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Security Mutual Insurance Company

 


Security Mutual is a solid financial and insurance resource backed by a combination of innovative products and service beyond expectations.

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Our Standout Performance

Over the years, Security Mutual has weathered depressions, wars and recessions to emerge as one of the leading mutual life insurance companies in the United States. Currently, the Company markets its products in all 50 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico.

Security Mutual Life Insurance Company of New York was founded in 1886 by a group of businessmen who set out to provide customers with sound and affordable life insurance coverage. Security Mutual sold its first policy on January 3, 1887.

From $15,000 in assets its first year in existence, Security Mutual has grown to more than $1.7 billion in assets with more than $30.5 billion of life insurance in force. The Company's strong performance represents the cumulative effect of many steps taken over time. We have also made substantial progress to effectively position the Company to prosper and grow throughout the new Century.

As a mutual company, Security Mutual is owned by and operated for the benefit of its policy owners across the United States. A New York-domiciled company, Security Mutual operates under the regulation of the New York State Insurance Department, among the strongest and most respected insurance departments in the country.

Today, Security Mutual's mission is based on the same values upon which the Company was founded-to provide sound, equitable and competitive financial protection against financial hazards resulting from premature death or disability.


Financial Strength Ratings


Security Mutual maintains a high-quality asset portfolio of bonds and mortgages. Bonds constitute over 81 percent of total invested assets, and 98.7 percent of the bond portfolio is rated as investment grade.

Security Mutual’s assets continue to grow, increasing to almost $1.9 billion as of December 31, 2004, a 5.6 percent increase over the past year.

Security Mutual’s capital remains strong at over $99.1 million.

Security Mutual’s individual life insurance in force continues to grow, increasing to $24.2 billion as of December 31, 2004, a 6.7 percent increase over the past year.

Security Mutual Life Insurance Company of New York
Address1 PO Box 1625
Address2 -
City Binghamton
State NY
Zip 13902-1625
Phone Number 607/723-3551
Fax Number 607/772-2114
WebPage www.smlny.com
   
 

  
Asset Quality


Security Mutual maintains a conservative investment philosophy. The investments of the Company consist predominantly of high-quality, fixed-maturity, investment-grade securities.

The mortgage portfolio of $114 million represents 6.28% of the Company’s total invested assets, and as of December 31, 2004, none of the mortgages were overdue, in default or in foreclosure.

BlackRock Financial Management, Inc., provides fixed income and portfolio management services. The investment operations are monitored and approved by the Company’s Board of Directors.



Policy Owner Value

With the priority emphasis on financial strength and asset quality, we continue to focus on long-term policyowner value in our overall strategic planning and corporate operations.


2004 Bond Portfolio Quality

Total Bonds as of 12/31/04 $1,413,141
Grade 1; Highest 70.0%
Grade 2; High 28.7%
Grade 3; Medium 0.7%
Grade 4,5,6; Low 0.6%


Recent History

January 1, 2000

Thanks in large part to the Year 2000 compliance efforts Security Mutual began in 1996, Security Mutual's systems and technology infrastructure successfully made the transition into the 21st Century.

January 2002

Security Mutual and Ohio National Financial Services, Inc., complete the acquisition of First ING Life Insurance Company of New York. The company is renamed National Security Life and Annuity Company (NSLAC) and is headquartered in Binghamton, New York. The new company markets individual variable life insurance and individual fixed and variable annuity products.

October 2002

Security Mutual 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 organizations, the Benefits Division provides targeted products and services—both group/employer-paid products and voluntary/employee-paid products—to the benefits management market.

December 31, 2002

$28.1 billion of life insurance in force; $1.6 billion in assets; $24.7 million in dividend payments.

January 2003

The variable products available through Security Mutual’s subsidiary, National Security Life and Annuity Company, are unveiled—Security Advantage VUL and NScore Variable Annuities

 

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Lewis Fink is licensed as a term life agent offering term life quotes in the following states: Term life quotes for:
Alabama - AL,  Arkansas - AR,  California - CA Colorado - CO Connecticut - CT Delaware - DE District of Columbia - DC,  Florida - FL, Georgia - GA Idaho - ID Illinois - IL Indiana - IN Iowa - IA Kansas - KS Kentucky - KY Term quotes for: Louisiana - LA,  Maine - ME Maryland - MD Massachusetts - MA,  Michigan - MI Mississippi - MS Missouri - MO,  Montana - MT Nebraska - NE New Mexico - NM, New Jersey - NJ New York - NY,  North Carolina - NCTerm quotes for: North Dakota - ND,  Ohio - OH Oklahoma - OK Pennsylvania - PA, Rhode Island - RI South Carolina - SC,  South Dakota - SD,  Tennessee - TN Term quotes for: Texas - TX,  Utah - UT Vermont - VT Virginia - VA, and Wisconsin - WI.  

We offer term quotes for 5, 10, 15, 20, 25, and 30 year term periods. Our universal life products can be quoted to cover a term of up to age 120. Not all term product quotes from all term companies quoted are available in all states.



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