Life Insurance Licenses In South Carolina: Validity And Renewal

In South Carolina, insurance licenses must be renewed every two years, with the renewal period beginning 90 days before the expiration date. The renewal date falls on the last day of the licensee's birth month, every two years, based on their birth year. To renew a license, insurance producers must complete 24 hours of continuing education, including 3 hours of ethics training and 8 hours in each line of authority. The remaining hours can be in any line of authority.

How to get a life insurance license in South Carolina

The process of getting a life insurance license in South Carolina is relatively straightforward and can be completed in a few weeks. Here is a step-by-step guide to help you get started:

Step 1: Complete a Prelicensing Course

Although South Carolina does not require prelicensing education, it is highly recommended that you take a prelicensing course to prepare for the state licensing exam. A.D. Banker and Kaplan Education Company offer comprehensive prelicensing courses that cover industry-specific information, insurance products, and state insurance laws. These courses are designed to help you pass the licensing exam on your first attempt.

Step 2: Pass the Licensing Exam

After completing your prelicensing course, you will be ready to take the state licensing exam. The exam is administered by Pearson VUE and covers a range of topics, including insurance regulation, life insurance basics, policies, provisions, and federal tax considerations. The exam consists of 85 scored questions, and you will have 120 minutes to complete it. The fee for the exam is $44, payable at the time of reservation.

Step 3: Apply for the License

Once you have passed the licensing exam, you can submit your license application through the National Insurance Producer Registry (NIPR). The application fee is $30, plus a $5.60 transaction fee. You must be at least 18 years old and have passed the licensing exam to be eligible for a life insurance license in South Carolina. Make sure to submit your completed application within 12 months of passing the exam.

Step 4: Get Fingerprinted

South Carolina requires fingerprint impressions from all applicants prior to licensure. You will need to schedule a fingerprint appointment with IdentoGO and provide your fingerprints for a background check. The fee for fingerprinting services is $50.50.

Step 5: Plan for Continuing Education

To maintain your life insurance license in South Carolina, you must complete continuing education credits every two years. The state requires 24 hours of continuing education, including 3 hours of ethics training and 8 hours covering life insurance. It is important to stay up-to-date with any changes to the state's laws and licensing requirements to ensure your license remains in good standing.

By following these steps, you will be well on your way to obtaining your life insurance license in South Carolina. Remember to bookmark relevant pages and seek additional guidance if needed during the process.

How to renew a life insurance license in South Carolina

In South Carolina, insurance licenses are valid for two years, expiring on the last day of your birth month, every two years. To renew your life insurance license in South Carolina, you must complete 24 hours of continuing education (CE) every two years. Three of these hours must cover ethics, and eight must focus on life insurance.

• Review the State Requirements: Before starting the renewal process, review South Carolina's CE requirements. The continuing education hours you need to complete will depend on the type of insurance license you hold. Ensure you complete all the necessary hours before your license renewal date to avoid a lapse in your license.
• Register for and Complete Courses: Choose and register for insurance continuing education courses that meet South Carolina's requirements. You can complete these hours through webinars, online courses, or a combination of both.
• File a Renewal Application: Once you have completed the required courses and satisfied the renewal requirements, file a renewal application. You can do this through the National Insurance Producer Registry. After successful renewal, your licensing record will be updated on the South Carolina Department of Insurance's website, and you can download or print your renewed license.

It is recommended that you complete the required CE hours at least 90 days before your license expiration date to ensure your CE provider has enough time to report your completion to the South Carolina Department of Insurance.

Requirements for keeping a life insurance license valid in South Carolina

To keep a life insurance license valid in South Carolina, individuals must complete 24 hours of continuing education every two years. This includes three hours of ethics training and eight hours covering life insurance. It is recommended to complete the required CE at least 90 days before the license is due to expire, to ensure the CE provider has enough time to report completion to the South Carolina Department of Insurance (SCDOI).

The renewal fee is $25 and the late fee is $75.

The renewal date occurs every two years on the last day of the licensee's birth month, based on their odd or even birth year.

To renew a license, individuals must complete an online producer renewal application and pay the renewal fee.

How to reinstate a lapsed life insurance license in South Carolina

In South Carolina, a life insurance license is valid for two years. The renewal period begins 90 days before the expiration date, which is the last day of your birth month, biennially.

If your license has expired, you have six months from the expiration date to renew it. During this time, you will be unable to conduct insurance business. After six months, your license will become inactive, and you will need to retake the licensing exam, complete a new application, submit new fingerprints, and pay the license fee to the Department of Insurance.

To reinstate a lapsed life insurance license in South Carolina, follow these steps:

• Within six months of the license expiration, pay a $50 penalty fee to the South Carolina Department of Insurance.
• Complete 24 hours of continuing education credits. Three of these hours must be in the subject of ethics, eight hours must be in each line of authority, and the remaining eight hours can be in any line of authority.
• Submit proof of completion of the continuing education credits to the Continuing Education Administrator.
• Complete an online producer renewal application through the National Insurance Producer Registry (NIPR).
• Pay the $25 renewal fee, plus a transaction fee if renewing through NIPR.
• Update your email address on file.

Once you have completed these steps, your license will be reinstated, and you can resume conducting insurance business in South Carolina.

How to cancel a life insurance license in South Carolina

To cancel your life insurance license in South Carolina, you must email a completed Surrender Form to [email protected].

Step 1: Complete a South Carolina Insurance Pre-license Course

Before taking the South Carolina life insurance licensing exam, it is recommended to take a pre-license education course to help you pass the exam on your first attempt. While South Carolina doesn't mandate any formal pre-license education, most aspiring insurance professionals opt for a pre-license education course. A pre-license education course will provide you with specific industry knowledge that will be beneficial for the exam.

Step 2: Take the South Carolina Life Insurance Licensing Exam

After completing a prep course, you can take the South Carolina life insurance exam. South Carolina uses Pearson VUE as its official testing service. The exam outline includes 85 scored questions across seven sections: Insurance Regulation, Life Insurance Basics, Life Insurance Policies, Life Insurance Policy Provisions, Options and Riders, and Federal Tax Considerations for Life Insurance and Annuities. You will have 120 minutes to complete the exam, which costs $44.

Step 3: Complete a South Carolina Life Insurance License Application

Once you pass the life insurance exam, you can apply for your South Carolina life insurance license online via the NIPR. The application fee is $25 plus a $5.60 transaction fee. The SCDOI will issue a life insurance license to individuals aged 18 and above who have passed the licensing exam. You should submit your completed license application within 12 months of passing the exam.

Step 4: Get a Fingerprint-Based Background Check

After applying for your license, you must undergo a fingerprint-based background check through IdentoGO, which costs $50.50. This step is required for all unlicensed applicants prior to licensure.

Step 5: Watch for Your Application Results

After completing the above steps, the SCDOI will review your application and background check. This process typically takes one to five business days. Once the review is complete, the SCDOI will email you with its decision or request additional information. You can then print your license from the National Association of Insurance Commissioners (NAIC) State-Based Systems (SBS) License Manager website.

License Renewal and Cancellation

To renew your license, you must complete 24 hours of continuing education (CE) every two years, with three hours focusing on ethics and eight hours covering life insurance. The renewal fee is $25, and the late fee is $75.

To cancel your license, email a completed Surrender Form to [email protected].

Frequently asked questions