Best Life Insurance Companies In South Carolina

Based on its quality coverage and competitive pricing, we found Mutual of Omaha to be the best life insurance company in South Carolina.

min read
Updated: 15 September 2023
Written by
Bob Phillips

On this page

Open

Residents of South Carolina, like everyone else, desire to save time and money while searching for the best life insurance policies. At Insuranceopedia, we aim to do the research for you and assist you in finding the most suitable policy for your needs in a timely manner. We believe Mutual of Omaha is the best overall in South Carolina.

Other companies that ranked high in our ratings based on our research and my 15+ years selling life insurance were MassMutual as best for seniors, Nationwide as best for young adults, State Farm tops in life insurance for smokers and also best for customer service. In addition to being the best overall, Mutual of Omaha earned top honors for providing the cheapest life insurance in South Carolina.

Investing just a few moments to read the following results will prove to be valuable for you and your family. Failing to have adequate life insurance coverage may mean that your loved ones won’t be able to maintain the lifestyle you envision for them if you were to pass away suddenly. Purchasing life insurance clearly indicates your dedication and commitment to the important people in your life.

Best Life Insurance Companies In South Carolina 2023

mutualofohamaicon-logo
Best Life Insurance Overall - Mutual of Omaha
mass-mutual-icon-logo
Best for Seniors - MassMutual
nationwide-icon-logo
Best for Young People - Nationwide
state-farm-icon-logo-red
Best for Smokers - State Farm
Best Life Insurance Companies, South Carolina 2023

Compare The Best Life Insurance Companies In South Carolina

To help in your evaluation of the top life insurance companies in South Carolina, here is a table displaying our preferred companies across a few key criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating Online Experience Get A Quote
Mutual of Omaha
4.9

Best Overall

A+

801

9.7

Instant Quote
MassMutual
4.7

Best For Seniors

A++

780

9.7

Instant Quote
Nationwide
4.6

Young Adults

A+

791

9.8

Instant Quote
State Farm
4.8

Best For Customer Service

A++

839

9.5

Instant Quote
Mutual of Omaha
4.9

Best For Cheapest Life Insurance

A+

801

9.7

Instant Quote
State Farm
4.8

Best For Smokers

A++

839

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

We took a diligent and exhaustive approach when choosing the best life insurance companies. Our assessment considered several factors, such as customer service ratings, product offerings, pricing, and online experience. Moreover, my experience selling life insurance and interacting with agents from other firms gave me valuable insights into their products and services.

Our selection process did not solely rely on finding the cheapest life insurance, except for the "Best for Cheapest Life Insurance" category. We strongly believe that each of these companies is exceptional in their respective market niche, and price should not be the only factor to consider when selecting a life insurance policy or company.

53

Quotes Analyzed

15+

Years Of Industry Experience

19

Brands Reviewed

22+

Research Hours

Life Insurance Company Reviews


Best Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Though Mutual of Omaha is best known for the strength of its product line for seniors, Mutual of Omaha has shown a strong commitment to making life insurance available and affordable for all of South Carolina’s demographics.

In The Palmetto State, Mutual of Omaha has established offices in Charleston and Columbia and has numerous company agents throughout the state who maintain their own offices. The company’s agents are not brokers; they’re career agents who are very well-trained in Mutual’s diverse product line.

In addition to senior life insurance products, including guaranteed issue and simplified issue policies, Mutual of Omaha offers term, whole, and universal life insurance. Premiums across all of its products are competitively priced, and Mutual sells smaller face amounts for those on a tight budget or who need less coverage.

Being chosen as the Best Overall reflects Mutual of Omaha’s dedication to providing a diverse product line supported by a well-trained sales team and having the cheapest rates. Although Mutual of Omaha may not have the same level of brand recognition with younger adults in South Carolina, it is a highly respected brand throughout the state.

Benefits & Drawbacks

Benefits
  • High customer satisfaction ratings
  • Diverse product portfolio with many riders
  • Overall cheapest rates in South Carolina
Drawbacks
  • Not all products can be purchased online
  • Sold only through Mutual of Omaha agents

Best For Seniors

Overall Rating
4.7

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Founded in 1851, MassMutual offers a wide range of products available to seniors, including term, whole, and universal life. Its variable universal life insurance includes flexible premiums and investment opportunities.

Seniors are familiar and comfortable with the name MassMutual due to their consistent advertising over the years, which has established them as a symbol of stability and financial strength. Compared to smaller or unfamiliar insurance companies, many seniors trust MassMutual to be able to pay the policy’s death benefit when needed.

MassMutual’s premiums for seniors are also the most competitive of the insurers we reviewed in South Carolina. The company is not known for having cheap life insurance premiums, but it has been very aggressive with its pricing for seniors here.

