Security Mutual Insurance: Everything You Need to Know

When it comes to protecting your assets and ensuring financial stability, insurance is often the way to go. However, with so many insurance options available, it can be challenging to choose the right policy. One company that stands out in the industry is Security Mutual Insurance. In this article, we will delve into the ins and outs of Security Mutual Insurance, so you can decide if it’s the right fit for you.

What is Security Mutual Insurance?

Security Mutual Insurance is a mutual company that offers a range of insurance products, including life insurance, annuities, and disability income insurance. The company was established in 1886 and has since become a respected name in the insurance industry. Security Mutual Insurance operates in 49 states and Washington DC, providing coverage to both individuals and businesses.

History of Security Mutual Insurance

Security Mutual Insurance has a long and rich history that dates back to the 19th century. The company was originally founded in Binghamton, New York, in 1886 by a group of local businessmen. At the time, the company was known as the Security Benefit Association and focused on providing life insurance to members.

Over the years, the company expanded its offerings and changed its name several times. In 1968, it became Security Mutual Life Insurance Company of New York, and in 2008, it rebranded to Security Mutual Insurance Company. Today, the company is still headquartered in Binghamton and has over 350 employees.

Why Choose Security Mutual Insurance?

There are several reasons why you might consider choosing Security Mutual Insurance for your insurance needs. Here are just a few:

• Financial strength: Security Mutual Insurance has a strong financial rating from A.M. Best, indicating that it is financially stable and able to meet its policyholder obligations.
• Range of products: With offerings such as life insurance, annuities, and disability income insurance, Security Mutual Insurance can help you protect your financial future no matter what your needs may be.
• Longevity: Security Mutual Insurance has been in business for over 135 years, indicating a commitment to longevity and stability.

Security Mutual Insurance Products

Now that you know a bit about Security Mutual Insurance, let’s take a closer look at the company’s insurance products.

Life Insurance

Life insurance is one of the most important types of insurance you can have. It provides financial protection to your loved ones in the event of your death, allowing them to pay for expenses and maintain their standard of living. Security Mutual Insurance offers several types of life insurance, including:

• Term life insurance: Provides coverage for a specified period of time.
• Whole life insurance: Provides coverage for the duration of your life and builds cash value over time.
• Universal life insurance: Provides flexible coverage and cash value accumulation.

Annuities

Annuities are another type of insurance product offered by Security Mutual Insurance. An annuity is a contract between you and an insurance company that provides regular payments in exchange for a lump-sum investment. Security Mutual Insurance offers two types of annuities:

• Fixed annuities: Offer a guaranteed interest rate for a specified period of time.
• Indexed annuities: Allow you to participate in market gains while protecting your principal investment.

Disability Income Insurance

If you were unable to work due to an injury or illness, disability income insurance can provide you with income replacement. Security Mutual Insurance offers several disability income insurance options, including:

• Short-term disability insurance: Provides coverage for a specified period of time.
• Long-term disability insurance: Provides coverage for a longer duration of time, typically until retirement age.

Security Mutual Insurance Cost and Discounts

The cost of Security Mutual Insurance will vary depending on the type of coverage you choose and your individual circumstances. However, there are several discounts available that can help you save on your premiums. These include:

• Multi-policy discount: If you have multiple policies with Security Mutual Insurance, you may be eligible for a discount.
• Loyalty discount: If you have been a policyholder with Security Mutual Insurance for a certain amount of time, you may be eligible for a discount.
• Safe driver discount: If you have a good driving record, you may be eligible for a discount on your auto insurance premiums.

FAQs

What is a mutual insurance company?

A mutual insurance company is owned by its policyholders rather than shareholders. This means that profits are returned to policyholders in the form of dividends or lower premiums.

Is Security Mutual Insurance a good company?

Security Mutual Insurance has a strong financial rating and a long history of providing quality insurance products. However, it’s important to shop around and compare quotes from multiple insurance companies to ensure you’re getting the best coverage and rates for your needs.

How do I file a claim with Security Mutual Insurance?

You can file a claim with Security Mutual Insurance by contacting the company’s customer service department or through its online portal. Be sure to have your policy number and any relevant information on hand.

What happens if I miss a premium payment?

If you miss a premium payment, your policy may be at risk of lapsing. However, many insurance companies offer grace periods, giving you extra time to make a payment before your policy is cancelled. Be sure to contact Security Mutual Insurance if you are having trouble making your premium payments.

Can I cancel my policy with Security Mutual Insurance?

Yes, you can cancel your policy with Security Mutual Insurance at any time. However, there may be penalties or fees associated with cancelling your policy, so be sure to read your policy documents carefully and speak with a customer service representative if you have any questions.

Conclusion

Overall, Security Mutual Insurance is a well-established insurance company that offers a range of quality products to its policyholders. Whether you’re looking for life insurance, annuities, or disability income insurance, Security Mutual Insurance is worth considering. However, as with any insurance company, it’s important to do your research, compare quotes, and read your policy documents carefully before making a decision.