Bank of Hawaii Life Insurance – Policies to Protect Your Loved Ones

Life insurance is an important component of a financial plan, providing income replacement and legacy protection for your family when you pass away. As Hawaii’s leading bank, Bank of Hawaii offers a suite of life insurance solutions to meet the needs of local individuals and families.

This article will explain Bank of Hawaii’s life insurance options, policy details, costs, and how to apply. With the right life coverage from Bank of Hawaii, you can rest assured your loved ones will be taken care of.

Overview of Bank of Hawaii Life Insurance

Bank of Hawaii partners with major insurance carriers to offer Hawaii residents a range of permanent and term life insurance policies.

Life insurance available through Bank of Hawaii includes:

• Term life insurance
• Whole life insurance
• Universal life insurance
• Survivorship or “second-to-die” life insurance
• Accidental death insurance

Policies are available with death benefits ranging from $25,000 up to $10 million or more. Bank of Hawaii has helped thousands of Hawaii families get life insurance coverage.

Their dedicated insurance specialists will guide you through the options to find the right policy, benefits, and premiums to suit your budget. Life insurance through Bank of Hawaii also comes with helpful perks like waiver of premium for disability and accelerated death benefits for terminal illness.

Term Life Insurance from Bank of Hawaii

Term life insurance provides affordable pure death benefit protection for a set period of time or “term” – typically 10, 15, 20 or 30 years.

Bank of Hawaii offers term life insurance policies with coverage amounts up to $10 million. You choose the coverage duration best matching your needs.

Term life insurance is ideal for:

• Replacing lost income if the breadwinner dies
• Covering temporary needs like mortgages
• Budget-friendly basic coverage

Term life premiums will remain level for the initial term before increasing if you renew the policy. Rates are based on your age and health status when applying. Bank of Hawaii term life insurance gives you guaranteed coverage without the need for medical exams.

Permanent Life Insurance at Bank of Hawaii

For lifelong protection and cash value growth, Bank of Hawaii provides permanent life insurance options:

Whole Life Insurance

Whole life insurance covers you for your entire life, not a set term, as long as you pay the premiums. It combines a guaranteed death benefit with a cash value account.

A portion of your monthly premium goes toward building up the policy’s cash value, which earns interest at a set rate. This account can be borrowed against, withdrawn, or used to pay future premiums.

Whole life insurance is useful for:

• Leaving an inheritance or legacy
• Funding funeral expenses
• Supplementing retirement income

Premiums will remain level for life. However, whole life insurance costs more than term insurance initially.

Universal Life Insurance

Universal life insurance also provides permanent coverage plus cash value growth. However, it offers more flexibility than whole life.

With universal life from Bank of Hawaii, you can adjust your death benefit and premium payments based on changing needs. The cash value earns interest at a variable rate tied to market performance.

This policy works for those wanting adjustable permanent coverage with cash accumulation potential. You can take loans and withdrawals from the cash balance as needed.

Survivorship or Second-to-Die Life Insurance

Also called joint life insurance, this policy covers two insureds (usually spouses) and pays a death benefit when the second person passes away.

Survivorship life insurance is useful for:

• Paying estate taxes when the second spouse dies
• Equalizing inheritances for children
• Funding retirement for a surviving spouse

Premiums are generally lower than buying two separate policies. However, no death benefit will be paid until both insureds pass away.

Bank of Hawaii offers survivorship life insurance for coverage amounts from $100,000 up to $10 million.

Accidental Death Insurance

Accidental death insurance provides an additional benefit if the insured dies from a covered accident. Bank of Hawaii offers group accidental death policies with up to $300,000 coverage.

This supplemental insurance can give extra peace of mind if your family relies on your income. Accidental death benefits can help cover unexpected funeral costs or debt repayment.

Applying for Life Insurance Through Bank of Hawaii

Applying for life insurance through Bank of Hawaii is simple:

• Get a quote – Speak to a Bank of Hawaii insurance specialist or use the online form to receive quotes tailored to your needs.

• Complete application – Apply online or schedule an appointment. You’ll provide personal and health details for underwriting.

• Underwriting review – Insurers will evaluate your application based on factors like age, health status, and family history to assess risk.

• Policy issued – If approved, you’ll receive your permanent or term life insurance policy outlining benefits, premiums, and provisions.

• Pay premiums – Regular monthly, quarterly, or annual premium payments are required to keep the policy active.

Bank of Hawaii makes it easy to get covered with personalized quotes, support through the application process, and ongoing policy management.

Cost of Life Insurance Policies from Bank of Hawaii

Life insurance rates at Bank of Hawaii depend on:

• Age at time of application
• Gender
• Health status and medical history
• Lifestyle factors like smoking
• Coverage amount and duration
• Type of policy

A 30-year-old female non-smoker may pay around $160 annually for a $250,000 term life policy. A whole life policy with the same coverage could be around $480 per year.

Speak to a Bank of Hawaii insurance specialist for personalized quotes based on your situation. Discounts may be available for bundled policies or preferred health statuses.

Why Choose Bank of Hawaii for Life Insurance?

Here are key reasons Hawaii residents trust Bank of Hawaii for their life insurance needs:

• Trusted reputation – Serving Hawaii for 130+ years. Rated five stars by BauerFinancial.

• Choice of insurers – Policies underwritten by leading carriers like Prudential, Transamerica, and Principal.

• Local experts – Dedicated Hawaii-based team provides personalized guidance.

• Policy management – Integrated servicing once approved makes ongoing policy management easy.

• Customer service – Phone, online and in-person support when you need it.

• Convenience – Billing, payments, and policy changes handled seamlessly.

• Competitive pricing – Group buying power provides affordable rates to customers.

Protect your ohana by getting life insurance quotes from Bank of Hawaii today. Their experienced advisors are ready to answer your questions and get you covered.

Frequently Asked Questions

What types of life insurance does Bank of Hawaii offer?

Bank of Hawaii offers term life, whole life, universal life, survivorship life, and accidental death insurance policies.

How much does life insurance cost at Bank of Hawaii?

Life insurance rates depend on factors like age, health, coverage amount, and policy type. Speak to a Bank of Hawaii specialist for personalized quotes.

What is the process to apply for life insurance?

You’ll provide details online or schedule an appointment, undergo underwriting review, and once approved receive your issued policy. Bank of Hawaii guides you through the entire process.

Can I manage my life insurance policy through Bank of Hawaii?

Yes, Bank of Hawaii provides integrated servicing for streamlined policy management, payments, changes, and service after issuing your policy.

Does Bank of Hawaii offer discounts on life insurance?

Discounts may be available for bundling multiple policies or preferred health statuses. Ask a Bank of Hawaii insurance specialist about possible savings.

Can I get a quote for life insurance online?

Yes, you can provide basic details on Bank of Hawaii’s website to get an instant quote estimate. For accurate personalized pricing, speak to an insurance specialist.

Protect your loved ones with affordable life insurance through Bank of Hawaii. Contact them today to start the process.