Ben J. Mauldin | Feb 12 2026 12:41
Life Insurance at 50+ in South Carolina: What You Need to Know Before Retirement (2026 Guide)
Introduction
You're 50 or older. Maybe you're thinking about retirement in the next 10-15 years. Your kids are growing up, you might be caring for aging parents, and you're wondering: Do I still need life insurance? How much? What type?
If you're asking these questions, you're not alone. Thousands of South Carolina residents face this same decision every year as they transition from building their careers to planning for retirement.
The answer isn't one-size-fits-all, but understanding your options now—before you hit 65 and start thinking about Medicare—can save you thousands of dollars and give your family the protection they deserve.
At Mauldin Insurance Group, we've helped hundreds of families in Lexington, Columbia, and across South Carolina navigate this exact transition. Here's what you need to know.
Why Life Insurance Still Matters at 50+
1. Mortgage Protection
Many South Carolinians still have 10-15 years left on their mortgage when they hit 50. According to recent data, the average homeowner in the Lexington area carries a mortgage balance of $150,000-$250,000 heading into their 50s.
The question: If something happened to you tomorrow, could your spouse afford to keep the house?
Life insurance ensures your family can pay off the mortgage and stay in the home you've built together—without draining retirement savings or forcing a move during an already difficult time.
2. Income Replacement Until Retirement
If you're still working and your spouse depends on your income, life insurance bridges the gap between today and when Social Security and retirement accounts kick in.
Example: A 55-year-old earning $75,000/year has 10 more years until retirement. That's $750,000 in income their family would lose. Even if you have retirement savings, can your spouse afford to live on those savings alone for 10 years, then 20-30 more years in retirement?
3. Final Expense Coverage
The average funeral in South Carolina costs between $8,000-$12,000. Add in medical bills, outstanding debts, and estate settlement costs, and your family could face $20,000-$40,000 in immediate expenses.
Without life insurance, these costs come directly out of savings or retirement accounts—potentially forcing your spouse to liquidate investments at the worst possible time.
4. Legacy Planning
Maybe your mortgage is paid off, your kids are independent, and you have healthy retirement savings. Life insurance can still play a crucial role in:
- Leaving an inheritance to children or grandchildren
- Charitable giving to causes you care about
- Equalizing inheritances if you have a family business or property
- Covering estate taxes for larger estates
- Funding grandchildren's education without touching retirement funds
How Your Life Insurance Needs Change in Your 50s and 60s
What Changes
Your responsibilities are shifting:
- Kids are becoming financially independent (or should be!)
- Mortgage balance is decreasing
- Retirement accounts are growing
- You're thinking about downsizing or paying off debt
But new concerns emerge:
- Caring for aging parents (the "sandwich generation")
- Health conditions that make insurance more expensive
- Employer coverage that ends when you retire
- Medicare doesn't cover life insurance—you'll need a separate plan
- Wanting to leave something behind for grandchildren
The 50+ Sweet Spot
Here's the truth: If you're in reasonably good health, your early-to-mid 50s is the ideal time to lock in life insurance coverage before:
- Health conditions develop that raise premiums
- You retire and lose access to employer group coverage
- You hit 65+ when rates increase significantly
- Pre-existing conditions make coverage harder to obtain
Term vs. Whole Life After 50: Which Makes Sense?
Term Life Insurance After 50
Best for:
- Paying off specific debts (mortgage, car loans, business loans)
- Replacing income until retirement
- Covering your spouse until Social Security kicks in
- Temporary needs with an end date
Common term lengths for 50+:
- 10-year term: Perfect if you're 55 and retiring at 65
- 15-year term: Good if you're 50 and want coverage until 65
- 20-year term: Covers you until late 60s or early 70s
Cost example for South Carolina residents (approximate monthly premiums for healthy individuals):
55-year-old, non-smoker, $250,000 coverage:
- 10-year term: $45-$75/month
- 15-year term: $65-$100/month
- 20-year term: $100-$150/month
60-year-old, non-smoker, $250,000 coverage:
- 10-year term: $80-$120/month
- 15-year term: $125-$175/month
- 20-year term: $175-$250/month
Pro tip: Term insurance gives you the most coverage for the lowest cost, making it ideal for specific, time-limited financial obligations.
