Here at InsureMe, we understand that finding the right Hawaii life insurance can be difficult and overwhelming.
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Why should I purchase a Hawaii life insurance policy?
In the event of your death, Hawaii life insurance provides financial support to your loved ones, ensuring that emotional stress isn't compounded by financial uncertainty.
It is for this reason that many experts consider Hawaii life insurance the foundation of strong financial planning, and should be incorporated into your long-term financial strategy.
How much Hawaii life insurance should I purchase to protect my family?
The needs for Hawaii life insurance differ from person to person. To figure your Hawaii life insurance needs, you will first want to consider your family's short-term expenses. Short Term expenses might include:
You will also want to think about any long-term expenses for which your family will be responsible after you die. Long-term expenses might include:
After determining the financial needs for short and long-term expenses, you will want to take into account any assets you have to put toward these costs. Your assets might include:
Subtracting the assets from the expenses will give you an idea of how much Hawaii life insurance your family will need to live comfortably after your passing.
What kind of Hawaii life insurance should I buy?
According to the Hawaii Department of Commerce and Consumer Affairs (DCCA), the most common forms of Hawaii life insurance are term, whole, endowment, universal and variable life insurance.
Term Life Insurance — provides coverage for a term of one or more years, and only pays a death benefit if you die during the policy's term. A term life policy can be renewed, but may be more expensive to renew as you age.
Whole Life Insurance — provides lifelong coverage which may build cash value over time. If you cancel a whole life policy, the amount in the cash value account may be returned to you and used as you wish.
Endowment Life Insurance — pays you a designated amount of money if you are still alive after a specified amount of years. If you die before that time, your beneficiaries will receive the proceeds from the policy.
Universal Life Insurance — premiums and death benefits are flexible according to the provisions in your policy. Universal life insurance may build cash value.
Variable Life Insurance — provides lifetime coverage, with flexible or fixed premiums depending on the terms of your policy. Cash value may be accrued through stocks and bonds, meaning that the death benefit may vary according to the performance of the invested funds.
As always, be sure to ask your Hawaii life insurance agent about any questions you may have about the abovementioned policies before you sign on the dotted line.
Where can I get more information on Hawaii life insurance?
For more information on Hawaii life insurance, contact the Hawaii DCCA at (808) 586-2790, or visit them on the Web.
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