South Carolina Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

All smart financial plans come with a life insurance policy. Adding this to your investment portfolio will prove really helpful, particularly for your loved ones. After filing a claim and receiving the death benefit, they can minimize the risks that your loss can bring. Like any other investment though, life cover is long-term. This is why you should first establish how much you need and can afford. This way, you can avoid buying too much (or too little), and also make sure you can afford the monthly payments. Check out the tables below to have an idea on how much this type of insurance costs Columbia, South Carolina residents.

Estimated Monthly Premiums
Columbia, SC 29201
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

You can see right away that smoking greatly increases premiums, regardless of age and gender. Just compare the premiums of non-smoking 30-year old men with those of non-smokers: on a monthly average, the former pay $41 less. Women of the same age who don’t smoke pay about $32 less than those who do. Buy life insurance in your 40s or 50s as a smoker, and you can expect your premiums to cost thousands of dollars more every year.

Shortening term but opting for a larger death benefit

If you want a $500,000 policy value with a 20-year term, your premiums will look like any of these:

Estimated Monthly Premiums
Columbia, SC 29201
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

Becoming insured while you’re still a young adult is key to enjoying better premiums. Even if you’re a non-smoker, buying when you’re already a male in your 40s or 50s means paying around $55 a month more on average. For women, the difference between the premiums of the younger and the older non-smoking group is close to $47 a month.

More life insurance help

One of the key takeaways from both tables is that the older you are when you first purchase life insurance, the higher the insurance company charges you. So to minimize your overall expenses, get insured at a younger age. And make sure that the South Carolina Insurance Department shows the provider you’ll work with as a licensed seller.