Whole Life Insurance After 50
Best for:
- Permanent coverage that lasts your entire life
- Guaranteed death benefit regardless of when you pass
- Building cash value you can borrow against
- Final expense planning
- Leaving a guaranteed legacy
Why consider whole life at 50+:
- Premiums never increase
- Coverage never expires
- Cash value grows tax-deferred
- Can supplement retirement income if needed
- Guaranteed payout to beneficiaries
Cost example for South Carolina residents:
55-year-old, non-smoker, $50,000 coverage:
- Whole life: $150-$250/month
The trade-off: Whole life costs significantly more than term, but it provides permanent protection and builds cash value. For smaller coverage amounts (like final expenses), the premium difference may be worth it for lifelong peace of mind.
Final Expense / Guaranteed Issue Policies
Best for:
- Those with serious health conditions who can't qualify for traditional insurance
- Covering funeral, burial, and final medical expenses
- Small coverage amounts ($5,000-$25,000)
- Ages 50-85 with no medical exam required
Key features:
- No medical exam—acceptance is guaranteed
- Graded benefit—full death benefit may not be available for 2-3 years
- Higher cost per dollar of coverage—but easier to qualify
- Peace of mind—no one gets denied
Who should consider guaranteed issue:
- Cancer survivors
- Those with diabetes, heart disease, or COPD
- Anyone who has been declined for traditional coverage
- People who want quick, simple approval without medical underwriting
Cost Expectations in South Carolina
What Affects Your Premium?
- Age: The younger you are, the lower the premium
- Health: Healthy individuals pay significantly less
- Tobacco use: Smokers can pay 2-3x more than non-smokers
- Coverage amount: More coverage = higher premium
- Term length: Longer terms cost more
- Gender: Women typically pay less than men
Real Cost Comparisons for SC Residents
50-year-old South Carolina resident, $250,000 term life:
| Profile | 10-Year Term | 20-Year Term |
|---|---|---|
| Healthy male, non-smoker | $35-$55/month | $70-$110/month |
| Healthy female, non-smoker | $30-$45/month | $60-$95/month |
| Male smoker | $85-$130/month | $180-$275/month |
| Female smoker | $70-$110/month | $150-$225/month |
60-year-old South Carolina resident, $250,000 term life:
| Profile | 10-Year Term | 20-Year Term |
|---|---|---|
| Healthy male, non-smoker | $80-$120/month | $175-$250/month |
| Healthy female, non-smoker | $65-$95/month | $140-$200/month |
| Male smoker | $200-$300/month | $450-$650/month |
| Female smoker | $160-$240/month | $350-$525/month |
These are estimates for healthy individuals. Your actual rates depend on your specific health profile and the insurance carrier.
Health Conditions and Pricing
Common conditions that affect rates:
- Controlled high blood pressure: Slight increase (10-25%)
- Well-managed diabetes: Moderate increase (50-100%)
- Previous heart attack/stroke: Significant increase or declined
- Cancer in remission 5+ years: May qualify for standard rates
- Obesity (BMI over 30): Moderate increase (25-75%)
The good news: Many health conditions are manageable with life insurance. The key is working with an experienced independent agent who knows which carriers are most favorable for your specific situation.
The Medicare Connection: Planning Together
Here's something most people don't realize: Your life insurance and Medicare planning should happen together.
Why Coordinate Your Coverage?
