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 A.M. 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
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology: How we chose the best life insurance companies in each state
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Whether you live in Myrtle Beach or Spartanburg, Banner Life 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
Banner Life
We chose Banner Life 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
Banner Life
South Carolina residents who need term life insurance to protect their family’s future should consider Banner Life, 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
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
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 cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med 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
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience 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
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
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 cons
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
No-med option can end up requiring a medical exam most of the time
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
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
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
Banner Life
Tobacco smokers pay more for life insurance than people who don’t smoke, but Banner Life offers better rates for smokers than other insurers. Plus, Banner Life 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 | |
Banner Life | 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 June 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.
Frequently asked questions
What is the top life insurance provider in South Carolina?
The top life insurance provider in South Carolina is Banner Life. It offers competitive rates for different lifestyles and provides an easy application process.
What kinds of life insurance are available in South Carolina?
All kinds of life insurance are available in South Carolina, including term life insurance, the most popular and most affordable policy type in the U.S.
How can I find a lost life insurance policy in South Carolina?
You can locate a lost insurance policy in South Carolina by contacting treasurer.sc.gov or by visiting the NAIC Life Policy Locator.
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