South Carolina Life Insurance

South Carolina is home to a large number of retirees and young families. If you have a spouse, children, or other loved ones who depend on your income, you may wonder how your family would cope financially if you could not provide for them, such as after you pass. You can ensure that your family does not suffer financially from a personal tragedy by purchasing a South Carolina life insurance policy.

Best Life Insurance Companies in South Carolina

Many different insurance carriers in South Carolina offer life insurance, but a few offer better quality and rates than others. That's why we compiled a list of the best life insurance companies in South Carolina by category for your convenience. 

Starting by checking into these top-rated local carriers first can help you save both time and money when hunting for the right coverage. We selected these carriers based on rates, coverage options, financial strength ratings, Better Business Bureau (BBB) ratings, customer reviews, customer service options, and more.

• Best South Carolina Life Insurance Company Overall: Banner Life
• Best South Carolina Life Insurance Company for Females: Nationwide
• Best South Carolina Life Insurance Company for Males: Nationwide
• Best South Carolina Life Insurance Company for Seniors: Mutual of Omaha
• Best South Carolina Life Insurance Company for Young Adults: Nationwide
• Best South Carolina Life Insurance Company for Smokers: MassMutual
• Best South Carolina Life Insurance Company for Term Life Insurance: Banner Life
• Best South Carolina Life Insurance Company for Whole Life Insurance: MassMutual

Best South Carolina Life Insurance Company Overall: Banner Life

We chose Banner Life as the best overall life insurance company in South Carolina. The carrier has some of South Carolina's most affordable and competitive rates for life insurance. 

Banner Life even provides coverage for prospective customers with preexisting conditions. A 35-year-old male can get a 20-year term life insurance policy with $500,000 in coverage from Banner Life for an average of just $26.80 per month. 

A female of the same age can get the same amount of coverage for $23.04 per month from Banner Life. The insurance company is also reliable from a financial strength standpoint and in terms of customer service based on official ratings.

Banner Life was founded in 1851. The carrier provides some of the most affordable rates on all the types of life insurance it offers. 

You can get term life insurance, no-medical-exam term life insurance, and universal life insurance from Banner Life. The insurance company also has an excellent financial strength rating from AM Best and great customer satisfaction ratings. 

Best South Carolina Life Insurance Company for Females: Nationwide

We chose Nationwide as the best life insurance company for females in South Carolina. Females in South Carolina can find some of the cheapest life insurance available from Nationwide. 

The average cost for $250,000 in a 10-year term life insurance policy for 32-year-old females of average weight in South Carolina is just $10.43 per month. In comparison, a policy with over $628,000 in coverage is still quite affordable, at around $14.09 per month. Nationwide also boasts great financial strength and BBB ratings.

Nationwide was founded nearly a century ago. The insurance company provides options for term, universal, whole, and variable life insurance coverage. Nationwide has excellent ratings from AM Best and the BBB and offers 24/7 claims reporting.

Best South Carolina Life Insurance Company for Males: Nationwide

We also chose Nationwide as the best life insurance company for males in South Carolina. Males in South Carolina can find some of the cheapest available life insurance from Nationwide. 

A 10-year term life insurance policy for 32-year-old males of average weight with $250,000 in coverage averages just $10.63 per month. In comparison, a policy with $628,000 in coverage is still affordable, averaging $16.66 per month. With great AM Best and BBB ratings and affordable rates, Nationwide is an excellent choice for life insurance all around.

Nationwide was founded nearly a century ago. The insurance company provides options for term, universal, whole, and variable life insurance coverage. Nationwide has excellent ratings from AM Best and the BBB and offers 24/7 claims reporting.

Best South Carolina Life Insurance Company for Seniors: Mutual of Omaha

We chose Mutual of Omaha as the best life insurance company for seniors in South Carolina. It's a well-known fact that seniors tend to pay much higher premium rates for life insurance than younger applicants. That said, Mutual of Omaha provides affordable life insurance coverage for seniors, especially compared to most carriers in  South Carolina. 

For a 10-year term life insurance policy with $71,000 in coverage for a 60-year-old non-smoker male of average height and weight in South Carolina, the average premium is just $43.47 per month from Mutual of Omaha.

Mutual of Omaha was founded more than a century ago. The insurance company provides whole, term, and universal life insurance policy options. 

Mutual of Omaha even provides living benefits through many of its life insurance products. Customers with preexisting conditions can also purchase guaranteed-issue coverage. The carrier also has several riders available to enhance its life insurance products.

Best South Carolina Life Insurance Company for Young Adults: Nationwide

We chose Nationwide as the best life insurance company for young adults in South Carolina. Nationwide has outstanding financial strength and claims-handling processes. 

For a 20-year term life insurance policy with $240,000 in coverage for a 25-year-old non-smoker male in South Carolina of average height and weight, the average premium cost is just $18.59 per month.

Nationwide was founded nearly a century ago. The insurance company provides options for term, universal, whole, and variable life insurance coverage. Nationwide has excellent ratings from AM Best and the BBB and offers 24/7 claims reporting.

Best South Carolina Life Insurance Company for Smokers: MassMutual

We chose MassMutual as the best life insurance company in South Carolina for smokers. Smokers typically must pay much more for life insurance than non-smokers, but some life insurance carriers offer more affordable rates than others, including MassMutual. 

For a 20-year term life insurance policy with $628,000 in coverage for a 32-year-old smoker male of average height and weight in South Carolina, the average cost is $113.07 per month. MassMutual's rates are among the lowest available for smokers in South Carolina, and the insurance company has excellent financial strength.