Seniors pay more for life insurance than any other age group. With many seniors living off of a fixed income and having had health issues develop over the years, finding affordable life insurance they can qualify for becomes a challenge for many of them. Fortunately, many name-brand insurers still offer coverage.

Benefits & Drawbacks

Benefits
  • Most competitive rates for seniors in South Carolina
  • The company is very sound financially
  • Well-trained agents sell life insurance to seniors
Drawbacks
  • Only sold through MassMutual agents
  • No guaranteed issue policy for seniors
  • Can’t be purchased online

Best Life Insurance Companies For Seniors In South Carolina

Company Monthly Cost
MassMutual $38.37
Mutual of Omaha $43.47
Nationwide $44.19
State Farm $51.50
Progressive Life $69.17

*Based on $71,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.6

Key Statistics

9/10 Affordability
7/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Nationwide had the second lowest rates for young adults. However, we still awarded it best for young adults because of its availability to meet with young buyers personally or satisfy their needs online. Nationwide has many agents throughout South Carolina who will meet in their neighborhood offices to personally educate younger people about the different types of life insurance and help them find the right policy at an affordable rate.

Nationwide also has built a very robust website that young adults appreciate. The site lets young life insurance shoppers quickly get quotes on various products and face amounts and then complete an online application which only takes a few minutes. The company has smartly recognized that the younger generations prefer to gather information online and responded accordingly.

Life insurance companies struggle to attract younger buyers who often only see the value of having life insurance after marriage or having children. Despite this challenge, many large insurers continue to market life insurance to this demographic due to their lower mortality rates, resulting in the potential for higher profits.

Benefits & Drawbacks

Benefits
  • You can buy term life insurance online
  • Policy face amounts go as high as $10 million
  • Bundle discount on auto insurance for life insurance customers
Drawbacks
  • Not as many local offices as some major competitors
  • Numerous negative reviews online concerning customer service

Best Life Insurance Companies For Young Adults In South Carolina

Company Monthly Cost
MassMutual $15.72
Nationwide $18.59
Mutual of Omaha $20.65
Transamerica $20.74
Progressive Life $21.53

*Rates are for a 25-year-old male nonsmoker that purchases a $240,000 20-year term life policy.


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

For many years, J.D. Powers has recognized State Farm as a life insurance company that consistently receives high customer satisfaction ratings due to its commitment to superior policyholder service. This is not surprising, given that it has more agents in the field than any other insurance company in America.

State Farm has earned its reputation for providing exceptional customer service because of its commitment to having a strong presence in just about every neighborhood in the more populated areas. The company has a unique presence with many local neighborhood offices located seemingly everywhere, allowing policyholders to meet with their local agent in person for any sales assistance or policyholder service they require.

Top-notch customer service and quick claims processing are particularly important in the life insurance industry, where families rely on their insurer for timely and compassionate support during a difficult time. Checking the J.D. Powers satisfaction ratings should be one of your benchmarks when selecting a life insurer.

Benefits & Drawbacks

Benefits
  • 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
Drawbacks
  • Can only buy policies from State Farm agents
  • A limited number of riders are available

Best For Cheapest Life Insurance

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Mutual of Omaha, which we’ve recognized as South Carolina’s top life insurance provider, is also a financial leader with highly competitive rates throughout the state. Despite the presence of numerous low-cost term insurance companies in South Carolina, Mutual of Omaha’s rates remain the most favorable.

Price is an essential consideration for life insurance buyers, even though it is not advisable to base your purchasing decision solely on it. Mutual of Omaha is best known for its high-quality products and excellent policyholder service rather than affordability, but it offers the best rates for those seeking life insurance in South Carolina. The company is determined to increase its market share in the state and is employing aggressive pricing strategies to achieve this objective.

In today’s economy, the cost of life insurance is a significant consideration. While it can be tricky if you buy insurance on price alone, many insurers that are household names continue to offer affordable life insurance.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Mutual of Omaha policies
  • Offers a full complement of life insurance products
  • Is the least expensive we evaluated for life insurance in South Carolina
Drawbacks
  • No online applications for life insurance products
  • Can only buy through a Mutual of Omaha agent

Cheapest Life Insurance Companies In South Carolina

Company Average Monthly Cost
Mutual of Omaha $11.22
Nationwide $10.43
MassMutual $9.40
Transamerica $9.49
AAA $13.07

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


Best For Smokers

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

If you’re a smoker in South Carolina looking for life insurance, State Farm is a great option. Its rates for smokers are lower than all of the competition, and the company’s excellent reputation, agent accessibility, and top-notch customer service also make them the best choice. With numerous local offices for sales and service, Nationwide lives up to its slogan of being “a good neighbor.”

If you’re a smoker and want to purchase life insurance, your rates will be much higher than those of a non-smoker. However, you can reduce your rates to match those of non-smokers by showing that you haven’t smoked for 12-24 months (depending on the insurance provider). To do so, you’ll need to take a paramedical exam and a blood test to confirm that there’s no nicotine in your system.

