Hawaii Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

It pays to have some prior knowledge of how much you might have to pay towards your insurance before you purchase a policy. This way, you can set realistic expectations once you’re ready to buy. To help you get started, here’s how your premiums may look like for a $200,000 value policy with a 30-year term:

Estimated Monthly Premiums
Honolulu, HI 96813
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

As you can see, it is possible for a non-smoker male in his 30s in good health to have a policy for less than $20. However, if you wait for 15 years before you purchase a policy, you might have to pay double or even higher. The same rule in premiums increase applies to women, although in general, they enjoy lower premiums than men. This is greatly influenced by long-term studies showing that women have a longer life expectancy rate.

Bumping up coverage for a shorter term

Say you want to have bigger coverage but for a shorter period of time. Take a look at these estimates for a $500,000 value policy with a 20-year term:

Estimated Monthly Premiums
Honolulu, HI 96813
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

Looking at both tables, you will notice just how big of a difference smoking makes. Premiums go up drastically after factoring in smoking habits, regardless of age or gender. And of course, the longer you wait to purchase insurance, coupled with your smoking lifestyle, the more expensive you can expect your coverage to be.

In short, buying earlier and maintaining optimal health and lifestyle are your tickets to lower-cost life insurance, whether you opt for a term or whole life cover.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

Now that you have some idea of how much your premiums might look like, the next best step is to know what you can do to reduce them. Check this guide for money-saving tips.

And before you sign any contract, verify the licensure of the insurance company first with the Hawaii Department of Commerce and Consumer Affairs.