South Carolina Life Insurance

A South Carolina Life Insurance policy represents a contractual agreement between yourself and a life insurance company. The purpose of South Carolina Life Insurance is to pay a pre-determined sum of money, known as a death benefit,  to your survivors in the event of your death, to cover expenses and make up for the lack of your income. Some South Carolina Life Insurance polices, known as Permanent Life insurance policies, also have a cash value. Regulations regarding South Carolina Life Insurance usually come into play when a claim is filed, and have to do with payment terms and other issues surrounding the disbursement of death benefits.  

Why Do I Need South Carolina Life Insurance?

You may wonder why you even need South Carolina Life Insurance. Take a look at these figures.

South Carolina has one of the lowest life expectancy rates in the nation and is ranked 47th out of 50 states and the District of Columbia with a life expectancy of 74.8 years.  That means for every 100,000 people in South Carolina, over 900 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2,000, and at 75 to 84 over 5,000 South Carolinians die for every 100,000 residing in the state. Last year almost 64,000 South Carolinians died of Heart Disease. More on mortality by age, sex and race, and the leading causes of death in South Carolina can be found at: http://www.cdc.gov/nchs/pressroom/data/SouthCarolina09.pdf

For more reasons why you should apply for South Carolina Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

South Carolina Life Insurance Specifics

South Carolina regulates its insurance industry through The State Insurance Code of South Carolina. Under the code, those purchasing South Carolina Life Insurance are afforded certain protections such as:

Free Look: Under State Code a “free look” means you are entitled to change your mind.
All sellers of South Carolina Life Insurance plans are obligated to include the Free Look provision. With Free Look, you can choose to cancel your life insurance policy for any reason, even after you have signed the contract with the insurance company and received all policy documents. In most cases the free look period is at least a 20 days without penalty. Some South Carolina Life Insurance Companies give as many as 30 days to review a policy and cancel without penalty.

Death Benefit Processing: In South Carolina your beneficiaries are entitled to swift and efficient payment of death benefits. If all documentation is in order, the norm is within 60 days. The State Code also provides for South Carolina Life Insurance companies to pay interest on death benefits. With a South Carolina Life Insurance policy, interest begins to be applied to a death benefit as soon as a claim is filed.

Life insurance purchasers are not the only ones protected by state regulations. South Carolina Life Insurance sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, a South Carolina Life Insurance company can question any information you stated on your South Carolina Life Insurance application for up to two years from the purchase of the policy. Any discrepancies, especially those related to medications or tobacco use, can result in revocation of the policy. Allowances for misstatement of age are given. If age is found to be incorrect, the policy rate will likely be adjusted to reflect the accurate age, but not terminated entirely.

South Carolina Life Insurance State Resources

South Carolina Department of Insurance The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the South Carolina Life Insurance industry.
http://www.doi.sc.gov/

South Carolina Life & Health Insurance Guaranty Association State guaranty associations are there to provide protection and continuing South Carolina Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.sclifega.org/

South Carolina Life Insurance Company Ratings These companies provide ratings for South Carolina Life Insurance Companies based on financial strength and past performance.
http://www.ambest.com/
http://www.moodys.com/cust/default_alt.asp
http://www2.standardandpoors.com

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