Best Life Insurance Companies In South Carolina For 2024
My research has shown that MassMutual is the best life insurance company in South Carolina.
If you live in South Carolina and are considering buying life insurance, you probably hope that the process of looking for and purchasing a policy will be fast and easy. My aim is to help you accomplish this by doing research that will save your time and money.
While conducting my research into life insurance providers in South Carolina, I was led to the opinion that the overall best life insurance within the state is MassMutual. This decision wasn’t based on market share or price alone, but by MassMutual’s other positives, as well.
Areas such as low prices, superior customer service, and above average coverage all combined to show MassMutual as the clear winner. The way I see it, all of those elements make this company an attractive choice for anyone who wants to have superior life insurance at a cost conscious price.
If you’ve been toying with the idea of buying life insurance, but putting it off because it seems pretty tricky with lots of technical terms and big unfamiliar words, worry no more, I’m here to help you. Life insurance is probably one of the most important purchases you’ll ever make.
If you don’t have adequate life insurance, your family may not be able to afford the comfortable lifestyle you want for them if you were to pass away. Making sure there’s enough coverage in place provides peace of mind, security, and protection for your loved ones, and shows your commitment to them, as well.
Best Life Insurance Companies In South Carolina 2024
Compare The Best Life Insurance Companies In South Carolina
To assist you in reviewing the top life insurance providers in South Carolina, the table below has my preferred companies across several areas.
| Overall Rating | Best For | A.M. Best Rating | J.D. Power Rating | Online Experience | Get A Quote | |
|---|---|---|---|---|---|---|
| Mutual of Omaha |
|
Seniors |
A+ |
801 |
9.7 |
Instant Quote |
| MassMutual |
|
Overall |
A++ |
780 |
9.7 |
Instant Quote |
| Transamerica |
|
Young Adults |
A |
740 |
9.8 |
Instant Quote |
| State Farm |
|
Best For Customer Service |
A++ |
839 |
9.5 |
Instant Quote |
| MassMutual |
|
Cheapest Life Insurance |
A++ |
780 |
9.7 |
Instant Quote |
| Nationwide |
|
Smokers |
A+ |
791 |
9.6 |
Instant Quote |
Our Methodology
My approach was to conduct intensive examinations of leading insurers within the state, and compare them to each other. Multiple factors were considered, including: online user experience, product offerings, customer service ratings, and cost. With years of hands-on experience as an insurance sales agent, I went into this with an advantage. My life and career experiences in life insurance products gave me an edge that the average consumer shopping for life insurance doesn't have.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
The Best Life Insurance Companies In South Carolina
Best Overall
Key Statistics
Why We Like Them
⇅Research brought me to the conclusion that MassMutual was the most deserving of the title “Best Overall” due to its many strengths. This company has a broad selection of high quality insurance products, including whole life, term life, and universal life…all at competitive rates. MassMutual offers an impressive array of riders, too, that can be added to your policy.
MassMutual’s sales agents are expertly trained in all areas of life insurance, and they only represent MassMutual’s insurance products, nobody else’s. So they’re specialists in MassMutual insurance. These agents are sometimes called “career agents” due to their thorough knowledge of the insurer’s life insurance products. This training makes the agents well qualified to answer any and all questions consumers might need answered, which is helpful to consumers who have questions.
MassMutual’s financial strength and stability was another key factor in my ratings. This company has received the highest rating possible from AM Best (A++ Superior) based on its robust financial standing, along with its ability to pay claims.
My ranking of Best Overall shows MassMutual’s steadfast commitment to providing a wide variety of insurance products, plus a well-trained sales and service team. This designation wasn’t founded on price by itself, although its rates are competitive. MassMutual may not have the brand recognition or market share as some of its competitors, but it’s a highly reputable insurance provider in South Carolina.
Benefits & Drawbacks
⇅- Cheapest rates in South Carolina
- Diverse product portfolio with many riders
- Superior financial rating ✓
- Must buy through MassMutual agents only
- Cannot buy whole life products online
- Lower J.D. Power rating than some competitors ✘
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅MassMutual, South Carolina’s leader in life insurance, offers the sturdy financial footing that consumers want in an insurance company. It also has cost-effective premiums, yet another perk that consumers find attractive. Other providers may have low cost term life insurance, but MassMutual’s rates are your best bet if you want high quality coverage at a low price.
