When the proceeds of a life insurance policy becoming a claim by death of the insured are left with an insurance company under a trust or other agreement, the benefits accruing thereunder after the death of the insured are not transferable nor subject to computation or encumbrance nor to legal process, except in an action to recover for necessaries if the parties to the trust or other agreement so agree.
S.C. Code Ann. § 38-63-50
Spendthrift provisions in settlement agreements are valid
Former 1976 Code SECTION 38-63-50 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-50 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-350 [1953 (48) 493; …
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.