South Carolina Life Insurance

Find affordable life insurance quotes at SaveOnLifeInsuranceNow.com. Compare rates for free! There are 493 licensed life insurers in South Carolina, 12 of them are located in the state. The industry creates 10,000 jobs in South Carolina and invests approximately $40 billion of their assets in the state’s economy.Approximately 3 million residents are covered under individual life insurance policies. Group life insurance coverage amounts to $90 billion. The average coverage amount is $61,000 per person. Only in 2008, for instance, South Carolina policy holders received over $6 billion in the form of death benefits and annuities. Find cheap term life insurance quotes online.

South Carolina Life Insurance Regulations

The 10-day “free look” provision under Section 38 of the South Carolina Code 9which regulates the policy requirements in SC) protects consumers in the state. During this trial period you can choose to decline the coverage for a full refund. There’s also a 30-days grace period for late payments which is provided by all life insurers in the state. South Carolina life insurance companies are also obligated to settle claims within on month. Any consumer misrepresentation on an application will lead to a policy cancellation.

South Carolina Health Facts

Approximately 4.5 million people live in South Carolina. 16% of residents are uninsured. the average annual income is $42,000. The state ranks 47th out of 50 for life expectancy (74 years). The data provided by American Human Development Report (2008-2009). More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

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South Carolina Department of Insurance

1201 Main Street, Suite 1000

Columbia, South Carolina 29201

Web site: http://www.doi.sc.gov/

Consumer Services Phone Number: (800) 768-3467