Best Life Insurance In South Carolina

When it comes to protecting your loved ones and securing their financial future, life insurance is an essential investment. However, with so many options available, it can be overwhelming to choose the right policy and provider. If you’re a resident of South Carolina, you’re in luck! In this blog post, we’ll be discussing the best life insurance companies in South Carolina that offer reliable coverage, competitive rates, and excellent customer service. Whether you’re looking for term life insurance, whole life insurance, or any other type of policy, we’ve got you covered. So, let’s dive in and explore your options!

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South Carolina Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in South Carolina

Condition Deaths in 2021
Heart Diseases 16,396
Cancer 10,907
External Causes 6,327
Nervous System Diseases 5,467
Lung Diseases 4,792

Life Insurance Laws In South Carolina

South Carolina’s life insurance laws are governed by Title 38 of the South Carolina Code of Laws.

  • 10-day free look period (SC Code Ann. 38-63-220)
  • 31-day grace period (SC 38-63-220)
  • Interest starts building if the account is not settled within 30 days of the death of insured person (SC 38-63-80)
  • Guarantees up to $300,000 for lost death benefits per insured individual (source)

Keep in mind that life insurance laws are very similar from state to state (for example, South Dakota’s life insurance laws and Tennessee’s life insurance laws are nearly identical to those of South Carolina).

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In South Carolina

The table above showcases the top 50 life insurance companies in South Carolina for the year 2022, ranked based on their premiums. These premiums indicate the amount of money collected from policyholders as their life insurance premiums throughout the year.

At the top of the list is Metropolitan Group, with 2022 South Carolina premiums totaling $185,111,461, capturing a market share of 7.0%. Following closely behind is New York Life Group, with $168,520,337 in premiums and a market share of 6.3%. Northwest Mutual Group takes the third spot, generating $161,524,164 in premiums and claiming 6.1% of the South Carolina market share.

Prudential of America Group secures the fourth position on the list, accumulating $128,690,190 in premiums, while obtaining a market share of 4.8%. Meanwhile, the fifth spot is held by Mass Mutual Life Insurance Group, with $110,608,717 in premiums and a market share of 4.2%.

Other well-known companies within the top 10 include State Farm Group, with premiums amounting to $104,025,708, and Lincoln National Group, which amassed $97,246,600 in premiums. These companies capture market shares of 3.9% and 3.7%, respectively.

It is interesting to note that the top 50 companies in South Carolina collectively accounted for a significant portion of the total life insurance premiums in the state for the year 2022. These companies’ presence and market shares underscore their influence and prevalence within the South Carolina life insurance market. It is crucial to consider and thoroughly examine the policies, coverage options, and customer satisfaction when seeking the best life insurance in South Carolina.

Rank Company 2022 South Carolina Premiums South Carolina Market Share %
1Metropolitan Group$185,111,4617.0%
2New York Life Group$168,520,3376.3%
3Northwestern Mutual Group$161,524,1646.1%
4Prudential Of America Group$128,690,1904.8%
5Mass Mutual Life Insurance Group$110,608,7174.2%
6State Farm Group$104,025,7083.9%
7Lincoln National Group$97,246,6003.7%
8Minnesota Mutual Group$75,496,1102.8%
9Mutual Of Omaha Group$71,694,2062.7%
10Aegon US Holding Group$71,495,3512.7%
11Globe Life Group$51,590,5731.9%
12Primerica Group$49,777,4511.9%
13American International Group$49,343,3151.9%
14Southern Farm Bureau Life Insurance Company$47,492,7541.8%
15Unum Group$46,691,3711.8%
16John Hancock Group$46,481,9861.8%
17Guardian Life Group$46,353,8441.7%
18Dai‐Ichi Life Holdings Group$42,335,5241.6%
19Sammons Enterprises Group$40,893,7641.5%
20Nationwide Corporation Group$36,581,4281.4%
21Cuna Mutual Group$35,946,1991.4%
22Pacific Life Group$33,790,5331.3%
23Hartford Fire Cas Group$32,538,0061.2%
24Principal Financial Group$30,692,9511.2%
25Allianz Insurance Group$30,236,8621.1%
26Brighthouse Holdings Group$28,959,6011.1%
27Trustmark Mutual Holding Company Group$27,937,6501.1%
28Genworth Financial Group$27,532,8101.0%
29Lincoln Heritage Life Insurance Company$26,096,7841.0%
30West Southern Group$24,425,3750.9%
31United Services Automobile Association Group$24,221,1870.9%
32Kuvare Group$22,286,9060.8%
33CNO Financial Group$21,201,5470.8%
34Equitable Holdings Group$21,047,1120.8%
35Penn Mutual Group$19,637,9760.7%
36National Life Group$19,072,6040.7%
37Hopmeadow Holdings Group$18,929,1970.7%
38Jackson National Group$18,775,9620.7%
39Banner Life Group$18,307,0450.7%
40Voya Financial Group$17,689,1140.7%
41Independent Order Of Foresters US Br$17,661,3040.7%
42Apollo Global Management Group$16,616,0350.6%
43Woodmen World Life Insurance Soc$16,116,8100.6%
44Oneamerica Financial Partners Group$15,292,7480.6%
45Thrivent Financial For Lutherans$14,533,7200.6%
46Columbian Life Group$14,239,3420.5%
47Kemper Corporation Group$14,116,8270.5%
48Industrial Alliance Group$14,107,7310.5%
49Meiji Yasuda Life Insurance Group$13,642,7180.5%
50American National Financial Group$13,469,0260.5%