Best Life Insurance Companies in South Carolina

What Is the Average Cost of Life Insurance for Companies in South Carolina?

Various factors influence the cost of life insurance in South Carolina. One of these factors is gender, as female buyers tend to pay less than their male counterparts. This is due to the fact that women have a longer lifespan.

According to MoneyGeek, life insurance companies in South Carolina charge male buyers an average of $19.27 per month for the recommended $628,000 policy and $38.73 for a $250,000 policy, resulting in a disparity of $19.46.

The disparity is $10.86, where they shell out $26.17 for a cap of $628,000. Nevertheless, women purchasers dish out an average of $15.31 monthly for a plan with a limit of $250,000.

Although the suggested threshold is more expensive, it offers greater financial assistance to your beneficiaries following your demise.

South Carolina Life Insurance Laws You Should Know

In the state, you can discover the finest coverage by contrasting expenses from various companies. Dodging problems will assist you in comprehending life insurance regulations in South Carolina.

Below are a few of the regulations that are relevant to life insurance in South Carolina.

  • Residents of South Carolina can purchase life insurance with a free 10-day period to examine the policy. If you are not satisfied with your purchase, you can request a refund within 10 days.
  • In South Carolina, the grace period is one month. This period refers to the duration within which you are permitted to make payment for your life insurance premium that was missed. The grace period for late payments denotes the duration within which you are allowed to pay your outstanding life insurance premium after missing the due date.
  • Insurers in South Carolina are obligated by law to pay out claims within 30 days of receiving the insured’s death certificate, striving to do so expeditiously. This time frame represents the maximum duration for settling a claim.
  • The South Carolina Association of Health and Accident Insurance Guaranty guarantees a payment of up to $300,000 per person for life insurance claims – ensuring the payment in the event of death.
  • If a policy has been in effect for two years, insurance companies in South Carolina are prohibited from challenging its legitimacy.
  • Which Companies Have the Best Life Insurance Rates for Seniors in South Carolina?

    Comparing quotes among providers can lead to the discovery of cost-effective choices, but seniors in South Carolina are expected to incur higher expenses for life insurance.

    In the coming years, their offspring might not have numerous requirements and older individuals have the choice to buy policies with reduced coverage boundaries, usually amounting to $100,000, as they are already adults.

    According to MoneyGeek, the most affordable life insurance providers in South Carolina for older adults are, on average:.

  • MassMutual: $38.37 monthly.
  • Mutual of Omaha: $43.47 per month.
  • Best Life Insurance Companies for Seniors in South Carolina

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  • MassMutual.

    $38.37

  • Mutual of Omaha.

    $43.47

  • Nationwide.

    $44.19

  • State Farm.

    $51.50

  • Transamerica.

    $69.09

  • Progressive Life.

    $69.17

  • AAA.

    $72.34

  • Prudential.

    $79.39

  • By analyzing quotes, rates were determined for a 10-year term contract purchased by a 60-year-old male non-smoker in South Carolina, who is 5 ft 10 inches tall and weighs 203 pounds, with an average coverage need of $71,000.

    Which Companies Have the Best Life Insurance Rates for Young People in South Carolina?

    If you are a young person seeking to purchase life insurance, most insurance companies in South Carolina consider buyers who are older than you to be better at giving lower rates.

    If you desire to invest in life insurance, you can contemplate purchasing the policy during your early years.

    As per MoneyGeek, the least expensive insurance providers in the state for young purchasers on average are:.

  • MassMutual: $15.72 per month.
  • Across the country: $18.59 per month.
  • Best Life Insurance Companies for Young People in South Carolina

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  • MassMutual.

    $15.72

  • Nationwide.

    $18.59

  • Mutual of Omaha.

    $20.65

  • Transamerica.

    $20.74

  • Progressive Life.

    $21.53

  • AAA.

    $21.56

  • State Farm.

    $23.20

  • Prudential.

    $44.48

  • To cater to a more youthful purchaser, we opted for a 20-year duration to offer an extended period of coverage. The typical requirement for coverage amounts to $240,000, and the agreement is set for a 20-year term. The purchaser is a 25-year-old male who does not smoke, residing in South Carolina, standing at a height of 5 feet 10 inches, and weighing 172 pounds. Rates were established by evaluating quotations.

    Which Companies Have the Best Life Insurance Rates for Smokers in South Carolina?

    If you have average or good health, you can find better rates around shopping. However, if you are a smoker, insurance companies in South Carolina will ask you to pay more for a policy, as you are at a higher risk of developing health-related problems.

    According to MoneyGeek’s analysis, the two leading companies on average for tobacco users in South Carolina are:

  • State Farm: $112.10 per month.
  • MassMutual: $113.07 monthly.
  • Best Life Insurance Companies for Smokers in South Carolina

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  • State Farm.

    $112.10

  • MassMutual.

