Hawaii Final Expense Insurance: 10 FAQ’s and Genuine Answers

Hawaii Final Expense Insurance
Hawaii Final Expense Insurance: 10 FAQ’s and Genuine Answers

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

Location

Burial

Cremation

Honolulu$7,848$6,361
Kaneohe$7,290$5,915
Pearl City$6,620$5,245
State Average$7,253$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 button

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.

National Average:

  • Males 76.1
  • Females 81.1

Listed below are the top 10 leading causes of death in the state.

  1. Heart Disease
  2. Cancer
  3. Stroke
  4. Flu/Pneumonia
  5. Accidents
  6. Alzheimer’s Disease
  7. Chronic Lower Respiratory Disease
  8. Diabetes
  9. Suicide
  10. 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.

ocean and mountain

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.

Fast green car

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.

white and green lock inside shield

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.

  • Cremation
  • 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.

four puzzle pieces

Independent: Working with this type of agent will give you instant access to multiple providers, this increases th chances that you will be accepted and find the perfect plan to fit for your medical history.

Using this agent type is like having the missing pieces to the puzzle!

stick figure person walking with puzzle piece

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

Four plan types and prices

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.

Hour glass green and tan

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!

Four factors to determine costs

9. This product is called three different names: What is correct?

These three names are used interchangeably to market the product.

Three plan names in a circleThere 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 833-518-0080.

It is our job is to find the perfect plan for you and to make sure Final Expense Insurance is worth it for your specific medical and financial situation.

Top 5 written in the sand

Top 5 Plans

#1 Mutual Of Omaha – Living Promise (Level)Mutual Of Omaha Logo

The Living Promise Plan from Mutual of Omaha offers immediate coverage and the industry’s best premiums.

For health applicants, this product is your ultimate option in the state.

Quick Plan Facts

  • Available ages: 45-85
  • Coverage: $2,000-$40,000
  • Immediate coverage

Visit the blog section under the main menu to read a full review of this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$27$39$51
50$31$44$58
55$36$52$69
60$44$64$84
65$56$83$110
70$75$110$146
75$100$148$197
80$140$208$276
85$193$288$382
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$23$32$42
50$24$35$45
55$28$40$52
60$33$48$63
65$41$60$79
70$53$78$103
75$72$107$142
80$98$146$194
85$136$202$269

#2 Foresters Financial – PlanRight (Preferred)Foresters Financial Logo black and white

This product from Foresters Financial is another great choice. This plan is designed for those looking for immediate coverage and competitively priced premiums.

Additionally, this carrier offers benefits that are included with your plan like dental and hearing discounts.

If you are healthy with a minimal history of medical complications, this is a top option.

Quick Plan Facts

  • Available ages: 50-85
  • Coverage: $5,000-$35,000
  • Immediate coverage

Visit the blog section under the main menu to learn more about this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$32$46$61
55$37$54$71
60$45$66$87
65$55$81$106
70$71$104$138
75$103$152$202
80$147$219$290
85$201$300NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$26$38$49
55$31$45$59
60$35$52$68
65$41$60$79
70$52$76$101
75$75$111$147
80$111$165$219
85$166$242NA

#3 Sentinel Security Life – New Vantage II (Graded)Sentinel Security Life logo black and white

The New Vantage II plan is an option meant for applicants with past medical conditions that could cause concern for insurers.

With very lenient underwriting comes an industry-best Graded product with a two-year waiting period.

Waiting period payout structure

  • Death Benefit in year 1 – 30% of the face amount
  • Death Benefit in year 2 – 70% of the face amount
  • Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

  • Age eligibility: 45-85
  • Coverage amount: $1,000-$20,000
  • 2-year waiting period

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$31$45$60
50$38$56$73
55$50$74$97
60$65$96$127
65$84$124$165
70$110$163$216
75$165$245$326
80$235$351$467
85$326$488NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$26$37$49
50$32$46$61
55$38$55$73
60$48$70$93
65$61$90$119
70$80$119$157
75$121$180$238
80$173$258$343
85$268$401NA

#4 Guarantee Trust Life – Heritage (Graded)Black and white GTL logo

The Heritage plan from Guarantee Trust Life (GTL) only asks five medical questions and is designed for some of the most complex medical histories.

This product has a two-year waiting period with a best-in-class 2nd-year payout option.

Waiting period details

  • Death Benefit in year 1 – paid premiums plus 5%
  • Death Benefit in year 2 – 50% of the face amount
  • Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

  • Available ages: 40-90
  • Coverage: $2,500-$25,000
  • 2-year waiting period

Visit the blog section to read further about this great plan.

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
45$47$68$89
50$51$74$97
55$55$80$106
60$67$99$131
65$80$118$156
70$102$150$199
75$139$206$274
80$232$346$461
85$300$449$597
Female

Monthly Premiums

Age$10,000$15,000$20,000
45$34$49$64
50$36$52$67
55$42$62$81
60$51$74$97
65$60$88$116
70$73$108$142
75$102$151$201
80$165$245$326
85$191$284$377

#5 AIG (Guaranteed Issue)

This is a guaranteed acceptance plan which means that there are no medical questions and every applicant is accepted. You Black and white AIG logoshould use this product if you cannot otherwise receive coverage.

The AIG Guaranteed Issue product option is the best due to the great price points and living benefits offered.

2-Year Waiting Period Payout Details

  • Months 0-24: All premiums paid +10% are given to the beneficiary
  • Months 24+: 100% of the face amount will be paid out of the beneficiary

Is this Guaranteed Issue plan from AIG right for me?

Use this plan only if you have one of the following medical conditions.

  • AIDS, ARC, HIV
  • Bedridden
  • On Hospice
  • Confined to hospital, nursing home, mental care, or long term care facility
  • Currently have or receiving treatment for invasive cancer
  • Diagnosed with a terminal illness
  • In the past 24 months diagnosed with: Alzheimer’s, Dementia or Memory Loss, receiving Kidney Dialysis, 24-hour Continuous Oxygen use, Implanted Difibulator, or Organ Transplant

If you do not have any of these medical conditions you will be able to qualify for a better coverage option at a lower rate.

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
50$53$79$104
55$58$80$128
60$65$96$142
65$86$128$189
70$101$150$221
75$142$212$331
80$206$309$416
85NANANA
Female

Monthly Premiums

Age$10,000$15,000$20,000
50$37$54$76
55$44$65$98
60$51$76$113
65$63$94$139
70$76$113$168
75$110$164$241
80$180$269$393
85NANANA

Man with green hair thinking

Final Thoughts

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.

Leave a Reply

Your email address will not be published. Required fields are marked *