Security Mutual Life
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Written by
Jeffrey Johnson
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UPDATED: Aug 20, 2020
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- National Security Life & Annuity Co.
Company Overview:
Company History: Founded 1887, Binghamton, NY, Security Mutual Life was the first insurance company in the U.S. to offer Disability coverage. As of December, 2006, it had paid a client dividend for 114 consecutive years. The current name was adopted in 1960. Although it is licensed in all 50 states as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands, Security Mutual Life Insurance Company of New York does over half of its business in New York state and almost 20% more in the 3 adjoining states of New Jersey (11%), Connecticut (5%) and Pennsylvania (4%). A 2004 plan to demutualize and be acquired was dropped because of regulatory objections from New York state. Over three quarters of direct premiums are derived from ordinary life insurance, primarily whole life, universal life and term life. Other products include fixed annuities, group life and disability. A joint venture with Ohio National (of Cincinnati) began offering variable life and variable annuity products in 2003 through a jointly owned subsidiary. Security Mutual sells through general agents, personal producing general agents and brokers as well as through worksite sales of whole life insurance which is distributed through employers and employer sponsored credit unions.
Principle Sales Methods: Independent agents and brokers.Worksite sales of whole life insurance.
Life Annuity Business: Security Mutual Life sells Individual and Group Life and Disability plans, plus Annuity policies. In addition to the sales of whole life insurance at the worksite, Security Mutual Life Insurance Company of New York targets personal and business needs of business owners and professionals, especially estate planning and corporate owned life insurance.
I have a good life insurance policy with Security Mutual. There customer service is great and I love them so far.
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Customer service is non-existent. Phone calls and e-mails are not returned. One gets to speak with someone only when they happen to answer the phone and still information and status of claim is impossible to obtain. This client felt treated like a criminal as opposed to the customer – To take it further when one is making a claim there can be emotions related to the loss. Empathy and understanding was no where to be found and the claims rep and claims manager repeatedly contradicted themselves giving the impression of stalling in settling the claim.
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I have a landlord package for my rental property for approximately the past 15 years. I have made my first claim for water damage caused by ice back-up in the gutter. Now, they tell me, this damage is not covered After, reading the policy about 4 times, it seems, rain, snow, sleet, wind, or any other normal weather conditions in New York State are not covered
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The agents were very responsive to any questions and took the time to patiently answer my questions
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We filed one claim years ago after a heavy snowfall We’re in Buffalo, NY took down the front awning. March 16, 2016, we had a power surge in the house. Alarm system went off, lights on and off…Our daughter’s PC, new game system, TV, DVD player, stereo system, everything electric was dead inoperable. It’s been a nightmare. Every time it’s something new they want us to do. We’ve had all the inoperable devices in our living room, photographed and waiting replacements – the equivalent of what she had. We just got her PC back from the Geek Squad and they said it is un-repairable. Just unbelievably bad company in every way.
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This company has horrendous costumer service. I have power of attorney because my mother is ill. I requested information and they refused to give it to me. Because of this my mother is not eligible for long term care services. And will likely be placed on hospice to make her comfortable. They were rude on the phone. I had given them 2 weeks to get me the information and they did not even call to explain things. If you love your family do not get security mutual life insurance they will not work with you to help you improve and extend the life of your loved ones.
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My entire family have life insurance policies with this company. My domestic partner and father of my 16 year old son died in February 2016. A death claim was submitted on 2 different policies. After a year of investigating the claim. They approved one and denied the other stating the first application stated we were married when in fact we weren’t. That his signature was needed. So the contract was void. At the time of the application. There wasn’t a box to check for our circumstances and I specifically verbalized to their agent that we weren’t married. She assured me that since we had a child in common it wouldn’t be an issue. After doing some online research I’ve come to learn my situation with the company isn’t unique. That they have in fact had this exact issue in the past with other customers. I don’t know whether these agents are engaged in bad business practices intentionally to boost sales or if they’re in need of additional training. But, the families of the deceased shouldn’t have to deal with this type of financial blow after the death of a loved one.
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They are a scam operation. I had volumes of documentation showing I was disabled, and this company kept throwing roadblocks, and I now have to get a lawyer to get my money owed to me.
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Had a family emergency and tried to borrow money from my policy , mailed back all the documents certified mail but 3 days later was told they never received them ,then was told I could fax the documents to them why wasnt I told this in first place so I faxed documents and waited 72 hours and called and was told no documents were posted to my account then was told I can email them the documents again why wasnt I told this in the first place so I emailed the documents on a Friday , Wednesday I got a voice message from an agent that they needed to speak to be regarding my loan request , when I called back the agent just want to check on my information to make sure it was accurate The agent is sitting at a computer with all my information in his screen why she couldnt just compare it to the application is beyond me . Totally of 16 business days and yet to receive the money I requested for my loan . I better not die cause I doubt my family will receive a dime from this company .
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Terrible customer service , dont return phone calls or emails .
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