Looking for information about Security Mutual Life Insurance? You’ve come to the right place. As a licensed insurance professional who works with families every day to protect their financial future, I get questions about different insurance companies regularly. Security Mutual Life Insurance is one of the carriers people ask about, and I want to give you the complete picture of what they offer and whether they might be right for your situation.
For a complete overview, see learn more about term life insurance.
Let me walk you through everything you need to know about Security Mutual Life Insurance—their history, financial strength, products, and how they compare to other options in the market.
What Is Security Mutual Life Insurance?
Security Mutual Life Insurance Company of New York has been serving policyholders since 1886. That’s nearly 140 years of experience in the life insurance business, which tells you something about their staying power in this industry.
The company is based in Binghamton, New York, and operates as a mutual insurance company. What does that mean for you? Unlike publicly traded companies that have to answer to stockholders, mutual companies are owned by their policyholders. This structure can align the company’s interests more closely with yours as a policyholder.
Security Mutual focuses primarily on life insurance products, including term life, whole life, and universal life policies. They tend to serve smaller communities and work through independent agents rather than having a massive national advertising presence like some of the bigger names you might recognize.
Financial Strength and Ratings
When I’m evaluating any insurance company for my clients, one of the first things I look at is their financial stability. After all, life insurance is a long-term commitment, and you want to make sure your chosen company will be around to pay claims when the time comes.
Security Mutual Life Insurance has received the following ratings:
- A.M. Best: B++ (Good)
- Standard & Poor’s: Not rated
The B++ rating from A.M. Best indicates good financial strength, though it’s not in the highest tier. A.M. Best uses a scale where A++ and A+ are superior, A and A- are excellent, and B++ and B+ are good. While this isn’t a red flag, it’s something to consider when comparing options.
In my experience, many families prefer working with companies that have A- or better ratings from A.M. Best, especially for larger policies or long-term coverage needs.
Products Offered by Security Mutual Life Insurance
Security Mutual offers several types of life insurance products:
Term Life Insurance
Their term life policies provide temporary coverage for specific periods, typically 10, 20, or 30 years. This is often the most affordable option for families who need coverage during their working years when financial obligations are highest.
Whole Life Insurance
These permanent policies combine life insurance protection with a cash value component that grows over time. The premiums stay level, and the policy can remain in force for your entire lifetime as long as premiums are paid.
Universal Life Insurance
Universal life offers more flexibility than whole life, allowing you to adjust premium payments and death benefits within certain limits. The cash value grows based on current interest rates set by the company.
Pros and Cons of Security Mutual Life Insurance
Let me give you an honest assessment of what I see as the advantages and potential drawbacks of Security Mutual Life Insurance:
Advantages
Long Track Record: Nearly 140 years in business shows they’ve weathered many economic storms and market cycles.
Mutual Company Structure: Being owned by policyholders rather than stockholders can mean decisions are made with policyholder interests in mind.
Personal Service: Smaller companies often provide more personalized service and may be more flexible in their underwriting approach.
Competitive Rates: For the right candidate, their rates can be very competitive, especially in certain age ranges or health profiles.
Potential Drawbacks
Limited Market Presence: They may not be available in all states, which could limit your options.
Financial Rating: The B++ rating, while good, isn’t in the top tier compared to some other carriers.
Product Selection: They may have fewer product options compared to larger carriers with more diverse portfolios.
Recognition: Less brand recognition might make some people uncomfortable, even though the company has solid fundamentals.
Who Might Be a Good Fit for Security Mutual Life Insurance?
In my experience working with different carriers, Security Mutual Life Insurance might work well for:
- Families seeking competitive term life rates: If you qualify for their best rates, the premiums can be very attractive
- People who value personal service: Smaller companies often provide more hands-on customer service
- Those with specific health conditions: Sometimes smaller carriers have different underwriting appetites than the big companies
- Residents in their primary markets: If you’re in an area where they have strong agent representation
How Security Mutual Compares to Other Options
Here’s where I always encourage families to think carefully. While Security Mutual Life Insurance has its strengths, the life insurance market is incredibly competitive, and rates can vary significantly between companies based on your specific situation.
