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Security Mutual

  Security Mutual Insurance Company was founded in 1887  

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Charles M. Turner founds the Security Mutual Life Association. The fundamental objective of the entity—to sell a high quality product at a competitive price. The Company was established as a "mutual" life association not as a stock company so that policyholders, not private investors, would share in profits.

January 3, 1887
Security Mutual Life Association opens its doors for business, located in two small offices in downtown Binghamton, New York. On this day the first policy was sold. It was a policy that today would be recognized as a one-year renewable term policy. The death benefit was $1,000.

Security Mutual Life becomes the first company in the nation to offer disability benefits. This helped to establish the Company as an innovator in the industry.

April 22, 1898
The Company's name is changed to Security Mutual Life Insurance Company.

September 7, 1900
Once again, Security Mutual Life lives up to its reputation of being a competitive spark in the industry by establishing the "Total Abstinence League," offering a "preferred class" to its members if they agreed not to sell, use or manufacture intoxicating liquors. The offering was a smash hit.

January 31, 1903
Security Mutual Life announces plans for building its own 10-story headquarters.

March 12, 1904
Construction of the headquarters begins. The main entranceway was designed after the stone bridge depicted in the Company's emblem.

As Security Mutual Life turns 50
The creation of the Social Security system enables families, for the first time, to actually plan for their insurance needs. Security Mutual Life adapts itself to the Country's new vision of life insurance and the widely accepted need for it as a supplement to government and private benefits.

Being an innovator in the industry, Security Mutual Life is among the first life insurance companies to create a separate health department. Within weeks Security Mutual Life offers accident and health coverage in addition to traditional life insurance.

Security Mutual Life pioneers another line of business: Group Coverage. Soon thereafter Security Mutual Life establishes a contributory plan for life insurance and hospital coverage for Security Mutual Life employees.

Early 1950s
Security Mutual Life becomes a leader once again by adding a new line of pension coverage and offering guaranteed issue coverage long before the industry even had a name for such practices.

- Becomes the first company to issue Jumping Juvenile policies. Face amount is $1,000 until age 21 and then jumps to $5,000.

- Becomes the first company to offer noncancelable disability income coverage to age 65.

Security Mutual Life adds "of New York" to its name to distinguish between itself and a similarly named company in Lincoln, Nebraska.

75 years old—$125 million in assets and $565 million of life insurance in force.

Security Mutual Life joins with 7 other companies to give New York State residents a nonprofit hospital-medical and major medical insurance program for the elderly. The plan, called the New York 65, was a forerunner of the Federal Medicare program and was set up on a tax-exempt, nonprofit basis.

Security Mutual Life joins with 152 other companies in pledging to divert $1 billion from normal investment channels to help finance the rebuilding of center cities.

Security Mutual Life introduces its nonsmoker premium discount, an echo of the Total Abstinence League (discounts to non-drinkers). Security Mutual Life's management drafts a corporate plan to guide all future decisions. Having been revised and updated numerous times, it is still a crucial part of Company's management today. Among other things, the plan stated that the Company would concentrate on the corporate and estate-planning markets.

Security Mutual Life dedicates a new 3-floor, 95,000-square-feet, addition to accommodate the Company's growth.

100 Years Old—$13.1 billion of life insurance in force; $582 million in assets; $11.5 million in dividend payments.

January 1, 2000
Thanks in large part to the Year 2000 compliance efforts Security Mutual Life began in 1996, Security Mutual Life's systems and technology infrastructure successfully made the transition into the 21st Century.

January 2002
Security Mutual Life and Ohio National Financial Services, Inc., complete the acquisition of First ING Life Insurance Company of New York. The company is renamed National Security Life and Annuity Company (NSLAC) and is headquartered in Binghamton, New York. The new company markets individual variable life insurance and individual variable annuity products in New York.

October 2002
Security Mutual Life realigned several of its business lines to create a new division: the Benefits Division. Formed by consolidating the Company’s Group, Traditional Worksite and Credit Union business, the Benefits Division provides targeted products and services—both group/employer-paid products and voluntary/employee-paid products—to the benefits management market.

January 2003
The variable products available through Security Mutual Life’s subsidiary, National Security Life and Annuity Company, are unveiled—Security Advantage VUL and NScore Variable Annuities.

December 31, 2008
$30.1 billion of life insurance in force; $2.2 billion in assets.
$23.8 million in dividend payments.

Customer Service Forms

NOTE: An original copy must be received by our Home Office unless it states otherwise on the form.

Please choose one of the following:

Security Mutual- Start Here!
Private - Mutual Company
Security Mutual Life Insurance Company of New York
Address1 PO Box 1625
Address2 -
City Binghamton
State NY
Zip 13902-1625
Phone Number 607/723-3551
Fax Number 607/772-2114

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A Tale Of Two Agents

Captive Agent

An agent working exclusively for a single firm. He or she is obliged to submit business only to that firm, or at least give that firm first rights of refusal on the case.

Captive agents that are non-established are usually paid on a combination of salary and commissions earned from selling the policy contract. Also, the firm usually provides its captive agents with an allowance for office expenses as well as employee benefits such as pensions, life insurance, and health insurance. 

The established captive agent is usually paid exclusively on a commission basis.  This type of agent will tend to have more in-depth knowledge of that firm's policies, however, he or she will hardly ever be equipped to offer the industries' best price on any particular product offering.

Independent Agent Broker

Simply said, independent agents are appointed to sell policies from many insurers. The agent is independent from all insurers thus, the independent agent's responsibility is solely focused on evaluating the client's needs and the pricing of the product chosen.

While searching for the brokerage market's best place for a client's business, independent agents pay all their own expenses and keep their own records and earn their income from brokerage commissions on the policies they sell.

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