This story of Dwane and Geri is all too common in our island home. They worked hard, saved diligently, and over time, paid off their home in Nuuanu. Their wish was to leave their family home and assets to their grandchildren. However, the cost of nursing home care over a total of 7 years forced the sale of their home and depleted their assets.*

For many families, insurance only enters the conversation after a health scare, a sudden loss of income, or a loved one who needs care sooner than anyone anticipated. By that point, decisions can feel overwhelming and options may be limited.

The purpose of insurance is not to expect the worst. It’s to make sure that if life takes an unexpected turn, your family still has choices. The ability to focus on care, dignity, and quality of life—without financial strain driving every decision.

Life insurance

Life insurance is often the first coverage families consider, and for good reason. It’s designed to protect the people who depend on you financially and the goals you are still working toward. There are two primary types of plans:

Term life insurance is typically used to cover specific responsibilities for a defined period, such as replacing income, paying off a mortgage, or helping to pay for college tuition.  

Permanent life insurance, including whole and universal life, can serve a broader role. In addition to providing a death benefit, these policies may support legacy planning, tax‑efficient wealth transfer, or charitable goals. For families with significant assets, life insurance could also help equalize inheritances or provide liquidity so heirs are not forced to sell property or investments at an inopportune time.

Long‑term disability insurance

Your income supports nearly every part of your financial life. If illness or injury prevents you from working for an extended period, even strong savings can be quickly tested.

This coverage is designed to:

• Replace a portion of income over a longer period
• Help maintain household cash flow during recovery
• Reduce the need to draw down savings or investments

Supplemental insurance

Even with good medical coverage, certain health events can bring expenses that are difficult to plan for. Supplemental insurance, such as cancer, hospital indemnity, or critical illness coverage, provides cash benefits that may be used flexibly for:

• Deductibles and out‑of‑pocket expenses
• Travel for specialized treatment
• Income replacement during recovery

For families with a history of certain conditions, exploring these options early can be especially important, as some coverage may not be available after a diagnosis.

Long‑term care insurance

In Hawaii, the cost of senior care outpaces the nation. According to a 2024 survey, assisted living in Hawaii now averages more than $135,735 per year, while a semi-private room in a nursing home care can exceed $180,000 annually. In‑home care, often preferred by families who wish to age in place, can also reach six figures depending on the level of support required.

Long‑term care insurance is designed to help cover these expenses, whether care is received at home, in an assisted living community, or in a skilled nursing facility. Many policies also include hybrid options that combine long‑term care benefits with life insurance, offering flexibility and potential benefits even if care is never needed.

Planning ahead allows families to protect retirement assets, maintain independence, and reduce the emotional and financial strain on loved ones later.

Annuities with insurance features

Some annuities include insurance components that can help provide stability in retirement. These may offer guaranteed lifetime income, death benefits for heirs, or protection from market downturns through optional riders.

When used as part of a holistic financial plan, annuities could help reduce the risk of outliving assets and support a more predictable retirement income strategy.

Protecting what you’ve built

As your assets grow, so does the need to protect them from risks that may arise without warning. Property and liability insurance helps safeguard what you’ve worked hard to build, from your home and personal property to your broader financial picture.

These types of coverage are designed to help manage exposure to large, unexpected costs that could otherwise disrupt years of careful planning. Reviewing them regularly helps ensure your protection keeps pace with changes in your life, your assets, and your responsibilities.

These plans include:

• Auto insurance, especially liability coverage
• Homeowners and property insurance, particularly for high-value homes and contents
• Flood, hurricane, jewelry, and specialty coverage
• Umbrella liability insurance for added protection

Business insurance

For many local families, business and personal finances are closely connected. Business insurance can help protect income, ownership interests, and continuity if something unexpected affects operations or leadership.

Which insurance policies are right for you?

While it would be ideal to have an insurance policy to cover every circumstance, the goal isn’t to insure against everything, but to put the right protections in place so unexpected events don’t derail your long-term plan.

At Bankoh Advisors, you’ll receive national caliber investment and insurance advice delivered by local professionals from a name you trust. Our financial advisors live and work in Hawai‘i and understand what it takes to remain well-positioned in our island home.

Ready for a fresh perspective? Increase your confidence with a holistic overview of your insurance coverage with one of our Bankoh Advisors.

Bankoh Advisors is a marketing name of Cetera Investment Services. Securities and insurance offered through Cetera Investment Services LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Investments are: Not FDIC/NCUSIF insured | May lose value | Not financial institution guaranteed | Not a deposit | Not insured by any federal government agency.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction‑based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services. 130 Merchant Street CC888 Honolulu, HI 96813. 808‑694‑8500

*This story was shared with the request that their names be changed.