Best Life Insurance Companies in South Carolina

The purpose of life insurance is to ensure that your beneficiaries get financial support once you pass away. MoneyGeek analyzed how much life insurance companies in South Carolina charge per month on average. These costs are based on age, gender and smoking history. Using these averages can help you find the best life insurance companies in South Carolina. To find the cheapest options, be sure to compare life insurance quotes from multiple providers.

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Best Cheap Life Insurance in South Carolina

In South Carolina, how much you pay for life insurance depends on the policy amount. The higher the coverage amount, the higher the cost. While policies with lower limits cost less per month, they may not provide adequate financial support to your beneficiaries once you pass away.

According to MoneyGeek’s analysis, the most affordable life insurance company in South Carolina is MassMutual. Male buyers with this policy pay an average of $9.99 per month, and female buyers pay roughly $9.41.

If you have a young family, you may need to purchase a policy with a higher limit if you want your beneficiaries to receive more financial support in case of death. MoneyGeek recommends a limit of $628,000 based on the cost of living in South Carolina as well as other factors like average age, average personal debt and average income.

The cheapest insurer for the proposed limit for male buyers is MassMutual, at an average cost of $16.20 per month for male buyers. For female buyers, the most affordable insurer is Mutual of Omaha, at an average of $14.08 per month.

Best Cheap Life Insurance Companies in South Carolina: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $628k
  • 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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  • Company
    $250K Coverage
    Suggested Coverage: $628k
  • 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

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in South Carolina using average buyer profile statistics in South Carolina, including average age of 32, average weight of 203 pounds for males and 161 pounds for females, and an average coverage need of $628,000.

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 is gender, as female buyers tend to pay less than their male counterparts. That’s because 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 a $250,000 policy and $38.73 for the recommended $628,000 policy. That’s a difference of $19.46.

Female buyers pay an average of $15.31 per month for a policy with a $250,000 limit. However, they pay $26.17 for a limit of $628,000, a difference of $10.86.

While the recommended limit costs more, it provides more financial support to your beneficiaries after your death.

Most Popular Life Insurance Companies in South Carolina

The market share of a company depicts its financial stability. The higher the market share, the more likely it is for the company to settle customer claims. Market share is calculated by dividing the number of insurance premiums written by a company by the total premiums written by the state.

From MoneyGeek’s study, Northwestern Mutual has the largest market share in South Carolina, at 6.83%. The total percentage of the state’s market share covered by the top seven life insurance companies is 34.96%.

Most Popular Life Insurance Companies in South Carolina

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  • Company
    Market Share
  • Northwestern Mutual
    6.83%
  • Lincoln Financial
    5.86%
  • New York Life
    5.02%
  • State Farm
    4.99%
  • MassMutual
    4.49%
  • Prudential Financial Inc.
    3.89%
  • Transamerica
    3.88%

Life insurance market share data for South Carolina is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

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 in South Carolina, your rates will be lower than senior buyers. Most life insurance companies in South Carolina consider young buyers as low-risk, giving them better rates.

If you wish to spend lesson life insurance, you can consider buying the coverage while at a young age.

According to MoneyGeek, the most affordable insurers in the state on average for young buyers are:

  • MassMutual: $15.72 per month
  • Nationwide: $18.59 per month
Best Life Insurance Companies for Young People in South Carolina

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  • Company
    Monthly Cost
  • 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

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in South Carolina who is 5 ft 10 inches and 172 pounds that purchases a 20-year term contract at the average coverage need of $240,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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

In South Carolina, you will likely pay more for life insurance if you are a senior. However, if you take time to compare quotes between providers, you may still find affordable options.

Seniors have an option to purchase policies with lower coverage limits, typically $100,000, because their children are already grown up and may not have many needs in the future.

Based on MoneyGeek, the cheapest life insurance companies in South Carolina for seniors are, on average:

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

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  • Company
    Monthly Cost
  • 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

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in South Carolina who is 5 ft 10 inches and 203 pounds that purchases a 10-year term contract at the average coverage need of $71,000.

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

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

As per MoneyGeek’s analysis, the top two companies on average for smokers in South Carolina are:

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

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  • Company
    Monthly Cost
  • 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

Rates were determined by analyzing quotes for a 32-year-old male smoker in South Carolina who is 5 ft 10 inches and 203 pounds that purchases a 20-year term contract at the average coverage need of $628,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

South Carolina Life Insurance Laws You Should Know

Understanding life insurance laws in South Carolina will help you avoid issues. Also, by comparing costs from different companies, you can find the best coverage within the state.

Here are some of the laws that apply to life insurance in South Carolina:

  • 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 ask for a 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. In South Carolina, the grace period is one month.
  • Time allowable to settle a claim - The 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, insurers are not allowed to contest the validity of a policy if it has been in force for two years.

Methodology

MoneyGeek determined the best life insurance companies in South Carolina using various factors. These include the per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. The costs used by MoneyGeek do not represent how much you will pay for life insurance in the state. Your rates may vary depending on several factors.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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