Who regulates your policy in Hawaii
Insurance is regulated state by state, so your policy is governed by Hawaii law and overseen by the Hawaiʻi Insurance Division, Department of Commerce and Consumer Affairs — not by a federal agency. It licenses the agent who sells to you and handles complaints if something goes wrong.
Two things worth doing before you sign: verify your agent's license is active in Hawaii, and keep the consumer line (1-844-808-DCCA (3222)) on hand. Both are free, and an agent not licensed in your state is a hard stop.
Your window to cancel in Hawaii
Hawaii requires a free-look period of 10 days. Within that window you can return a newly issued policy and get your premium back in full, no reason required.
Use it. An IUL illustration is dense, and 10 days is enough to have the caps, participation rate, cost of insurance and surrender schedule reviewed by someone who is not being paid on the sale.
If a carrier fails in Hawaii
If your carrier became insolvent, the Hawaii Life & Disability Insurance Guaranty Association is the backstop. In Hawaii it covers a death benefit up to $300,000 and cash surrender value up to $100,000. Those are separate ceilings, so an IUL's accumulated cash value is protected independently of the death benefit.
This protection is not a reason to skip carrier due diligence. It caps what you would recover, and a policy designed above that cap leaves the excess exposed.
What Hawaii adds to the cost
Hawaii levies a state premium tax of 2.75% on life insurance premiums. That sits above the 2% median of the 50 states covered here. You do not pay it as a separate line item — carriers price it into the premium, which is part of why the same policy design can cost differently across state lines.