Security Mutual Insurance Company was founded in 1887
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January 3, 1887
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.
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
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
name is changed to Security Mutual Life Insurance Company.
September 7, 1900
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.
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
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
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.
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
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.
Mutual Life adds "of New York" to its name to distinguish between
itself and a similarly named company in Lincoln, Nebraska.
old—$125 million in assets and $565 million of life insurance in
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.
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.
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.
Mutual Life dedicates a new 3-floor, 95,000-square-feet, addition to
accommodate the Company's growth.
Old—$13.1 billion of life insurance in force; $582 million in
assets; $11.5 million in dividend payments.
January 1, 2000
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
Mutual Life and
Financial Services, Inc., complete the acquisition of First ING
Life Insurance Company of New York. The company is renamed
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.
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.
variable products available through Security Mutual Life’s
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.
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