In The Aloha State life is wonderful, from Na Pali-Kona Forest Reserve on Kauai to the beautiful Hawai’i Volcanoes National Park on the Big Island and everywhere in between, this is a truly sacred place.
The item that may not be at the top of mind for individuals is the cost associated with the end of one’s life.
To ask a family member to take on these costs can be very stressful during a time of reflection and grieving.
Funeral costs can range over a wide variety of price points depending on several factors.
The average traditional burial service in Hawaii is $7,253
The average traditional cremation service in HI is $5,840
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
Fortunately, final expense insurance can help with these financial costs.
Hawaii Final Expense Insurance
The average age of death in the state is 79.6 for males and 85.1 for females.
This is at the top of the list in the country in regard to the life span for men and women.
- Males 76.1
- Females 81.1
Listed below are the top 10 leading causes of death in the state.
- Heart Disease
- Alzheimer’s Disease
- Chronic Lower Respiratory Disease
- Kidney Disease
Every person knows someone who has been affected by one of these medical conditions. The truth is that no one knows when their health will decline and the best thing one can do is be prepared for the inevitable end of life expenses.
10 FAQ’s and Genuine Answers
1. What is this product?
Final Expense is a type of Whole Life coverage that will give you five great benefits!
Financial Distribution: Once the policyholder passes away the money is guaranteed. As long as you make the monthly payment your beneficiary will receive a payout.
Fast Payout Process: Some policy types take weeks or even months to approve and distribute the funds to your beneficiary, with this policy the payout will be issued in a matter of days.
The carrier will need the death certificate to start the payout process.
Coverage Lock: The coverage amount will never decrease or expire. For anyone looking to purchase a product meant to cover the final bills in their life, it is very important that the product will do just that.
Price Lock: The monthly price will never increase or change, for seniors on a fixed income this is one of the most valuable aspects of this plan.
Budgeting to make sure you have enough money to pay for all your expenses is tricky and this product will help bring peace of mind that you know what your fixed costs will be.
Cash Value: For each payment made a portion will go towards the cash value. This, over time, will grow into an amount that you can borrow from if you choose.
2. What can the financial distribution be used for?
There are no regulations that state what the payout has to be used for, however, there is a list of items typically purchased by the beneficiary with the financial distribution.
- Memorial/Celebration of Life
- Leaving an Inheritance
- Charity Donations
- Legal Expenses
- Medical Bills
- Credit Cards
- Post-Mortem Expenses
- Remaining Balance on a Mortgage
- Remaining Car Loan Balances
- Other End-of-Life Expenses
3. Captive or Independent Agent: How to choose?
These agents can both offer coverage but the way they go about finding the best policy for you is greatly different.
Captive: This agent represents one company. This means that even if there is a better plan or lower price elsewhere, the captive agent cannot sell it to you. You may think this is no issue, your agent is nice and has a fine plan, while this may be true let’s look behind the curtain and see how this product truly works.
Each carrier gets to decide its own underwriting standards. What this means that is an applicant with the condition neuropathy could be accepted by one company but denied by another.
The same goes for the price point as each carrier offers a different price. Even if multiple companies have the same product and underwriting standards, one company could charge substantially more.
Only having access to one company is like trying to put together a puzzle without all the pieces.
Independent: Working with this type of agent will give you instant access to multiple providers, this increases the chances that you will be accepted and find the perfect plan to fit your medical history.
Using this agent type is like having the missing pieces to the puzzle!
4. How to qualify for coverage?
The single best way to qualify for a top coverage option is by contacting a highly rated and respected independent agent. Prior to phoning an agent, it is a good idea to familiarize yourself with the four different plan types.
- Level: Great Health
- Graded: Average Health
- Modified: Past Health Concerns
- Guaranteed Issue: Major Medical Issues
Every applicant will qualify for one of these plans.
5. What age can someone gain initial coverage until?
The majority of carriers will provide initial coverage until 85 depending on the plan type. There are a select few companies that will issue initial coverage until the age of 90.
Reminder: This section is just speaking on initial coverage, as explained earlier coverage never expires.
6. What is a waiting period?
This is a time restriction that the provider places on cases it determines to be higher risk. This means if the insured passes away prior to the waiting period ending the beneficiary will receive a predetermined portion of the coverage amount.
However, if the insured lives past the waiting period the beneficiary will receive the entire coverage amount upon their passing.
The waiting period varies from company to company but typically lasts two years.
7. How do I qualify for first-day coverage?
By contacting an independent agent you will raise your chances of finding an immediate coverage plan.
There are certain medical conditions that allow you to secure first-day coverage, speak to your agent to learn more.
8. Price: How is it calculated?
The price is calculated using four main factors.
Age: Once you receive coverage, your price is locked in and will never change. However, prior to securing coverage each year, you wait the higher the price will be.
Gender: Your gender plays a factor because providers know women on average live longer, which means they are less of a risk to insure than males.
Overall females will pay less for their policy than males.
Health: Each provider has its own underwriting standards and risk tolerances. This means that one company may charge more than another company for the same product.
Ultimately the healthier you are the lower you can expect your monthly premium to be.
Policy Amount: The more coverage you take out the higher the premium will be. Fortunately, this product has an option for every budget!
9. This product is called three different names: What is correct?
These three names are used interchangeably to market the product.
There is no difference between these three names.
10. How do I receive a quote?
The simplest way to receive a price estimate is by using the quote tool on this page, once you enter your information prices will generate.
To know which plan you can qualify for contact Willamette Life at 844-576-0019.
a. Hawaii Final Expense Insurance is an affordable option for those looking to create a financial plan for their end-of-life expenses.
With a simple and affordable monthly payment, you can leave your loved ones with the financial resources they need.
b. There are many great plan options in the state, if you are in good health our recommendation is either The Living Promise Plan from Mutual of Omaha or The PlanRight Product from Foresters Financial.
c. Work with an independent agent to find the best policy structure and price that fits your unique health history.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.