While it isn’t wise to choose your life insurance on price alone, you should know that Mass Mutual offers the most wallet-friendly rates in South Carolina. MassMutual is better known for professionalism rather than low prices, but is dedicated to expanding its market share in South Carolina, using aggressive price strategies to reach this goal.
Benefits & Drawbacks
⇅- A wide network of well-trained agents sell MassMutual policies
- Offers a full portfolio of life insurance products
- Least expensive of any I evaluated for South Carolina life insurance ✓
- Doesn't allow online applications for life insurance
- You can only purchase through a MassMutual agent ✘
Cheapest Life Insurance Companies In South Carolina
| Company | Monthly Cost |
| MassMutual | $10.00 |
| Nationwide | $10.64 |
| Mutual of Omaha | $11.20 |
| Transamerica | $15.10 |
| State Farm | $18.97 |
*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker
Best For Smokers
Key Statistics
Why We Like Them
⇅Nationwide is an esteemed company with many local sales and service offices, which makes customer service easy and convenient for policyholders or prospective policyholders. The company’s well known slogan: “Nationwide is on your side,” is the truth for smokers who live in South Carolina and are planning to buy life insurance at a rate that won’t wreck their budget.
Nationwide’s rates for smokers may be higher than some of its competition, but I think it’s still a good choice for smokers because of its excellent customer service, easy access to agents, local offices, along with competitive rates.
Benefits & Drawbacks
⇅- Has numerous offices located throughout South Carolina
- Offers a full range of life insurance products
- An extensive network of trained agents sells and services Nationwide policies ✓
- No online applications for life insurance product
- Can only buy through a Nationwide agent ✘
Best Life Insurance Companies In South Carolina For Smokers
| Company | Average Monthly Cost |
| State Farm | $112.12 |
| MassMutual | $113.06 |
| Mutual of Omaha | $118.80 |
| Nationwide | $124.30 |
| Transamerica | $127.27 |
*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker
If you’re a smoker in the market to purchase life insurance, you will learn that your rates are going to be quite a bit higher than those of nonsmokers. If you haven’t smoked for one to two years or longer, you might be able to save some money by comparing rates of different life insurance carriers.
This is up to the insurance company’s discretion, but remember that some insurers will charge higher rates if you’ve ever smoked at all, even if you’ve quit. By doing some research into insurance providers in your state, and comparing their rates along with coverage, you can at least get the best price available.
You’ll probably be required to have a paramedical exam as well as a blood test to prove that you don’t have nicotine in your bloodstream.
Best For Customer Service
Key Statistics
Why We Like Them
⇅J.D. Powers is a leading marketing research firm in the U.S. that was founded back in 1909. This reputable firm has consistently acknowledged State Farm as a life insurance company with superior customer satisfaction. This is a direct result of State Farm’s dedication to excellent customer service. This is hardly surprising, as State Farm has more agents in the field than any other insurance company in the country.
State Farm is acclaimed for its excellent customer service, an area much appreciated by policyholders. The company also excels by having numerous local offices where consumers can meet face to face with local agents to get whatever help they need, when they need it.
State Farm receives much acclamation for its excellent customer service and fast claims process. Claim processing is a key element in a life insurance company, especially so when loved ones are mourning, looking to an insurance provider for help that’s both timely and compassionate.
Benefits & Drawbacks
⇅- Has a much lower number of customer complaints than the industry average
- Carries top financial ratings for claims-paying ability
- More agents providing service than any other insurer ✓
- Can only buy policies from State Farm agents
- A limited number of riders are available ✘
Best For Seniors
Key Statistics
Why We Like Them
⇅Mutual of Omaha has been meeting the life insurance needs of seniors for over 100 years. America’s older group of consumers place their faith in Mutual of Omaha, not because of its famous television show “Mutual of Omaha’s Wild Kingdom,” but due to its numerous strong points, chief among them the comprehensive training its agents get on how to best serve the life insurance needs of the senior niche market.
This company is well known for its broad variety of senior life insurance products, especially two that have been designed especially for older people with health issues. One of these products is a guaranteed-issue policy, meaning there is no medical exam or health records required. This makes it a favorite of seniors with serious health problems like cancer, heart disease or stroke.
