In the Palmetto State, there is a lot to be thankful for. From Myrtle Beach down to Hilton Head Island, up to beautiful Ceasers Head State Park, and everywhere in between. South Carolinians have one of the most diverse sceneries and gorgeous states in the country.
Typically the item that is not discussed or thought about is funeral expenses. This is a major unexpected cost to place on family members and loved ones.
Fortunately, this is where final expense insurance for seniors can be an extremely financially responsible way to pay for these inevitable costs.
11 Answers To South Carolina Final Expense Insurance FAQs
1. What is a South Carolina Final Expense Life Insurance Policy?
Final expense coverage is a type of whole life insurance and is also referred to as burial insurance and funeral insurance. This additional terminology is used for marketing and to explain the intent of the coverage.
Every whole life insurance product offers the following three benefits, which are required to be considered a whole life plan.
Coverage Lock: The amount of coverage never decreases. The amount initially taken out is the death benefit that the beneficiary will receive. Whole life insurance never expires and lasts for the insured’s entire life.
Price Lock: The cost of the premiums will never increase or fluctuate. This is a valuable budgeting tool for many senior citizens in SC.
Builds Cash Value: Over time, the policy will accumulate a cash value and allow you to borrow from it if desired.
2. What Makes Final Expense Insurance a Good Idea for South Carolina Seniors?
When looking at insurance to cover funeral costs specifically, the biggest difference in how final expense works compared to the traditional plans is accessibility and affordability.
Low-Cost Coverage: Final Expense Insurance plans have a much smaller face amount allowing for a much more reasonable monthly premium payment.
No Medical Exam: Funeral insurance policies go through a simplified underwriting process, meaning you will never be asked to get a medical exam. The application can be submitted and approved without leaving your home.
3. How Much Does a Burial Policy Cost in South Carolina?
The average cost of burial insurance for South Carolina residents is shown in the chart below. Several factors play into the quotes listed, but the main thing is health. The healthier the applicant is, the less expensive the policy will be.
Personalized quotes are available by using the quote machine on this page.
Monthly Premium Range
$10,000 Death Benefit
Non-Smoking Quotes in SC
|45||$23 – $34||$27 – $47|
|50||$24 – $39||$31 – $56|
|55||$28 – $47||$36 – $61|
|60||$33 – $54||$44 – $68|
|65||$41 – $66||$56 – $91|
|70||$53 – $80||$75 – $106|
|75||$72 – $116||$100 – $150|
|80||$98 – $190||$140 – $232|
|85||$136 – $220||$193 – $312|
4. How are Prices for South Carolina Funeral Insurance Calculated?
Several things decide the price that someone will pay for final expense coverage. First, understand that each life insurance company sets its own underwriting guidelines and prices. Because of this, quotes can greatly vary from one carrier to the next.
Health: The health status of the applicant will determine which policies they can qualify for. The healthier someone is, the more coverage options they will have. Health will also determine if there will be a waiting period or if you can get immediate protection.
Age: The older an applicant is, the more they will pay. Remember, the price never increases once the insurance policy has been secured, but the longer you wait to get coverage, the higher the price.
Gender: As you can see in the chart above, men pay more for life insurance premiums than women.
Policy Amount: The higher the death benefit, the more you will pay. Since the available coverage amounts are lower, the cost is low when compared to other insurance policies.
5. What Can the Death Benefit be Used For?
There are no regulations as to what the beneficiary can or cannot spend the death benefit on. However, there is a standard set of items that most beneficiaries use the money for.
- Memorial/Celebration of Life
- Credit Card Debt
- Charity Donations
- Remaining Balance on a Mortgage
- Remaining Car Loan Balances
- Leaving an Inheritance
- Medical Bills
- Legal Expenses
- Post-Mortem Expenses
- Other Final Expenses
6. When Will I Be Too Old To Qualify for a New Policy?
Many insurance providers stop providing initial coverage to applicants at the age of 80. However, a few select carriers will allow initial coverage up until the age of 89 or 90.
7. What Burial Insurance Plans are Available in South Carolina?
There are four types of plans. Applicants will have to medically qualify by answering health questions for three of the four plan types. Not all companies offer all types of policies, and the qualifying criteria are different for each plan and each company. Work with a specialized agent to determine which plan is best for you.
Level: Healthy seniors, lowest-cost coverage, no waiting period
Graded: Seniors in average health, increased cost, a 2+ year waiting period
Modified: More health concerns, higher cost, a 2+ year waiting period
Guaranteed Issue: High-risk health concerns, higher cost, a 2+ year waiting period
8. How Does a Waiting Period Work in SC?
A waiting period is a restriction that the carrier places on high-risk individuals. Waiting periods are a minimum of two years, but each insurance policy is different.
