Best life insurance companies in South Carolina (2024)

We compared rates, coverage options, and financial strength ratings to help South Carolina residents find the best life insurance companies in the state.

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By

Gianetta PalmerContributing WriterGianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|5 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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According to a recent AARP study, South Carolina is one of the 10 U.S. states with the shortest life expectancy. [1] If you live in South Carolina, that makes it even more important to secure your family's financial future in the event of your death. To help simplify your options, we used our evidence-based rating methodology to find the best life insurance companies available to South Carolinians.

We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.

Best life insurance companies in South Carolina

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance

Whether you live in Myrtle Beach or Spartanburg, Legal & General America, which also does business as Banner Life and William Penn, offers affordable rates for term life and whole life insurance policies. And with a strong financial rating from AM Best, you can be confident it’ll be around when needed the most.

Cheapest life insurance

We chose Legal & General America in this category for its affordable life insurance rates and term lengths of up to 40 years. In addition, it offers relatively competitive rates for people with certain medical conditions and tobacco smokers.

Best term life insurance

South Carolina residents who need term life insurance to protect their family’s future should consider Legal & General America, which offers terms as long as 40 years. Term life insures you for a specific length of time instead of indefinitely, which makes it more affordable than other types of life insurance. If a policyholder dies during the term, their beneficiaries receive the total value of the death benefit, a lump sum of money also known as the coverage amount.

Best no-medical-exam life insurance

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2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam option

Cons

  • Traditional term life not available in CA, IL, LA, ME, or NY

  • Term life applicants limited to ages 25-50

If you have a medical condition and need life insurance, but aren't sure if you’ll qualify, Brighthouse Financial offers near-instant approval on its no-medical-exam policies. Instead, it relies on past medical records to set your rate and approve your application.

Best whole life insurance

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

Whole life insurance stays active for your entire life and builds cash value along the way, which is why it typically costs five to 15 times more than term life insurance. We picked MassMutual in part because it pays higher dividends to policyholders than competitors, which increases your cash value faster.

Best for seniors

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2024 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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No-medical-exam option

Why we chose itchevron icon

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and conschevron icon

Pros

  • Good for people over 60

  • More flexible income requirements than some other insurers

  • Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

  • Younger applicants will likely find better prices elsewhere

If you’re over age 60 and looking for life insurance, Prudential offers affordable rates for seniors, especially compared to many of its competitors. It also offers more flexible requirements and cheaper premiums for people with osteoporosis and other aging-related health conditions.

Best for young adults

Brighthouse Financial

Brighthouse Financial is a great option for younger adults looking to protect their family's financial future. You can get a policy quickly and the premiums are affordable. Brighthouse Financial also offers a long-term care rider to help your family if you become incapacitated and unable to work.

Best for people with pre-existing conditions 

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2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

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No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

Pros

  • Affordable rates

  • Good for many existing health conditions, including depression, stroke, and heart conditions

  • Good for marijuana users, including daily users

Cons

  • Term life not available in New York

Most people can still get life insurance even with a complicated medical history. Lincoln Financial offers the most affordable rates to people with cancer, arthritis, diabetes, and other pre-existing health conditions.

Best for marijuana users

Lincoln Financial

People who use marijuana can get life insurance, but often have to pay more than those who don't. Unlike many life insurance companies, Lincoln Financial offers excellent rates for daily users.

Best for smokers 

Tobacco smokers pay more for life insurance than people who don’t smoke, but Legal & General America offers better rates for smokers than other insurers. Plus, Legal & General America allows policyholders to apply to have their premiums lowered after being smoke-free for one year.

Ready to shop for life insurance in South Carolina?

Comparing the best life insurance companies in South Carolina

Company 

Policygenius rating

Best for

Types of policies 

Brighthouse Financial

5.0 / 5

No-medical-exam life, young adults

Term life, no-medical-exam life, whole life, short-term life, universal life

Legal & General America

4.9 / 5

Overall, cheapest, term life, smokers

Term life, no-medical-exam life, universal life

MassMutual

4.9 / 5

Whole life

Term life, no-medical-exam life, whole life, universal life, variable universal life

Lincoln Financial

4.8 / 5

Marijuana users, people with pre-existing conditions

Term life, no-medical-exam life, indexed universal life, variable universal life

Prudential

4.1 / 5

Seniors

Term life, no-medical-exam life, short-term life, universal life, indexed universal life

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

As with most kinds of insurance, personal data like your age and lifestyle choices affect the rates you’ll pay for life insurance. According to the latest Policygenius data from 2023, the average monthly cost of life insurance in South Carolina for a 35-year-old adult with a 20-year, $500,000 term life insurance policy is $25.76 for women and $30.79 for men.

What happens if a life insurance company goes bankrupt in South Carolina?

While it’s uncommon for life insurance companies to go out of business, it does happen. South Carolina residents with life insurance policies are protected by the South Carolina Property and Casualty Insurance Guaranty Association (SCPCIGA) if an insurer becomes insolvent or goes out of business. The limit for death policy benefits for policyholders is $300,000.

How to find a lost life insurance policy in South Carolina

If you suspect a deceased loved one had a life insurance policy but cannot locate it, you can use the State Treasurer of South Carolina’s Unclaimed Property Program.

If your loved one only moved to the state recently, also search the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service. It lists information from all 50 states about unclaimed life insurance policies.

Ready to shop for life insurance in South Carolina?

South Carolina life insurance laws

Companies that sell life insurance in South Carolina must follow rules and regulations set forth by the state that protect the rights of policyholders. 

Free look period

South Carolina residents have 10 days to review a new life insurance policy before it becomes valid. If the policy was received through the mail, residents have 30 days to review it and can get a refund on any premiums paid if they decide not to keep the policy.

Guaranty Fund protection

The South Carolina Property and Casualty Insurance Guaranty Association (SCPCIGA) protects policyholders when an insurer becomes insolvent or goes out of business. The limit for death policy benefits for policyholders is $300,000.

Contestable period

The contestable period of a life insurance policy is a predetermined length of time when an insurance provider can deny benefits on a claim if it determines that the application contains misrepresentations. In South Carolina, the contestable period is two years.

Time allowable to settle a claim

South Carolina beneficiaries can expect payment within 30 days after submitting a claim. Insurers must pay out claims within this period and pay interest on unsettled claims at the current going rate.

Grace period for missed payments

The grace period in South Carolina for a missed life insurance premium is 30 days. During this time frame, insurers must still pay any submitted claims.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. AARP

    . "

    10 states with the lowest life expectancies

    ." Accessed April 04, 2023.

Author

Gianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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