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Home > USA > USA Insurance > Hawaii Life Insurance

Hawaii Life Insurance

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

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