South Carolina moved preneed funeral regulation to the Department of Consumer Affairs in 2006, separate from the Department of Insurance that oversees final expense policies. Each has its own rules for changing your mind.
The South Carolina Department of Insurance licenses life insurance agents and carriers and handles consumer complaints.
South Carolina law gives you 10 days to review a new individual life policy and return it for a refund. A replacement policy gets 20 days, and a policy sold directly by an insurer without an agent gets 31 days.
The South Carolina Department of Consumer Affairs has regulated preneed funeral contracts since July 1, 2006. If you make a preneed contract irrevocable, you have 30 days to reverse that decision. A final expense policy is life insurance that pays cash to your beneficiary.
20 days. Other new individual life policies carry 10 days, and policies sold directly by an insurer without an agent carry 31 days.
The South Carolina Department of Consumer Affairs, since July 1, 2006.