Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance, you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in South Carolina to show you the average expenses in the state and why disability insurance can give you peace of mind during unpredictable times.
Home to 5.092 million citizens, South Carolina has the 18th lowest overall cost of living when compared to all other states. According to Bureau of Economic Analysis data, goods and services in the state cost 8.9% less than they do on a national level.
On average, South Carolina renters pay $869 per month, $155 less than the national average of $1,023. If you want to buy a house in the state, the typical home value is worth $154,800, which is less than the national median home value of $408,800.
Here are some stats on South Carolina mortgages:
In South Carolina, the average annual cost of infant care is $7,007—that’s $584 per month. Childcare for a 4-year-old costs $6,006, or $500 each month.
Here’s a look at the annual childcare costs from infant to college:
Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A South Carolina resident can expect to spend up to $425 per month on apartment utilities on average.
A single adult in South Carolina spends an average of $3,080 on food each year, while a family of four's annual food cost reaches $8,895 These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home.
The average price for eating out would be:
Grocery shopping in the state would cost as follows:
91.8 % of commuters in South Carolina drive to work, compared to 85.5 % nationally. The average motorist in the state drives 11,053 miles per year. Taking the average fuel economy and average gas prices into account, a South Carolinian motorist may expect to spend $902 on gas alone in a year.
Other transportation expenditures, such as car insurance, also vary by state. According to Insure.com, the average vehicle insurance rate in South Carolina is $1,270, which is less than the national average of $1,517. According to EPI data, the average single adult in the state spends $10,192 on transportation each year.
The average yearly income of a single adult living in South Carolina is $65,222 and the state has a graduated income tax with rates ranging from 7%.
Most Expensive South Carolina Cities to Live in:
As shown by the above cost of living breakdown, a steady income is required to live comfortably and worry-free. But sometimes you find yourself unable to work due to some sort of emergency, illness or accident. Whether you are a full-time employee or a freelancer, getting disability insurance is the first step towards financial stability and peace of mind.
What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.
Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that medical issues caused 62.1% of bankruptcies. Other studies show that over 2 million people are adversely affected by their medical expenses. If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, which could lead to foreclosure. Half of the foreclosures on conventional mortgages in South Carolina are caused by the disability of one of the homeowners. In fact, the foreclosure rate in the state reaches one in every 2,471 homes.
A lot of people still think that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s only caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury? Getting a private disability income insurance should be on top of your to-do list because life is unpredictable and your income shouldn’t be.
Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, South Carolina is not among these states.
If you are unable to work due to an injury or sickness and want to apply for South Carolina short-term disability payments, you should first inquire with your employer about your coverage. If your employer's insurance in South Carolina covers short-term disability, the next step is to file a claim.
If your employer doesn’t offer short-term disability insurance, you can still apply for benefits through the Social Security Administration. In some cases, you may be able to apply for these benefits in addition to through your employer's short-term disability insurance provider. However, this may have an impact on the benefits you seek from your company. The only way to be certain is to discuss the contents of the insurance arrangement with your employer or their insurance provider.
If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualifies you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:
Seeking a private disability insurance policy is the easiest option in South Carolina. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times. Click here to get a quote, or contact us for any inquiries.
Most insurance policies are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.
At Asteya, we offer a variety of disability income insurance policies. Please visit asteya.world for more details on the eligibility of our product offering.
Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:
On average, living in the state of South Carolina will cost you $2,332 per month, give or take – that’s a lot of expenses! You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with disability insurance.
If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider:
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