10 Best Life Insurance Companies in South Dakota

Life insurance companies in South Dakota can help you find a policy to protect your loved ones.

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10 Best Life Insurance Companies in South Dakota

Key Terms

  • Life insurance is the best way to protect your loved ones when you pass away.
  • 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 Dakota life insurance companies can help you find a policy to suit your needs and budget.

South Dakota is known as the Mount Rushmore State and is located in the north-central region of the United States. It’s bordered by North Dakota to the north, Minnesota and Iowa to the east, Nebraska to the south, and Wyoming and Montana to the west. With a population of around 900,000 people, it’s the 46th-most populous state. The largest city in South Dakota is Sioux Falls which has a population of 181,883 residents. The state capital is Pierre which has a population of 13,980.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in South Dakota is approximately 76.7 years which is 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 Dakota have been heart disease, cancer, and Covid-19. The homicide rate in South Dakota is around 3.6 homicides per 100,000 residents, which is lower than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in South Dakota, the 90th percentile income is currently $77,210. The median income in the state is approximately $37,710. Most financial advisors recommend purchasing a life insurance plan that covers your loved ones for between 10X and 20X your annual salary. In South Dakota, this works out to around $772,100 – $1,544,200 dollars for most people.

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How life insurance works in South Dakota

Life insurance is one of the best ways that you can protect your loved ones when you pass away. The idea is pretty simple. You make monthly premium payments in exchange for a death benefit which is paid out to your beneficiaries when you die. That said, there are a few different types of life insurance options and some things to know about the life insurance industry.

Whole life insurance is one of the two main types of permanent life insurance products (the other being term life insurance). Unlike term life insurance, which only covers you for a specific period of time, whole life insurance covers you for your entire life. This means that as long as you pay your premiums, your beneficiaries are guaranteed to receive your death benefit, no matter when you die.

Whole life insurance also has a cash value component. When you purchase a whole life insurance policy, part of your premium goes into a cash account that you can access while you’re alive. You can take out loans against the cash value of your policy or use it to pay your premiums if you run into financial difficulties.

Universal life insurance is another option. Universal life insurance policies have a death benefit and a cash value component, like whole life insurance policies. However, the cash value component grows at a faster rate than it does with whole life insurance. This means that you can access your cash value sooner and use it for things like supplemental retirement income or to pay your premiums.

Term life insurance is a bit different. It’s a temporary life insurance policy that only covers you for a specific period of time, typically 10, 20, or 30 years. If you die during that time frame, your beneficiaries will receive your death benefit. Most people should use term life insurance and invest the extra savings in an investment account.

10 Biggest life insurance companies in South Dakota

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

RankCompany NameSouth Dakota
Premiums Written
South Dakota
Market Share
2Investors Preferred Life Ins$197,880,89413.02%
3Lia Holdings$110,446,3977.27%
4Sammons Enterprises$105,317,0316.93%
5New York Life$80,741,6705.31%
6Northwestern Mutual$79,110,0205.21%
7Pacific Life$75,595,1124.98%
8Mass Mutual Life Ins$69,478,7804.57%
9Thrivent Financial For$41,568,4692.74%
10John Hancock$38,197,4612.51%

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How much life insurance do you need in South Dakota?

The 90th percentile salary in South Dakota is approximately $77,210. 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 Dakota that works out to around $772,100 – $1,544,200. 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 Dakota life insurance laws

There are a few unique features with respect to South Dakota Life Insurance Laws via the South Dakota Division of Insurance 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: If you purchase life insurance in South Dakota, you will have 10 days as the free look period. You can cancel your policy and ask for a refund within this period if you are not satisfied with the terms of the policy.
  • Grace period for missed payments: For missed or delayed payments, insurers will give you a grace of at least 30 days or four weeks to settle the pending payment before canceling your life insurance coverage.
  • Time allowable to settle a claim: Once you file a claim in the state of South Dakota, your insurer will have two months to pay the said claim. Insurance agencies who take more than two months to settle customer claims get penalized.
  • Personal Information Protection: Life insurance agents in South Dakota are restricted by the law to share any policyholder’s medical records with other agencies unless instructed by the buyer.

Life insurance is one of those things that everyone knows they should have, but many people put off getting because it can seem like a daunting task. But life insurance is actually quite simple, and there are many benefits to having a policy in place. No one likes to think about their own death, but it’s important to be prepared for the unexpected. Life insurance can give you and your family peace of mind in knowing that they are taken care of financially if something happens to 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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