Security Mutual Life

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Aug 20, 2020

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Company Details
Address: 100 Court Street
City: Binghamton
State: NY
ZIP Code: 13902-1625
Phone Number: 800-346-7171
AM Best Rating: A
URL where was collected the AM Best Rating:
Lines of Insurance: life, disability
States Licensed To Sell Insurance In: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Type of Insurance Company: Mutual
Top executive Contact: Bruce W. Boyea, EA, MAAA, MSPA
Title of Top executive: Chairman/President
Assets & Premiums: 2006 Assets: $2.04 billion2006 Revenues: $366 millionS&P rating: A+ (strong)
Insurance subsidiaries:
  1. 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.

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