November, 23 2017

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Security Mutual Life Insurance Review

Security Mutual Life Insurance Review

Author
  • Price
  • Financial Strength

Security Mutual Life Insurance Review

Pros: History– Security Mutual Life was founded in 1886 proving they are a company your family can depend on in the future.  Dividends– For the past 122 years, Security Mutual Life paid a dividend to its policyholders.

Cons: Their term life insurance rates are not the least expensive available. (See Price Comparison Table Below)

Bottom Line: Security Mutual Life, which is now Security Mutual Life Insurance Company of New York (after a name change in 1960), is a stable life insurance company headquartered in New York that has been around for the past 128 years. They offer a wide selection of insurance products to help their clients meet their financial goals.  As with all the companies we review, we recommend that you receive a quote from Security Mutual Life Insurance Company and from the other top life insurance carriers and choose the best company for you.

About

Type: Mutual

Issued by: Security Mutual Life Insurance Company of New York

Founded: 1886

Website: smlny.com

Phone: (800) 346-7171

Address: 100 Court Street, Binghamton, NY 13902

A.M Best Rating: A- (Excellent) Fourth highest of 16 possible ratings

Comdex Ranking: NA

BBB Rating: A+  

States: All 50 states and the District of Columbia

Life Insurance Products: Term Life Insurance, Whole Life Insurance and Universal Life Insurance, Group Life Insurance, Disability & Long Term Care and Annuities.

Competitors: State Farm, Farmers, Allstate, Nationwide, New York Life, MassMutual, SBLI, MetLife, Northwestern Mutual, Columbian Financial Group, American Family Life Insurance, Colonial Penn, Ohio National Life Group, American General Life AIG, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, Grange Life Insurance Company, Symetra Life Insurance Company, Mutual of Omaha, John Hancock, PennMutual, Principal, TIAA-CREF, Guardian, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA Life Insurance Company, American Family.

Price Comparison

Sample rates for a $250,000 policy on a 20-year term at each company’s preferred health class, for a 40, 50 and 60-year old male, non-smoker.

AgeSecurity MutualAIGBanner LifeMetLife
40$30.96$24.85$25.59$26.01
50$61.28$56.57$56.00$56.61
60$184.26$156.32$150.50$182.61

 

 

What is your experience with Security Mutual Life?  Tell others if you would recommend them to your friends and family.  Please leave a comment and rating below.

Summary
Review Date
Reviewed Item
Security Mutual Life Insurance Company
Author Rating
3