Security Mutual Life Insurance Company of New York
Sound Financial Protection Backed by Tradition
Founded in 1886, Security Mutual Life Insurance Company of New York was created to offer high quality at competitive prices. It was established from the beginning as a mutual company, giving it a focus on the policyholder, not on private investors. An innovator from the beginning, it was the first company in the nation to offer disability benefits, preferred classes of risk, and guaranteed issue coverage. Security Mutual Life Insurance Company has $1.9 billion in total assets, and $24.2 billion of life insurance in force. It has paid dividends for 111 consecutive years. It is now a subsidiary of the Security Group.
Security Mutual Life Insurance Products
Security Mutual Life Insurance Company offers various life insurance products under both its individual and group/workplace divisions. They offer group plans for businesses with as few as two employees. Not all products are available in all states.
Its individual life insurance products are as follows:
- Participating whole life insurance
- Universal life insurance
- Term insurance
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- Conversion options are available
- Issued for one or more years, depending on term selected
- Guaranteed renewable without a medical exam, but with higher premiums
- Preferred risk classes for non-smokers, etc.
- Joint and last survivor insurance
Their strong position in the workplace insurance and group insurance field is represented by the following products:
- Worksite payroll deduction life insurance:
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- Participating whole life
- Universal life
- Group coverages for groups of ten or more employees:
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- Group term life and accidental death and dismemberment; guaranteed issue limits up to $500,000
- Group voluntary term life, includes coverage for spouses and dependent children Conversion options are available
- Guaranteed renewable without a medical exam, but with higher premiums
- Preferred risk classes for non-smokers
Security Mutual Life Insurance Company of New York is a proud member of the original group of IMSA members.
Financial ratings for Security Mutual Life of NY
A.M. Best: A
Fitch: A
Standard and Poor’s: A+
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
Security Mutual Life Insurance Company Information
100 Court Street
Binghamton, NY 13902-1625
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