If the insured were to pass away during the waiting period, the beneficiary would receive a predetermined portion of the full coverage amount. If death occurs after the waiting period has ended, the full death benefit is available to the beneficiary.
Most seniors in South Carolina can qualify for funeral insurance with no waiting period.
9. What is the SC State Regulated Final Expense Program I Got in the Mail?
All life insurance is regulated by the state in which it is sold. The mailer that many seniors receive is a play on words and slick marketing phrases to entice people to reply. These mailers are sent by life insurance agents looking for sales.
The products they offer are likely legitimate. However, they often show up at your door in an attempt to have you purchase coverage from them. Deception is not a great way to start a relationship.
10. Does South Carolina Provide Burial Assistance for its Citizens?
There is no state assistance with funeral costs in South Carolina. However, certain counties and other organizations provide help to residents.
For seniors who qualify, Social Security will pay a maximum of $255 for your final expenses.
11. How Do I Get a Quote for South Carolina Burial Insurance?
The fastest and easiest way to get a quote estimate is to use our instant quote tool on this page. To find out which funeral insurance policy you qualify for, select “apply” or call Willamette Life at 844-576-0019.
There captive and independent life insurance agents in SC. Captive agents have access to only one insurance company’s products, while independent can represent as many as they want. Since independent agents have access to more companies and policies, they can better fit you with tailored final expense coverage.
How Willamette Life Can Help
Willamette Life is an independent insurance agency specializing in senior final expense coverage. Focusing solely on one type of life insurance can better help people navigate to find their best burial life insurance.
What Is The Best Burial Insurance In SC?
Many top life insurance companies operate in South Carolina. Some are outstanding, and others are less than impressive. It is important that you look into the policies offered before applying.
The best final expense insurance plan for you is most likely not the best plan for your friend or neighbor. There are three things that you should look at before applying for a funeral insurance policy.
Provider: Make sure that the life insurance company you are applying with has a good financial rating. Third-party organizations review these companies and assess a score based on their ability to meet ongoing policy and contract obligations (i.e., paying out your policy when due).
Coverage: Whenever possible, get life insurance coverage that begins immediately. A waiting period is inevitable with certain health conditions, but check all possibilities before proceeding with coverage you have to wait for. Never accept a plan restriction longer than two years.
Price: Having monthly premiums that you can afford may sound like a no-brainer, but keep in mind that you will be paying this amount for the foreseeable future. The cost of final expense coverage will never change, but your income might.
SC Funeral Statistics & Average Costs
The state of South Carolina does not require a funeral director for final disposition. If your heirs choose not to use a funeral director, they must file the death certificate themselves with the assistance of the doctor, coroner, or medical examiner. This can all be done electronically through SC’s death registration system.
Federal and state laws do not require a casket for burial. However, many cemeteries have their own standards for having an outer burial container. South Carolina law requires the top of the burial container to be a minimum of ten inches below ground.
How Much is the Average Funeral Cost in South Carolina?
Funeral expenses can range over a wide variety of price points depending on items selected throughout the process. The average traditional burial service in South Carolina is $7,624, and the average cremation cost is $6,212.
The chart below shows pricing in various cities throughout SC. Not included in the prices shown are the cost of a headstone, cemetery plot, or columbarium.
|Hilton Head Island||$7,432||$6,012|
South Carolina Cremations Rules & Preferences
SC has no state laws governing where cremated ashes can be stored or scattered. Residents of South Carolina chose to be cremated just under 50% of the time in 2020, with an estimated growth in 2030 to over 70%.
Unlike many other states, South Carolina has no regulations on the timeframe of when you must dispose of remains.
Lifespan Statistics & Causes of Death in SC
The average age of death in the state of South Carolina is 74.2 for males and 80 for females. This is a shorter life span than the national average of 76.3 and 81.4 for men and women, respectively.
Listed below are the top 10 leading causes of death in the state, according to the CDC.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s Disease
- Kidney Disease
Everyone from South Carolina knows a loved one or friend who has been negatively affected by one of these medical conditions. Take the steps today to secure the funds for your funeral expenses so your family does not face this burden.
a. South Carolina final expense insurance is both affordable and easy to qualify for regardless of health status.
b. The best funeral insurance plan for you is likely different than the best plan for someone else due to the varying underwriting requirements.
c. Work with a specialized agent who has access to many different whole life insurance companies and plans. There is no one-size-fits-all policy, so you need to find a plan custom for you.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.