
Honolulu, HI 96813
(808) 942-1212
Pacific Guardian Life
1440 Kapiolani Blvd Ste 1700
Honolulu, HI 96814
(808) 955-2236
Primerica
2828 Paa St
Honolulu, HI 96819
(808) 834-2808
Primerica
3049 Ualena St Ste 101
Honolulu, HI 96819
(808) 833-5880
State Farm
1040 S King St Ste 105
Honolulu, HI 96814
(808) 596-0551
State Farm
1451 S King St
Honolulu, HI 96814
(808) 949-1233
State Farm
2615 S King St Ste 203
Honolulu, HI 96826
(808) 955-2628