At 65, you'll transition to Medicare for health insurance. But Medicare doesn't provide life insurance—you'll need a separate policy. Here's how to plan ahead:
Strategy 1: Bridge Coverage to Medicare
If you're 55-60 and covered by employer health insurance, consider:
- A 10-year term life policy that covers you until Medicare eligibility
- Coordinates with your retirement timeline
- Ensures your spouse has protection during the gap years
Strategy 2: Protect Your Medicare Budget
Medicare isn't free. In 2026, most beneficiaries pay:
- Part B premium: $185/month (can be higher based on income)
- Part D prescription drug coverage: $30-$100/month
- Medicare Supplement or Advantage plan: $0-$300/month
Life insurance ensures your spouse can afford Medicare premiums if something happens to you.
Strategy 3: Cover What Medicare Doesn't
Medicare has gaps:
- Deductibles and co-pays can add up to thousands per year
- Long-term care isn't covered (nursing homes, assisted living)
- Dental, vision, and hearing require separate coverage
Life insurance provides cash your family can use to cover these expenses without depleting retirement savings.
The Mauldin Advantage
At Mauldin Insurance Group, we specialize in both life insurance and Medicare planning for South Carolina residents. This unique combination means we can:
- Help you design life insurance that complements your Medicare transition
- Ensure your spouse is protected if you pass before or after 65
- Coordinate coverage to avoid gaps and overpaying
- Plan for the full picture of retirement security
Common Questions We Hear from SC Residents
"My employer offers $50,000 in group life insurance. Isn't that enough?"
Short answer: Probably not.
$50,000 might cover your funeral and some immediate expenses, but:
- It won't pay off your mortgage
- It won't replace your income
- It won't cover your spouse's living expenses
- It disappears when you retire or change jobs
The rule of thumb: You need 7-10x your annual income in life insurance. If you earn $75,000/year, that's $525,000-$750,000 in coverage.
"I'm healthy now. Can I wait a few years?"
Here's the risk:
A 52-year-old healthy male can get $500,000 in 15-year term coverage for about $90/month.
Wait 5 years, and:
- Age: That same policy at 57 might cost $140/month
- Health: If you develop diabetes, high blood pressure, or other conditions, rates could jump to $200-$300/month—or you might be declined entirely
- Total cost: Waiting 5 years could cost you an extra $50,000+ over the life of the policy
The bottom line: The best time to get life insurance is when you're healthy and rates are lowest.
"What happens to my term policy if I outlive it?"
Great question. If you have a 20-year term and you're still alive when it expires, the policy ends. You paid premiums for 20 years of protection, and you got exactly that—protection when you needed it most.
Think of it like car insurance. You pay for protection, and if you don't have an accident, you don't get your money back—but you had peace of mind the whole time.
Some policies offer:
- Conversion options: Convert to permanent insurance without a new medical exam
- Return of premium riders: Get premiums back if you outlive the term (higher monthly cost)
- Renewal options: Extend coverage, though at a much higher rate
"I have health issues. Can I still get coverage?"
Yes! Even with serious health conditions, you have options:
- Simplified issue policies: Limited health questions, no medical exam
- Guaranteed issue policies: No health questions at all—everyone is accepted
- Table-rated policies: Standard coverage with higher premiums for health conditions
- Graded benefit policies: Coverage increases over 2-3 years
The key is working with an independent agent who knows which carriers are most lenient for your specific health condition.
How Much Life Insurance Do You Really Need?
The Quick Formula
Total needed = Debts + Final Expenses + Income Replacement
Example for a 55-year-old in Lexington, SC:
- Mortgage balance: $180,000
- Car loan: $20,000
- Credit card debt: $10,000
- Final expenses (funeral, medical): $15,000
- Income replacement (10 years × $60,000): $600,000
Total needed: $825,000
Recommended coverage: $750,000-$1,000,000
Consider Your Spouse's Needs
Will your spouse need to:
- Pay off the house?
- Cover living expenses until Social Security?
- Pay for healthcare until Medicare?
- Maintain their retirement savings?
Life insurance gives them options instead of forcing difficult financial decisions during grief.
