10 Best Life Insurance Companies in South Carolina

Life insurance companies in South Carolina can help your family when they need it most.

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I got both life insurance and disability insurance from Pradeep Audho. He was really great to work with. Very knowledgeable and helpful without ever being too pushy.” —Patrick Waldrop

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Pradeep is incredibly knowledgeable and walked me through several disability policy scenarios and helped me understand the coverages and nuances of the product. More important to me, he continues to be valuable resources for my wife and I when we have questions. Put simply, he’s earned my trust.” —Randall Faircloth

10 Best Life Insurance Companies in South Carolina

Key Terms

  • Life Insurance provides peace of mind for you and your family.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • South Carolina life insurance companies can help you find a policy to suit your needs and budget.

South Carolina is known as the Palmetto State and is located in the southern United States. It’s bordered by North Carolina to the north, and Georgia to the southwest. With a population of 5.1 million people, it’s the 23rd-most populous state. The largest city in South Carolina is Charleston which has a population of 150,277 residents. The state capital is Columbia which has a population of 136,632.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in South Carolina is approximately 74.8 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in South Carolina have been heart disease, cancer, and Covid-19. The homicide rate in South Carolina is around 12.7 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in South Carolina, the 90th percentile income is currently $79,680. The median income in the state is approximately $37,250. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In South Carolina, this works out to around $796,800 – $1,593,600 dollars for most people.

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How life insurance works in South Carolina

A life insurance policy is basically a contract between you and the life insurance company. You agree to pay premiums to the company. In exchange, the company agrees it will pay a death benefit to your loved ones, which is typically a lump sum payout, if you pass away during the term of your policy. That said, there are several types of life insurance policies.

Term life insurance is the most basic and straightforward type of policy. It provides coverage for a specific period of time, typically 10, 20, or 30 years. If you die during that time frame, your beneficiaries will receive the death benefit. If you don’t die during that time frame, the policy expires. Typically, it’s best to get insurance underwritten when you’re young and healthy as your life insurance rates will be lowest then.

Whole life insurance is another option. This type of policy provides coverage for your entire life. As long as you continue to pay the premiums, the policy will remain in force and your beneficiaries will receive the death benefit whenever you pass away. Whole life insurance is more expensive and complicated as it mixes insurance and investing. Most people will prefer to purchase cheap term life insurance and invest the difference.

There are plenty of providers out there and you can get life insurance quotes from most of them when working with an independent life insurance agent or an insurance agency. As the policyholder, you need to determine what you really need from a policy. Term life covers the most basic benefits and won’t have riders or other options like annuities, cash value buildups, long term care riders, or accidental death riders. However, the premium payments with term life are also much lower when compared with other life insurance coverage. Balance these insurance benefits with what you really need in your coverage amount.

Ultimately, life insurance is a personal decision. Everybody has different needs from their policy. Therefore, it’s important to think about your situation and choose a policy that makes sense for you, your family, and your budget. 

10 Biggest life insurance companies in South Carolina

South Carolina life insurance companies ranked by premiums written in the state.

RankCompany NameSouth Carolina
Premiums Written
South Carolina
Market Share
2New York Life$168,520,3376.33%
3Northwestern Mutual$161,524,1646.07%
5Mass Mutual Life Ins$110,608,7174.15%
6State Farm$104,025,7083.91%
7Lincoln National$97,246,6003.65%
8Minnesota Mutual$75,496,1102.84%
9Mutual Of Omaha$71,694,2062.69%
10Aegon Us Holding$71,495,3512.69%

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How much life insurance do you need in South Carolina?

The 90th percentile salary in South Carolina is approximately $79,680. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In South Carolina that works out to around $796,800 – $1,593,600. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

South Carolina life insurance laws

There are a few unique features with respect to South Carolina Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • Free look period: South Carolina residents purchasing life insurance have 10 days as the free look period. If you are not satisfied with your policy after purchase, you can get a no penalty refund within 10 days.
  • Grace period for missed payments: The grace period refers to the length of time you are allowed after you miss to pay your due life insurance premium without your coverage stopping. In South Carolina, the grace period is one month.
  • Time allowable to settle a claim: South Carolina law requires that insurers pay out claims as quickly as possible and no later than 30 days after receiving the insured’s death certificate.
  • Guarantee of Death Claims: The South Carolina Life and Accident and Health Insurance Guaranty Association guarantees payment of life insurance claims up to $300,000 per person.
  • Contestable Period: In South Carolina, a life insurance policy becomes incontestable if it has been in force for at least two years from the date of issue. After two years, the company will be unable to challenge the application for any mistakes or inconsistencies.

When it comes to life insurance, there are a lot of misconceptions out there. A lot of people think that life insurance is only for people with dependents, or that it’s too expensive. But the truth is, life insurance is something that everyone should have. It’s not just for people with families, it’s for anyone who wants to make sure their loved ones are taken care of in the event of their death. The bottom line is that life insurance is an important piece of the financial puzzle, and everyone should have a policy in place. If you don’t have life insurance, now is the time to get started on finding the right policy for you.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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