Your spouse is on your case or you simply realized you can’t procrastinate on purchasing your life insurance policy so you ran into Security Mutual Life Company and are now wondering if this is the right choice for you. We can help you with that since we have reviewed 100’s of companies and work with all of the best ones. When it comes to evaluating a life insurance company you have to look at a variety of factors and it can take some time, that’s why we did all the leg work for you and reviewed Security Mutual Life Company by checking out their history, financials, ratings and what others are saying. Now, off the bat, I’d like to let you know that it is a great company and definitely not a fly by night but you can do much better by going with some larger insurers. So if you’d like to see for yourself feel free to run quotes now or continue reading for an in depth review.
About Security Mutual Life Insurance
History
This company was started by in 1886 by a fellow named Charles Turner and he went with the mutual route so that the policyholders would own stock of the company. Don’t be surprised as this was quite common back then. The company offices were in New York and this is an area they have served for some time before moving on. A cool fact about them is that they actually were one of the first companies to offer disability insurance which made them stand out and gain a lot of recognition. They also started a “Total Abstinence League” which allowed individuals to get preferred rates if they vowed not to sell or use liquor. Pretty cool considering there is now a liquor store on every corner. Security Mutual also added health and accident plans in 1940, then group benefits and pension plans as well which made them grow with great success up to this day.
Financial Strength and Rating
If you want a good indicator of whether or not a company is going to be around to pay your claim look at their ratings. We checked Security Mutual Life’s rating with A.M. Best and they have an “A-” rating which is really good. This makes sense since they have been around for over 130 years. Now, as far as their finances go they have about $3 billion in assets which is not bad but not too impressive since there are some big boys out there. The company also has $32.1 billion of life insurance in force so that’s a lot of policies.
Security Mutual Life Insurance Company Product offering
The company offers a lot of different products such as retirement planning, financial planning, disability insurance, long term care, annuities, workplace plans and of course individual life insurance which is what we will be focusing on. Their website didn’t do much for providing a solid description of what each plan offers but let’s see what we can do.
Term Life Insurance
- Most popular and common type of life insurance coverage in America because it is super affordable and you can secure it for specific time frame.
- You can select a policy option of either 10, 15, 20 or even a 30-year plan.
- The term selected means that your rates will be locked in and there will not be any increases during that time frame.
- This product is known as pure protection so no cash value or any other confusing jargon. You pay for it and if you die they pay for it, simple as that.
- If you’re just starting a family with a mortgage ideally this would be a good fit for you since you can get a lot of insurance for a low monthly premium.
- The plan is renewable once the term expires which means it will renew annually. (beware: rates will go up every year after term completion)
- Security Mutual Term Plans do have a conversion privilege which means that you can convert your term to a permanent plan without any underwriting to a whole life or universal life plan.
Whole Life insurance
- A permanent life insurance plan that is designed to cover you until the ripe age of 100 at which point the policy matures.
- This is usually the plan agents will pitch as a way to get huge saving because it builds cash value. (note: returns are very minimal so don’t get your hopes up)
- Their plan is locked in so your rates will stay the same for the entire life of the policy and well your life too.
- Your death benefit will be level as well, ensuring that your loved ones will get a certain amount no matter what.
- Because this plan has a lot of guarantees and is a lifetime coverage it is one of the most expensive life insurance options out there.
- Most people who get the whole life do it for very small amounts or large policy for high net worth estate planning.
- Since it does accumulate cash value you do have access to the funds and can withdraw them via loans on tax deferred basis.
Universal Life Insurance
- Similar to a whole life policy from the point that it too offers life insurance to cover you for the entire lifetime with cash value accumulation.
- The big difference is that you have a lot more flexibility with this policy and can make adjustments with your premiums and face amount.
- As far as cash value this policy has different types of investments and in some cases, you can choose where your money gets invested, unlike whole life which is strictly bonds.
- Just like with the whole life you have access to the cash value which can be taken out for emergencies and if large enough to supplement your retirement income.
Survivorship Life Insurance
- Another type of permanent life insurance just like the two above but with a certain purpose.
- This plan is designed to cover lives of two people under one policy and will only pay out once both of the insured are deceased.
- The ideal situation for this plan type is during estate planning or wealth transfer which is similar.
- It can also be used for business purposes like key person insurance or for charitable giving.
- These policies are surprisingly not as costly as one may think.
Pros of Security Mutual Life Insurance Company
This company does have some good pros. One of the first ones that stood out is that they have been around for a very long time which demonstrates they have endured a lot. Another strong point of theirs is the high rating from A.M. Best. This company also tries to offer different types of life insurance products to meet different needs of their clients.
Cons of Security Mutual Life Insurance Company
Here are some major things I didn’t like about the company. For one they are actually not as big as one might think when you put them against carriers like Prudential and Mutual of Omaha, so I would definitely go with one of those instead of Security Mutual Life. The other thing is that their website design is stuck in the early 90’s with no login for policy management, this would be fine if all the other big companies were doing the same but their sites are light years ahead.
Bottom Line
I would only recommend them if they had a much more competitive rate for identical plan or if you were turned down by others and they offered you a plan. The truth is that there are many other life insurance companies that are much better so be sure to check them out first. I think they are a great company but definitely, need some improvements on their size and digital media channels.
Work with us!
I hope you enjoyed this short review about Security Mutual Life Insurance Company and have a better idea of whether or not they are right for you. No matter what you decide you should always scour the entire marketplace to see what else is out there. Here at InsureChance, we work with over 60 top rated companies and let you compare rates with all of them with a few mouse clicks. Simply, look through what type of life insurance plan you’d like and there will be a comparison tool for it. Once you find a plan you can request an application online or call one of our insurance professionals at 888.492.1967. Not only we will help you find the best and most affordable plan but we can ensure you get covered if you’re considered a high risk. Our clients are family and that’s why we provide lifetime support so you’ll have access to our industry expertise for life. So don’t wait and reach out to us today! Welcome to InsureChance!
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