Security Mutual Life Insurance Company was founded in 1886 in New York by area business leaders. The very first policy was sold on January 3, 1887. Since then, the company has survived the Great Depression, two world wars and various recessions, expanding along the way so that it now offers its products in all 50 states, the District of Columbia, and even the U.S. Virgin Islands.
- Variety of policies + features
- Clarified exclusions
In its first year in business, Security Mutual Life had just $15,000 in total assets. After its long history, it had grown to over $2.6 billion in assets with $31 billion worth of life insurance currently in force. As a result of its long history and steady growth, Security Mutual Life has become one the largest and most respected insurance companies in the country. They are headquartered in New York and operate under New York State Department of Financial Services rules and regulations. They remain committed to providing a wide range of competitive financial protection services. Security Mutual Life advantages also include:
Variety of Policies + Features
They offer an extensive array of policy types and optional benefits. Life insurance policy types include options for term, whole, universal, variable and survivorship. In fact, they've got all major types of life insurance covered, so they should be able to meet the needs of most people.
On top of this, many additional features can be added to their life insurance policies. The features listed on the website include the following popular options: Accident Death Benefit, Accelerated Benefits Rider, Disability Waiver of Premium, Guaranteed Insurability Rider and Insurance Exchange Rider. This gives customers a nice degree of flexibility in creating a policy that matches their preferences and budget.
Their survivorship insurance is a great choice for covering two people (such as parents, spouses, etc.) at a more affordable rate than purchasing two separate policies. Not all life insurance companies offer survivorship options. Security Mutual has been around a long time (since 1886), so they have a long, stable history. Their products are widely available, covering all 50 states, the District of Columbia and the U.S. Virgin Island.
As far as exclusions go, there are a couple of things mentioned specifically on the website. Suicide within 1 or 2 years (depending on policy) from the issue date will limit premiums paid. Also, any misstatement of age or sex on the application will be adjusted to the amount that the premiums paid would have purchased with the correct age or sex. It is always nice when a company gives some kind of specific information about exclusions on their website. It is also fairly rare. Most of the time, insurance companies want a customer to speak directly to a rep before they "break the bad news." So anytime specific information on exclusions is given, it is worthy of praise.
- No estimation calculator
- Website lacks information
- No life insurance options for children
- Unknown customer service hours
There is no denying the positives Security Mutual Life brings to the table, but there are drawbacks as well. Those that are considering Security Mutual Life for their life insurance needs should be aware of the following concerns prior to enrollment:
No Estimation Calculator
Once again, a life insurance company fails to provide an estimated payment calculator so that potential customers can get an idea of how a life insurance policy would fit into their monthly budget. Customers shouldn't have to go digging for this information or meet with an agent. Most of the time, this lack of information about payments is because a specific company knows that its rates are not impressive. The same could be said about Security Mutual Life. Their rates are not bad by any means, but they are definitely not a selling point. People looking for the best deal will need to consider other companies.
Website Lacks Information
Overall, information provided on the website is scanty. Some basic information could not be located without contacting the company. For example, available term lengths on their term life policy was not listed anywhere. This is really basic information, and it is strange that it would not be clearly spelled out. In fact, this information couldn't even be found on third party websites. This is just one example of the kind of basic policy information that is lacking. The website for Security Mutual needs to provide more for its potential customers.
No Life Insurance Options for Children
They don't seem to offer life insurance options for children or minors. Their policies have a minimum age of 18. Talking about life insurance for children might not be pleasant, but it is a need that many families have. It would be nice if Security Mutual had some coverage options for people under 18.
Unknown Customer Service Hours
Customer service provides a toll-free number, but the website does not give specific office hours. Based on attempts to call the company, they seem to hold basic office hours (weekdays only). A direct email address would be nice. Companies avoid providing these online to protect themselves from a flood of spam, which is understandable. Instead, customers are advised to use an online form.
The Bottom Line
Security Mutual has a long, stable company history, with a track record of healthy growth and expansion. They offer a respectable array of life insurance types and additional features that should meet the needs of most people. Their rates are just fine, if not particularly impressive. While information on their website is skimpier than it should be, they do provide some specific info about policy exclusions, which seems to be rare in this industry. Overall, for their array of products, stellar reputation, long company history and reasonable rates, they receive a recommendation. Anyone looking for life insurance is advised to put this company on the list of possibilities.
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