    $113.07

  • Mutual of Omaha.

    $118.79

  • Nationwide.

    $124.29

  • Transamerica.

    $127.88

  • Progressive Life.

    $171.39

  • Prudential.

    $173.63

  • AAA.

    $218.64

  • As one gets older, the rates for individuals who smoke rise significantly in order to offer extended coverage. If you are a smoker, we recommend purchasing a policy with a longer duration (20 years). The typical amount of coverage required is $628,000 for a contract that spans 20 years and is bought by a 32-year-old man who smokes and resides in South Carolina. This individual is 5 feet 10 inches tall and weighs 203 pounds. The rates were determined by analyzing quotations.

    Most Popular Life Insurance Companies in South Carolina

    The financial stability of a company is illustrated by its market share. As the market share increases, the likelihood of the company settling customer claims also increases. Market share is determined by dividing the total premiums written by the state by the number of insurance premiums written by the company.

    The top seven life insurance companies cover 34.96% of the state’s market share. MoneyGeek’s study reveals that South Carolina holds the highest market share, accounting for 6.83%.

    Most Popular Life Insurance Companies in South Carolina

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  • Northwestern Mutual.

    6.83%

  • Lincoln Financial.

    5.86%

  • Life in New York.

    5.02%

  • State Farm.

    4.99%

  • MassMutual.

    4.49%

  • Prudential Financial Inc. Is a global financial services corporation headquartered in the United States.

    3.89%

  • Transamerica.

    3.88%

  • The S&P Global 2020 reports indicate that the total written premiums for the life insurance market in South Carolina are based on sourced data and represent a share of the global market.

    Best Cheap Life Insurance in South Carolina

    After your demise, it is possible that they might not offer sufficient monetary assistance to your heirs. Although policies with reduced limits are more affordable on a monthly basis, the greater the coverage sum, the greater the expense. The amount you are required to pay for life insurance in South Carolina relies on the policy value.

    MoneyGeek’s analysis reveals that MassMutual is the most cost-effective life insurance provider in South Carolina. On average, male purchasers of this policy are charged $9.99 per month, whereas female purchasers pay around $9.41.

    Considering factors such as the mean earnings, mean individual debt, and mean age, along with other aspects like the living expenses in South Carolina, MoneyGeek suggests a recommended cap of $628,000. If you have a young family and desire greater financial assistance for your beneficiaries in the event of your demise, it might be necessary to acquire a policy with a higher limit.

    Men who purchase insurance pay an average of $16.20 per month and find MassMutual to be the least expensive provider for the suggested coverage amount. Conversely, women buyers have Mutual of Omaha as their most cost-effective insurer, with an average monthly cost of $14.08.

    Best Cheap Life Insurance Companies in South Carolina: Males

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  • Recommended Coverage: $628,000.

  • MassMutual.

    $9.99

    $16.20

  • Nationwide.

    $10.63

    $16.66

  • Mutual of Omaha.

    $11.22

    $16.99

  • Transamerica.

    $15.09

    $29.05

  • State Farm.

    $18.98

    $32.55

  • AAA.

    $19.21

    $40.79

  • Progressive Life.

    $22.51

    $44.15

  • Prudential.

    $26.84

    $65.58

  • Best Cheap Life Insurance Companies in South Carolina: Females

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  • Recommended Coverage: $628,000.

  • Mutual of Omaha.

    $11.22

    $14.08

  • Nationwide.

    $10.43

    $14.09

  • MassMutual.

    $9.40

    $14.24

  • Transamerica.

    $9.49

    $15.93

  • AAA.

    $13.07

    $24.83

  • State Farm.

    $16.85

    $27.13

  • Prudential.

    $19.34

    $28.27

  • Progressive Life.

    $19.19

    $36.31

  • The costs of the life insurance policy were determined by gathering quotes from major life insurance companies in South Carolina, taking into account an average coverage need of $628,000 and average weights of 161 pounds for females and 203 pounds for males, with an average age of 32.

    Methodology

    The rates you are charged for life insurance may differ based on the state in which you reside. The costs of life insurance in the state are not indicative of the expenses considered by MoneyGeek. MoneyGeek used a range of factors, such as the average age, average personal debt, average mortgage debt, and per capita income from the U.S. Bureau of Economics, to identify the top life insurance companies in South Carolina.

    Information regarding Mark Fitzpatrick.

    Mark Fitzpatrick headshot

    Mark Fitzpatrick, the Senior Content Director at Geek Money, has been quoted in several publications, including Mashable and NBC News, on various insurance topics. With over five years of experience in analyzing the insurance market, he creates personalized content and conducts original research for every buyer.

    Mark earned a bachelor’s degree from Boston University and a master’s degree in International Relations and Economics from Johns Hopkins University. He is passionate about using his knowledge in insurance and economics to bring transparency and help others feel confident when it comes to money matters and financial topics.