For example, I’ve seen cases where one company offers a 45-year-old non-smoker their best rate class, while another company might put the same person in a lower rate class due to different underwriting guidelines. The difference could be $20-30 per month or more.
That’s why I never recommend choosing a life insurance company without comparing multiple options. Your age, health, lifestyle, and even your state of residence can all affect which company will give you the best deal.
The Underwriting Process
Security Mutual Life Insurance, like most carriers, will evaluate your application based on several factors:
- Health history and current health status
- Age and gender
- Lifestyle factors (smoking, drinking, exercise habits)
- Occupation and hobbies
- Driving record
- Amount of coverage requested
For larger policies or certain ages, you’ll likely need a medical exam, blood work, and possibly medical records from your doctor.
My Recommendation: Compare Before You Commit
Look, Security Mutual Life Insurance is a legitimate company with a long history and decent financial ratings. They may very well offer you competitive rates and good service. But here’s what I’ve learned after helping hundreds of families with their life insurance needs: you’ll never know if you’re getting the best deal unless you compare options.
I’ve seen too many situations where someone got a quote from one company, thought it sounded reasonable, and bought coverage—only to find out later that another company would have saved them thousands of dollars over the life of the policy.
As an independent agent, I work with dozens of highly-rated insurance companies, not just one. This means I can shop your application across multiple carriers to find the one that gives you the best combination of rates, coverage, and financial strength for your specific situation.
Some families end up with Security Mutual Life Insurance after we run the numbers. Others find that a different company offers better rates or more suitable products. The key is having options and making an informed decision.
What to Look for in Any Life Insurance Company
Whether you’re considering Security Mutual Life Insurance or any other carrier, here are the key factors I recommend evaluating:
Financial Strength Ratings
Look for companies with A- or better ratings from A.M. Best. This indicates excellent to superior financial strength.
Product Options
Make sure they offer the type and amount of coverage you need, both now and potentially in the future.
Competitive Pricing
Get quotes from multiple companies to ensure you’re getting competitive rates for your situation.
Claims Paying History
Research how the company handles claims and their reputation for paying promptly and fairly.
Customer Service
Consider the level of service you expect and whether the company’s size and structure align with your preferences.
Getting Started with Your Life Insurance Search
If you’re considering Security Mutual Life Insurance, I’d encourage you to take a broader approach. Let me help you compare what they offer against other top-rated companies to make sure you’re making the best decision for your family.
When I work with families, I start by understanding your specific needs—how much coverage you need, what type of policy makes sense, and what fits your budget. Then I shop your application across multiple carriers to find the best options available to you.
This approach takes the guesswork out of choosing a life insurance company. Instead of wondering if Security Mutual Life Insurance is your best option, you’ll know exactly where they stand compared to other carriers willing to insure someone with your profile.
Related Reading
- Guaranteed Issue Term Life Insurance: The Complete Guide
- Simplified Issue Term Life Insurance: The Complete Guide
- 10 Year Term Life Insurance: The Complete Guide
- 20 Year Term Life Insurance Cost in 2026
Ready to see all your options? I’ll help you compare Security Mutual Life Insurance against other top-rated companies to find the coverage that gives you the best value. As an independent agent, I can show you quotes from multiple carriers and help you understand the differences, so you can make a confident decision about protecting your family’s financial future.
Get Your Free Quote Comparison
The peace of mind that comes from knowing you’ve found the right coverage at the right price is worth the few extra minutes it takes to compare your options. Let me handle the comparison shopping for you—it’s what I do every day, and I’d be happy to help you find your best option.
- Consider Security Mutual’s B++ financial rating from A.M. Best, which falls in the “good” category rather than the top tier that many families prefer for long-term life insurance coverage.
- Understand that Security Mutual operates as a mutual company owned by policyholders rather than stockholders, which can better align the company’s interests with yours.
- Explore their standard product lineup including term life, whole life, and universal life insurance policies available through independent agents.
- Compare Security Mutual’s offerings with higher-rated carriers before making your final decision, especially for larger policies or long-term coverage needs.
- Recognize that Security Mutual focuses on smaller communities and has nearly 140 years of industry experience since 1886, demonstrating stability in the market.