Depending on the company, smokers can pay as much as twice the price that nonsmokers pay for life insurance. If you are a smoker and quit for two years, many insurers will convert your rates to nonsmoking rates. You’ll need to have an exam to prove there is no nicotine in your system.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells State Farm policies
  • Offers a full complement of life insurance products
  • Has many offices located throughout South Carolina
Drawbacks
  • No online applications for life insurance products
  • Can only buy through a State Farm agent

Best Life Insurance Companies In South Carolina For smokers

Company Average Monthly Cost
State Farm $112
MassMutual $113
Mutual of Omaha $119
Nationwide $124
Transamerica $128

*Rates based on $628,000 of 20-year term life for a 30-year-old male smoker

How To Find The Best Life Insurance Company For You

When searching for life insurance in South Carolina, it’s crucial to recognize that there isn’t a universal solution. At insuranceopedia, we acknowledge that each person’s circumstances are distinct. That’s why we assess various insurance providers and offer awards in different categories. To identify the most suitable life insurance for your particular requirements, we suggest following these three steps:

To get started on buying life insurance, the first step is to determine the amount of coverage you need. Most life insurance companies have “life insurance calculators” on their websites to help you with this.

After that, it’s a good idea to choose at least three different companies to compare. Don’t just look at their rates – also check their financial stability. It’s not worth it to go with a company that has low rates if they won’t be able to pay your claim.

Finally, apply for coverage as soon as possible. Many people who start shopping for life insurance never purchase a policy, so it’s important to act quickly. Remember, this is about your family’s financial future, so it’s crucial not to procrastinate.

Largest Life Insurance Companies In South Carolina

There are dozens of life insurance companies doing business in South Carolina. These are the five largest as measured by market share:

Company Market Share
Northwestern Mutual 6.83%
Lincoln Financial 5.86%
New York Life 5.02%
State Farm 4.99%
MassMutual 4.49%

Average Cost Of Life Insurance In South Carolina

The average cost of life insurance in South Carolina is lower for females because they live longer than males. As a result, women pay an average of $15.31 per month for a $250,000 policy, while men spend an average of $19.27 per month for the same coverage.

Best Cheap Life Insurance Companies In South Carolina For Females

Company Rates for $250,000 Coverage Rates for $628,000

Coverage

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

*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 $628,000 Coverage
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

**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 cost of life insurance in South Carolina is influenced by several factors, including:

  • Your life insurance company: rates vary by insurer based on its claims experience
  • Age: rates rise every year you get older
  • Gender: females pay lower rates because they statistically live longer than males
  • Health status: you’ll pay more if you have had major health problems, such as cancer or heart surgery
  • Smoking habits: smokers pay as much as 75% more than nonsmokers because they don’t live as long
  • Credit score: people with lower credit scores pay more for life insurance in South Carolina

How Much Life Insurance Do You Need In South Carolina?

The necessary amount of life insurance is subject to personal factors. Homeowners typically require more coverage than renters, while individuals with dependents, like children, may need higher protection.

Insurance experts suggest securing coverage of 10 to 20 times your annual salary to provide sufficient security for your family. For example, if you earn $75,000 per year, your recommended coverage would range from $750,000 to $1.5 million.

South Carolina Life Insurance Laws To Know

If you are considering buying life insurance as a resident of South Carolina, it’s important to know that the state has specific guidelines in place to protect you as a policyholder. These laws include the following:

Contestable Period

In South Carolina, life insurance companies have the right to reject a claim if they find out that the policyholder provided incorrect or misleading information on their application within two years of the policy’s start date.

Free Look Period

Once you receive your life insurance policy from the company or agent, you’ll have 10 days to review it. If you decide you don’t want the policy during this period, you can return it without penalty and receive a full refund of any premiums already paid to the insurance company.

Grace Period For Missed Payments

If you miss a payment in South Carolina, don’t worry, as the law provides a 30-day grace period. During this period, you can still make the payment and keep your coverage without any loss.

Time Allowable To Settle A Claim

For beneficiaries to obtain benefits, they need to submit a claim to the insurance company. In South Carolina, all life insurance companies are required to resolve claims within 30 days.

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.

FAQs

Is life insurance more expensive in South Carolina?

In South Carolina, the price of life insurance is similar to that of other states. Insurance companies that charge higher premiums usually do so because they have paid out more claims than expected.

How much per month is a million-dollar life insurance policy in South Carolina?

After conducting research, it was discovered that Mutual of Omaha provides the most affordable rate for a 10-year term life insurance policy worth $1 million in South Carolina. The monthly premium for this policy is about $25.

What is the average monthly cost of life insurance in South Carolina?

The average monthly cost of life insurance in South Carolina for a 30-year-old male can be as low as $9.99 for $250,000 of coverage and $9.40 for a female who is the same age.

Go back to top