At TermLife2Go we pride ourselves on staying on top of the best whole life insurance companies in the marketplace. In the following review of Security Mutual Life we will look at the features and products of the company, its history, financial strength, and provide pros and cons to Security Mutual Life.
About Security Mutual Life Company of New York
- Located in Binghamton, NY
- Phone: 1-800-346-7171
Originally based only in New York, Security Mutual Life was founded in 1886. Initially, the aim was to reach out to customers of all ages with affordable life insurance and this aim was created by a group of business leaders. On the third day of 1887, the company sold its very first policy and they haven’t looked back since.
During the depressions and wars, the company continued to grow and now finds itself as one of the leading life insurance companies within the United States. After starting within New York, Security Mutual Life now has products available across all 50 states as well as the District of Columbia.
From humble beginnings which included a first year asset total of $15,000, Security Mutual Life has reached the very top with just under $3 billion in assets. Furthermore, all of their clients combined have life insurance policies worth nearly $32 billion. As it continues to progress through time, the company has the very same values that were present at the very beginning – to provide secure and competitive protection of finances against disability or death.
Pros of Security Mutual Life Insurance Company
With so much history, it’s fair to say that the company has built itself on solid beliefs and the fact that they are so popular today shows the execution of these aims. Within the United States, there are various factors that contribute to how good a company really is from its A.M. Best Rating to the reviews of customers, so let’s take a look at these now.
A.M. Best Rating – Having reviewed Security Mutual Life for nearly 90 years, the rating from A.M. Best can be considered reliable and well-thought out. With the most recent review coming in June 2016, the company was given an A- rating which is considered to be ‘Excellent’. In the grand scheme of things, this places them in the second highest category with only ‘Superior’ to aim for in the future. According to the rating, it means that Security Mutual Life have an ‘excellent ability to meet ongoing insurance obligations’.
With a ‘Stable’ outlook, the business was also awarded a VIII Financial Size Category which places them within the $100 million to $250 million category. In terms of Long-Term Issuer Credit Rating, Security Mutual Life has an ‘a-’ rating which, again, translates to ‘Excellent’ and means that they are in a great position to meet senior financial obligations.
As you can see, these are fantastic scores from A.M. Best and they somewhat confirm the strength of the company both as insurance agents and in their ability to continue into the future. For many, this will not be surprising considering they have achieved the exact same ratings for many years. Of course, all of this would be rendered useless if they had a poor customer service record so let’s see what has been said in this regard as well as how easy they are to contact.
Mutual Insurance Company – Another pro for Security Mutual Life is that it is a mutual company. Being a mutual company means that the company operates its business for the sole benefit of policyholders, not investors. The company is managed for the benefit of the policyholders which is made evident by the fact that the company has paid a dividend to policyholders for 125 straight years.
Customer Service – Nowadays, advances in technology means that companies are now easily accessible through email, phone, and various other methods and Security Mutual Life is no different. However, there still needs to be a system in place for customers to receive the best experience and the company has introduced this efficiently.
Throughout the years, they have had various phone numbers to call with any problems which allows customers to have problems resolved or queries answered. On their website, there is also now an extensive ‘Contact Us’ section depending on what help customers may need. Since the company offers both individual and group insurance, customers can click their desired option before following the on-screen instructions. As well as a phone number to call, customers can also fill out a contact form which requires their vital information. After reviewing, the company will then get in touch with answers or suggestions.
Reviews from BBB – Although not as long as A.M. Best, the Better Business Bureau (BBB) has also been reviewing Security Mutual Life for some time having started in 1999. Overall, the BBB takes into account various different factors when judging a business including the number of complaints received, type of business, business practices, time in business, and more.
For Security Mutual Life, the most recent rating came in at A+ which is the highest possible ranking. With thirteen factors considered in total, A+ is the top of thirteen categories based on a score out of 100 points. To be in this top category, the business must have more than 97 points which shows how good they really are with customers. On various consumer websites, Security Mutual Life often boasts a fantastic record with customer care which has been a key element of their growth through the years.
Product Offering – Nowadays, Security Mutual Life offers a wealth of products and services depending on the wants and needs of the customer.
For example, the individual life insurance protection includes Whole, Universal, Term, or even Survivorship Universal Life.When deciding on the right policy, it is important to understand the distinctions between whole life vs term life.
Security Mutual Life also offers disability insurance, long-term care insurance, and worksite payroll deduction life insurance.
Finally, there are three different annuities for customers who need an income stream in retirement.
As well as the products, the company has also gained a name for its services too. For example, many people have been helped with their estate planning, wealth transfer planning and business succession planning.
Additionally, charities have also seen this assistance come in handy. Overall, there are numerous different planning services available from the company which can be extremely useful before going ahead and choosing a product.
Whole Life Insurance
Security Mutual Life offers cash value life insurance with the following features:
- Guaranteed death benefit
- Guaranteed fixed premiums
- Guaranteed cash value accumulation
In addition, the company has paid dividends to policyholders for 123 straight years. Dividends are valuable and can be taken for cash, used to pay premiums, left with the company to earn taxable interest, or used to purchase paid-up additional insurance.
In addition to dividends, whole life insurance loans can be taken, using your cash value as collateral. Life insurance loans are tax free and provide a great way to access your policy’s cash value. You can use the loan for whatever you choose, such as supplemental retirement income, passive income assets, or to buy large ticket items such as a vehicle.
Advice on Security Mutual Life
In terms of reviews and the amount of products and services available, it is clear to see exactly why this company is at the top of the tree in terms of insurance. Having been in operation for over 120 years, they have seen near enough every eventuality so boast a knowledge that newer competitors may not have. Thanks to the ratings, we can see that they aren’t likely to collapse all of a sudden rendering all policies useless because they are stable from a financial point of view.
Potential Cons to Security Mutual Life
Seeing as though we have been through so many positives for the company so far, it isn’t hard to see that there aren’t too many drawbacks. With some companies, there is a cause for concern when it comes to customer service but this isn’t true for Security Mutual Life. Furthermore, other insurance providers lack in the amount of products offered but, again, this cannot be said for the company in question. However, there is one factor we are yet to discuss.
Advice on Security Mutual Life
There are going to be times when Security Mutual Life is the right company for you. However, certain companies cater to specific niches, such as health, age and lifestyle. It may be that this is the best company for you based on your unique criteria and needs.
Security Mutual Life offer all the bells and whistles you could imagine while also getting the basics right. If you need an insurance policy as an individual or as part of a group, this company should definitely be a part of the considerations since they have so many benefits. All in all, Security Mutual Life is a superb insurance provider and one that looks as though it will remain at the top of its game for some time to come.
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