The second product is a simplified-issue policy that, while you’re required to provide your medical history, you aren’t required to undergo a medical examination. This policy is ideal for seniors with minor health problems such as Type 2 Diabetes or hypertension (high blood pressure).
Benefits & Drawbacks
⇅- Gives seniors peace of mind through well trained agents
- The company is strong financially
- Competitive rates for seniors in South Carolina ✓
- Higher ratio of complaints than some insurers
- Fewer agents in South Carolina than some other major insurance providers ✘
Best Life Insurance Companies For Seniors In South Carolina
| Company | Monthly Cost |
| MassMutual | $38.40 |
| Mutual of Omaha | $43.45 |
| Nationwide | $44.22 |
| State Farm | $51.48 |
| Progressive Life | $69.15 |
*Based on $75,000 of coverage for a 60 year old male non-smoker buying a 10 year term life contract.
Best For Young Adults
Key Statistics
Why We Like Them
⇅Transamerica is aware of its own strengths, and one of those is providing low-price life insurance for young adults. The company is aware that many younger people are cautious with their financial outlays, especially when the purchase is an intangible product such as life insurance.
Because of this, Transamerica makes it a priority to contain rates within the spending guidelines of a demographic that wants to have maximum life insurance benefits without paying a maximum price.
Transamerica also realizes that within this younger age group, doing business online is what they’re accustomed to and what they’re familiar with. The company’s website is therefore designed to be fast, smooth and easy to navigate, transitioning seamlessly from one section to another.
Young adult consumers expect an online experience that’s user-friendly with clear, concise information that they can move through quickly and efficiently. Transamerica’s website provides that experience, making it possible for visitors to access the site with ease. It is Transamerica’s firm belief that everyone, regardless of age or financial situation, deserves the protection and security that is provided by life insurance.
Life insurance companies may find it a challenge to market to this younger age group, which might be attributed to the fact that a lot of younger people don’t feel any urgency to secure life insurance. This age group is taking its time marrying and starting families, so they often postpone getting life insurance until they do.
Insurers such as Transamerica focus on marketing life insurance to this age group because it’s a smooth business move. Younger policyholders have lower mortality rates, which adds up to higher profits for the life insurance company.
Of the companies I reviewed for this research, Transamerica came in the lowest in customer service. This could have something to do with Transamerica only using independent agents for sales and service. Some indie agents, working without company supervision, probably have room for considerable improvement in both those areas, which would account for the less than ideal ratings in customer service.
Benefits & Drawbacks
⇅- No medical examination for up to $2 million for qualifying applicants
- Policy face amounts go to as much as $10 million
- You can purchase term life insurance online ✓
- $25,000 is the minimum term life insurance face amount you can buy
- Has a lower customer service satisfaction rating than some competitors ✘
Best Life Insurance Companies For Young Adults In South Carolina
| Company | Average Monthly Cost |
| MassMutual | $15.12 |
| Nationwide | $18.60 |
| Mutual of Omaha | $20.63 |
| Transamerica | $21.35 |
| Progressive Life | $21.50 |
*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.
How To Find The Best Life Insurance Company For You
If you live in South Carolina and want to purchase life insurance, be aware that when it comes to life insurance, there is no one-size-fits-all policy. Insuranceopedia knows that each person’s situation is unique to that person alone and no one else.
I was careful to bear this in mind when reviewing different insurance companies and assigning awards for the various categories, based on my research. What could be the perfect coverage for one person might not work at all for the next.
So, it just makes sense to shop around before buying. To ensure you’re getting the very best life insurance for your particular circumstances, I recommend that you follow these 3 steps:
- To begin, you should determine the amount of life insurance coverage that will be adequate for your needs. Most life insurance companies have “life insurance calculators” on their websites that are handy to help you figure how much is enough for your situation.
- Select three companies that seem suitable for your circumstances, then make comparisons between them. Comparing life insurance is a wise move, but don’t make the mistake of just comparing price and nothing else. You should compare financial strength, coverage, customer reviews, and other important factors. Low premiums are important, but low premiums won’t help your family if your life insurance company is unable to pay a claim.
- When you’ve narrowed your choices down to just one company, go ahead and submit an application for coverage. Most companies will accept online applications, but if they won’t you’ll have to meet with an agent. Many life insurance shoppers don’t go on to become life insurance buyers, telling themselves they’ll get it later. But, here’s the thing about life insurance: By the time it’s needed, it’s too late to get it. Your family’s financial future is up to you, so it’s important not to postpone purchasing life insurance.