Next Steps: Getting Coverage in South Carolina
Step 1: Assess Your Needs
Ask yourself:
- What debts need to be paid off?
- How long until retirement?
- What would my spouse need financially?
- Do I want to leave a legacy?
Step 2: Get Quotes from Multiple Carriers
This is crucial. Different insurance companies price the same person very differently based on:
- Their underwriting guidelines
- Their appetite for certain health conditions
- Their target demographics
An independent agent like Mauldin Insurance Group works with 10+ carriers, ensuring you get the best rate for your situation.
Step 3: Apply and Lock in Your Rate
The application process:
- Complete a simple health questionnaire
- Schedule a free medical exam (at your home or office)
- Carrier reviews your application (1-4 weeks)
- You receive your offer and rate
- Accept and your coverage begins
Important: Your rate is locked in based on your age when you apply. Waiting even a few months can mean crossing into the next age bracket and paying more.
Why Work with Mauldin Insurance Group?
We're Local
Based in Lexington, SC, we understand the needs of South Carolina families. We've helped hundreds of residents in Columbia, Irmo, West Columbia, Chapin, and throughout the Midlands.
We're Independent
We work with multiple insurance carriers, not just one. This means we find the best coverage at the best price for YOUR situation—not the carrier's bottom line.
We Specialize in 50+ Planning
Our expertise in both life insurance and Medicare means we help you plan for the full transition to retirement, not just one piece.
We Make It Simple
- Free consultations at your home or our office
- No pressure, just honest guidance
- We handle the paperwork and follow-up
- Year-round support—not just at sale time
Schedule Your Free Life Insurance Review
Ready to explore your options?
At Mauldin Insurance Group, we offer free, no-obligation consultations for South Carolina residents approaching retirement.
In 30 minutes, we'll:
- Assess your current coverage and gaps
- Discuss your family's specific needs
- Provide quotes from multiple top-rated carriers
- Answer all your questions about life insurance and Medicare
Contact us today:
📞 Call Jennifer: (843) 509-2462
📞 Call Ben: (803) 920-8827
📧 Email:
jennifer@mauldininsurancegroup.com
📧 Email:ben@mauldininsurancegroup.com
Or visit mauldininsurancegroup.com to schedule online.
Final Thoughts
Life insurance at 50+ isn't about planning for the worst—it's about ensuring the best for your family, no matter what happens.
You've worked hard for decades to build your career, your home, and your retirement savings. Life insurance ensures that work continues to protect your family even if you're not there.
Whether you need $100,000 to cover final expenses or $1,000,000 to protect your spouse's retirement, we're here to help you find the right coverage at the right price.
Don't wait until a health condition makes insurance expensive or impossible to get.
The best time to plan was yesterday. The second best time is today.
Contact Mauldin Insurance Group and let's secure your family's future together.
About Mauldin Insurance Group
Mauldin Insurance Group is a family-owned independent insurance agency based in Lexington, South Carolina. Founded in 2021 by Jennifer Mauldin, we specialize in Medicare, health insurance, life insurance, and property & casualty coverage for individuals, families, and businesses across South Carolina, North Carolina, and Georgia.
With over 20 years of combined experience in financial services and insurance, our team provides personalized, compassionate guidance to help you navigate the complexities of insurance with confidence.
Our Promise:
- Clear, honest guidance with no pressure
- Independent advice from multiple carriers
- Local service with a personal touch
- Year-round support for all your insurance needs
We're here when you need us.
Disclaimer: This article provides general information about life insurance options in South Carolina and is not intended as personalized financial or insurance advice. Individual circumstances vary, and we recommend consulting with a licensed insurance professional to determine the best coverage for your specific situation. Rates and coverage details mentioned are estimates and may vary based on individual health, carrier, and policy specifics.
IntroductionYou're 50 or older. Maybe you're thinking about retirement in the next 10-15 years. Your kids are growing up, you might be caring for aging parents, and you're wondering: Do I still...