Stats in Your State
Life insurance benefit thousands of South Carolina residents every year — and we have the numbers to back it up. These user-friendly charts, graphs, and other data points illustrate the industry’s impact on South Carolina's economy.
Life Insurance in South Carolina
South Carolina residents received nearly $6 billion from life insurers in 2011, making life insurance a huge factor for the income of many South Carolina households. With $338 billion in total coverage, it’s clear South Carolina residents value the coverage.
|Number of Licensed Life Insurers||467|
|Total Life Insurance Coverage||$338 billion|
|Average Policyholder Coverage||$67,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$5 billion**|
|Amount of Paid Annuity Benefits in 2011||$790 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
As of October 2012, nearly 15,000 South Carolina residents held life insurance policies through government-administered programs. Veterans made up many of the policyholders, while roughly 6,500 of them are active service members.
The Life Insurance Industry: Beyond Insuring You
If it wasn’t clear that life insurance plays a pivotal role for the state’s economy, the following chart should bring it all home: Approximately 25,000 jobs, both direct and indirect, stem from the life insurance industry, with billions invested in the state in the form of bonds and business investments.
|Job creator||Roughly 25,000 jobs are generated|
|Invested in South Carolina 's Economy||$45 billion invested by life insurers|
Rules in Your State
The following rules and regulations generally apply to insurance claims and the ways that South Carolina-based insurers must handle their business on various levels, from claims to corporate structures. Use the links below to learn more about the state's insurance regulations, and be sure to contact the Department of Insurance to find out which rules specifically impact you or your policy.
Representatives & Resources in Your State
The following resources and representatives serve as great starting points for residents to begin learning more about life insurance and how it works. To get assistance on difficult insurance issues, consumer advocacy support, or just to learn more about how the industry is regulated, contact the Department of Insurance to get all the details you may need.
South Carolina Department of Insurance
P.O. Box 100105
Columbia, SC 29202
Consumer Complaint Resource
Life Insurance Information
The Insurance Department’s consumer guides are useful for walking readers through various aspects of the insurance industry. Click on the above link for more information straight from the state’s best source.
South Carolina Life & Accident & Health Insurance Guaranty Association
P.O. Box 6
Silverstreet, SC 29145
The Life and Accident and Health Insurance Guaranty Association is a network of insurers who back each others’ policies and guarantee that any given insurance policy will still be in force even if your insurer becomes financially able to support you.