Largest Life Insurance Companies In South Carolina
There are many life insurance companies operating in South Carolina. Here are the five largest, measured by market share:
| Company | Market Share |
| New York Life | 6.3% |
| Northwestern Mutual | 6.1 |
| MassMutual | 4.2 |
| Primerica | 1.9 |
| Southern Farm Bureau Life Insurance | 1.8 |
Average Cost Of Life Insurance In South Carolina
Best Cheap Life Insurance Companies In South Carolina For Females
| Company | Rates for $250,000 Coverage | Rates for $632,000 Coverage |
| Mass Mutual | $9.42 | $14.25 |
| Transamerica | $9.50 | $15.95 |
| Nationwide | $10.45 | $14.10 |
| Mutual of Omaha | $11.24 | $14.06 |
| State Farm | $16.87 | $27.13 |
*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker
Best Cheap Life Insurance Companies In South Carolina For Males
| Company | Rates for $250,000 Coverage | Rates for $632,000 Coverage |
| MassMutual | $9.97 | $16.18 |
| Nationwide | $10.65 | $15.68 |
| Mutual of Omaha | $11.21 | $16.97 |
| Transamerica | $15.10 | $29.07 |
| State Farm | $18.99 | $32.54 |
**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker
Factors That Impact The Cost Of Your Life Insurance In South Carolina
The price of life insurance in South Carolina is affected by a number of factors, including:
- Age
- Health status
- Gender
- Smoking habits
- Credit score
- Riders added to your policy
It’s nothing unusual for men to have more costly life insurance than women because on average, men have shorter life spans than their female counterparts. This is much the same way as insurance rates for smokers.
Male and female smokers typically pay higher rates for life insurance because they average having shorter life spans than nonsmokers. Insurance providers in South Carolina will look at other areas, too, like your health status or credit score, when they’re determining your rates. If you choose to add riders to your policy, maybe a child rider or a disability waiver of premium, this will cause more costly rates, also.
How Much Life Insurance Do You Need In South Carolina?
The amount of life insurance that is adequate for your circumstances depends on your needs. For instance, homeowners generally require more life insurance coverage than renters. People with dependents usually need more coverage, also.
Most life insurance agents will recommend that you purchase coverage of 10-20 times your annual income to make sure there’s enough for your family. For instance, if your annual income is $75,000, you may need coverage ranging from $750,000 to $1.5 million for your loved ones to live comfortably.
South Carolina Life Insurance Laws To Know
If you’re planning to buy life insurance in South Carolina, you might find it helpful to acquire a basic knowledge of the state’s guidelines that have been written to protect policyholders. These laws include:
Contestable Period
Life insurance companies in South Carolina may deny paying a claim if they discover that the policyholder gave false or misleading information on the application, within the first two years of the policy’s effective date. However, once two years have gone by the insurance provider cannot contest the application due to errors or discrepancies.
Free Look Period
When you receive your life insurance policy, you’ll have 10 days to look it over. If you decide that you don’t want the policy after all within this 10 day period, you may return it without penalty, and receive a full refund for any premiums you paid.
Grace Period For Missed Payments
If you miss a payment, South Carolina law provides you with a 30 day grace period. During this 30 days, you’ll still be able to pay the late payment without losing your insurance.
Time Allowable To Settle A Claim
Beneficiaries are required to file a claim with the insurance company in order to receive benefits. After the claim has been filed, life insurance companies in South Carolina are required to pay the claim within thirty days.
FAQs
Is life insurance more expensive in South Carolina?
No, it’s about the same as rates in other states across the U.S. If companies charge higher rates, it might be because they’ve paid out more claims than they initially expected.
How much per month is a million-dollar life insurance policy in South Carolina?
Based on my research, MassMutual has the best rates for a 10 year term life policy of $1 million in South Carolina, with a premium of around $25 monthly.
What is the average monthly cost of life insurance in South Carolina?
Life insurance premiums for the average 30 year old man in South Carolina are about $9.99 monthly for $250,000 of coverage. The same coverage amount for a 30 year old female in South Carolina will cost about $9.50 monthly.