MassMutual was founded in 1851. The carrier specializes in life insurance, and its products include whole, term, universal, and variable life insurance. 

MassMutual has the highest available AM Best rating of "A++" for financial strength. Annuities and retirement planning options are also available from MassMutual.

Best South Carolina Life Insurance Company for Term Life Insurance: Banner Life

We chose Banner Life as the best life insurance company in South Carolina for term life insurance. Banner Life offers affordable and accessible coverage for residents of South Carolina. 

Policies with no medical exam are available, as are term life policies with 40-year contracts. A 20-year term life insurance policy with $500,000 in coverage for a 45-year-old non-smoker male in South Carolina averages just $55.72 per month from Banner Life. A variety of term lengths are available from Banner Life.

Banner Life was founded in 1851. The carrier provides some of the most affordable rates on all the types of life insurance it offers. 

You can get term life insurance, no-medical-exam term life insurance, and universal life insurance from Banner Life. The insurance company also has an excellent financial strength rating from AM Best and great customer satisfaction ratings. 

Best South Carolina Life Insurance Company for Whole Life Insurance: MassMutual

We chose MassMutual as the best life insurance company in South Carolina for whole life insurance. The insurance company has been proven to pay higher dividends to life insurance customers in South Carolina than most other carriers. 

MassMutual's whole life insurance policies build cash value over time and can earn dividends. The insurance company also has great financial strength and customer satisfaction ratings. A South Carolina independent insurance agent can help you get fast, accurate quotes for a whole life insurance policy from MassMutual.

MassMutual was founded in 1851. The carrier specializes in life insurance and its products include whole, term, universal, and variable life insurance. 

MassMutual has the highest available AM Best rating of "A++" for financial strength. Annuities and retirement planning options are also available from MassMutual.

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The Different Types of Life Insurance in South Carolina

Life insurance is sold in a few different forms in South Carolina. Review the options available to help you determine which type of coverage works best for you and your circumstances. 

Here are some of the major forms of life insurance you can choose from in South Carolina:

• Term life insurance: Term life insurance covers a policyholder for a certain time frame, or term, that often ranges from 10 to 30 years. When the term ends, the policy becomes ineffective. Term life policies are the least expensive option and provide coverage during the set number of years it's needed most.
• Whole life insurance: Whole life insurance is a type of permanent life coverage that remains active as long as the policyholder is still alive and continues to pay their premiums. Policies can build equity that can either be cashed in or saved to support dependents after the policyholder passes away. Whole life policies are the most expensive option but offer the highest level of benefits.
• Universal life insurance: Universal life insurance is another kind of permanent life insurance, but it offers more flexibility and builds a cash value. Policyholders can retrieve their accrued money through low-interest loans or use their earnings to pay for the policy's premiums. Universal life insurance policies are more expensive than term life coverage but less expensive than whole life insurance.

These and other forms of South Carolina life insurance can be purchased from most coverage providers. Each individual life insurance policy has different requirements and advantages. 

A local independent insurance agent can discuss your dependents, lifestyle, and budget with you and show you the insurance options that may be best for you. They can also explain the differences in these policies and answer any questions you may have so you can make an informed decision about your purchase. 

In short, a South Carolina independent insurance agent can help you get set up with the right kind of life insurance for you.

Average Cost of Life Insurance in South Carolina

The cost of life insurance in South Carolina varies depending on a number of different factors, including age and gender. Women in South Carolina pay an average of $9.41 per month for a policy that offers $250,000 in coverage. Men pay about $9.99 per month for the same amount of coverage. 

However, when increasing the coverage to $628,000, the average amount women pay for a policy jumps to about $14.08. The average for this amount of coverage isn't too much higher for men, at about $16.20 per month.

South Carolina Life Insurance Laws

Make sure to take some time to become familiar with the life insurance laws in South Carolina. These laws are in place to help protect life insurance policyholders and dictate how carriers in South Carolina may operate. 

Here are a few South Carolina life insurance laws to understand before you shop for coverage:

• Free look period: In South Carolina, policyholders are allowed 10 days to review their life insurance policy and receive a full refund for paid premiums if they want to cancel their coverage. If a policy was received via mail, customers have 30 days.
• Guaranty fund protection: In South Carolina, if a customer's life insurance company goes bankrupt, the state's Property and Casualty Insurance Guaranty Association can cover them with limits of up to $300,000 in death benefits.
• Grace period: In South Carolina, life insurance policyholders are allowed up to 30 days to catch up on missed premium payments before their carrier can cancel their coverage or not honor claims.
• Contestable period: In South Carolina, there is a two-year period in which a life insurance policyholder's claims cannot be contested. After this contestable period ends, if the policyholder is found to have lied on their application, the insurance company may reject their claims.
• Time allowable: In South Carolina, life insurance companies must fully settle a life insurance claim within 30 days of receiving proof of the insured's death. Any claims paid out after this window ends may be subject to interest.

South Carolina Life Insurance FAQs

Find the Right South Carolina Life Insurance Policy for You

It can be difficult to sift through the many types of life insurance and coverage levels available. A South Carolina independent insurance agent can help you assess your coverage needs and explain each of your options to you. 

A local agent can provide honest information and excellent customer service, giving you all the necessary tools to make an informed decision. An independent insurance agent works with several different insurance companies and can show you a variety of choices at a wide range of costs.