As a modern-day consumer, you understand the importance of doing a thorough research before applying for any new financial commitments. So it was time to make a life insurance purchase and you heard or were referred to Security Mutual Life Insurance, now you’re wondering if this is the right choice for you. Well, in short, it is not a bad choice but you can do much better with some of the larger insurers. Best thing to do is, of course, check out everything the company has to offer and make a decision afterward. That’s exactly what we are going to do today with Security Mutual Life.
About Security Mutual Life
Before we look at their financial strength, products and what other customers are saying let’s see how they came about. This company is quite old which is a good sign. They have been around since 1886 which shows you that the company has endured two world wars and a lot of economic downturns.
The company has an “A-” rating which stands for “Excellent” and is actually a good rating. A strong rating implies that the company has enough reserves to pay out a large number of claims and survive harsh economic environments. Just to give you some numbers they have about $2.7 billion in assets by insuring $32 billion worth of life insurance. So from a financial perspective, they are not bad but not as big as companies like Prudential or Metlife.
I did like the companies mission and core values which were very focused on conducting fair and honest business practices. This is good because typically this spreads throughout the company culture. As far as the overall company goes I’d have to say that they are legit and definitely not a fly by night. So if you already have a policy with them there is nothing to worry about.
Products
This is definitely a company that offers a lot of different products like annuities, long-term care, worksite plans and life insurance. However, we are going to focus on life insurance because that’s what we do here which I’m sure you got by now. When it comes to life insurance there are really two types of plans such as term and permanent life. Term life is a very popular plan that provides temporary coverage and permanent life is designed to provide coverage for the remainder of one’s life. Permanent life does have different plan types like whole life, universal life, and survivorship life. Security Mutual offers all of these plan types.
Term Life
This is the most affordable type of coverage that is available to cover you for a period of 10, 15, 20 or 30 years. An ideal plan for people who are getting a mortgage or just starting a family since it will cover you until retirement. A term policy also enables you to secure a large amount of life insurance for a low monthly premium. This policy is also renewable after the term and may even be converted to a permanent plan without any underwriting qualifications.
Whole Life
The first type of permanent life insurance policy that will provide you coverage until age 100. A whole life plan is definitely not the most affordable type of life insurance policy and can be quite costly. The justification for the cost is simply because for one the cover is locked in for life and two it does accumulate savings. Yes, a portion of your premium goes into a cash value account where it accrues interest based on bonds. This money can be accessed by you for small emergencies or for any reason you’d like.
Universal Life
Similar to a whole life policy since it also provides lifetime protection but it does offer more flexibility in terms of payments and death benefit. Universal life does have cash value too but the interest earned comes from different options rather than bonds like whole life.
Survivorship Life
Another type of permanent life insurance plan that is usually used for estate planning or wealth transfer. This policy insured the lives of two people and only pays out when both individuals pass.
What Others are Saying
The company does have some negative reviews but very few which is not bad considering they have a lot of clients. As far as the Better Business Bureau they have also given the company an “A+” so doesn’t seem like there are too many angry clients.
Final Word
After researching more about Security Mutual Life Insurance company it is safe to say that they are a reputable and reliable life insurance company. They offer a variety of different life insurance plans to meet their client’s needs and they don’t have too many complaints online. However, if you want the best that you can get then you may be better off going with a bigger carrier. You may also be surprised to find out that most large insurers are actually very competitive price wise. Now you may be wondering why I’m recommending a big company well because they invest heavily in their customer service and digital channels so you’ll be able to easily make policy updates and review your policy online. If you’re looking for a no exam policy it doesn’t seem like Security Mutual offers that so you should check out one of our carriers.
Work with Us!
Here at InsureChance, we work with over 60 top rated companies and offer every single type of life insurance plan that may come to mind. We have state of the art comparison tools that you can use to compare rates instantly with all the major insurance carriers. In addition to that, we will draft a cover letter for you that will help you get a better rate and all of our clients enjoy lifetime support. So feel free to run quotes on one of our quoters or call us at 888.492.1967.
