Compare Insurance Quotes
About Security Mutual Life
Security Mutual Life Association was founded in New York in 1886, selling its first policy in January of 1887. Two years later they became the first company in the United States to offer disability benefits. In 1898, they changed the name to Security Mutual Life Insurance Company.
The company remained on top of new offerings, being among the first to write accident and health coverage in 1940 as well as group coverage in 1944. In the early 1950s, they were also pioneers of juvenile life as well as non-cancelable disability insurance.
In 1962, Security Mutual was one of eight New York companies to band together in the creation of New York 65, a health and major medical plan for seniors. The 1990s saw expansion into credit union and retirement planning services. As of their 130th anniversary in 2016, the company had $32.1 billion of life insurance in force.
Security Mutual products are sold through agents in all 50 states as well as the District of Columbia and the U.S. Virgin Islands. A search of their website for local representatives, however, does not turn up an agent in all states. In fact, many states return a “no general agency found” result. Residents of these states can call the company directly for assistance.
The company headquarters is located in Binghamton, New York.
Security Mutual Products
Security Mutual writes life insurance as well as offering associated supplemental coverage including disability and long-term care – although these are not underwritten directly. They also offer group benefits, annuities, and retirement planning assistance. The website offers only basic overviews of the available products.
Security Mutual writes a full range of life insurance products but does not offer much in the way of details. There is no information on issue age, medical exams, benefit amounts, or term lengths on the website.
Permanent life is available both as whole life insurance and universal life insurance, both with lifetime coverage and cash accumulation. A third permanent life insurance, survivorship, is also available. This type of policy insures two people with one premium and pays out when the second insured passes away.
Renewable, convertible term life policies are also available to provide affordable coverage for a specific amount of time.
Disability and Long-Term Care
Both disability insurance and long-term care insurance coverage are offered through SML Agency Services, a subsidiary of Security Mutual. This company acts as a broker to assist clients with obtaining supplemental coverage that is underwritten by other companies.
Security Mutual has three different annuities available to customers. As with the insurance products, there is little detail available for these and only basic overviews.
The three options offered are Single Premium Deferred, Single Premium Immediate, and Flexible Premium. All of these annuities are designed to provide retirement income, but each varies a little as to how the benefits are paid out and how premiums are paid.
Security Mutual’s Secure Benefits Solutions is a workplace group benefits option that provides employers with individual and package benefits for employees.
Payroll deduction life insurance is sold separately, while group life, disability, long-term care, and other options can be packaged together to create a benefits package for employees. These can be employer funded or voluntary.
Security Mutual also offers retirement planning and general financial planning services for their clients. These include pensions, IRAs, and other retirement plans for both individuals and for employer group benefits.
Outside of retirement planning, they also offer college planning, key person protection, and wealth transfer planning among other services.
Security Mutual Rates
Security Mutual does not offer online quoting, which isn’t surprising given the limited amount of information on their website. They are the type of company that is highly agent-driven and directs visitors to the website to talk to a representative for more information.
Venerable companies that have relied on mainly life insurance for their business for a long time often tend to be of this nature – following a traditional model of agent sales. They likely generate more business through customers seeking out assistance with their insurance from an agent or broker than they do through Internet visitors
As a result, we are unable to offer any information regarding how Security Mutual stacks up premium-wise.
Security Mutual has claims forms available for download on their website. Since life insurance claims are very different from auto insurance, it is not unusual to see that a 24/7 claims reporting line is not offered. There is, however, a phone number as well as fax, email, and mailing address on the website.
We frequently find that life insurance companies can make claims contact information hard to locate on the website, which can make filing a claim difficult for a beneficiary. Security Mutual makes claims information easy to locate, even if there is no detailed information on the process.
Ratings and Consumer Reviews
Security Mutual Life has an A+ rating with the Better Business Bureau (BBB). There are seven complaints on file in the past three years, and one of those was closed in the past twelve months.
Outside of the BBB, we found little in the way of reviews, complaints, or other ratings of this company. This is generally a positive thing, and may also reflect a company that has a lot of its business in group benefits as well since complaints tend to go through HR departments rather than Internet forums.
The Bottom Line
At this time, there is not enough information regarding Security Mutual’s products or prices to offer a recommendation for this company. They have a long history and appear to be a solid company, and might be worth considering if your agent suggests one of their policies as an option. While there are no red flags for this company, there is also not enough to form a clear opinion.
For a list of companies that we recommend, visit our Best Insurance Companies page.