When I help families navigate the life insurance landscape, I often get questions about Security Plan Life Insurance Co—and rightfully so. Understanding who you’re potentially entrusting with your family’s financial security is one of the most important decisions you’ll make.
For a complete overview, see term life insurance explained.
Here’s the thing: Security Plan Life Insurance Company operates as a marketing organization that works with multiple insurance carriers, rather than being a traditional insurance company itself. If you’re researching them for term life coverage, I want to make sure you understand exactly what you’re looking at and how they fit into the broader insurance marketplace.
What Is Security Plan Life Insurance Co?
Security Plan Life Insurance Co functions as an insurance marketing organization (IMO) that partners with various life insurance carriers to offer coverage to consumers. Think of them as a middleman between you and the actual insurance companies that will issue your policy.
When you apply through Security Plan Life Insurance Co, your coverage will actually be underwritten and issued by one of their partner carriers—companies like Mutual of Omaha, AIG, or other established insurers. This is an important distinction because your policy’s strength, claims-paying ability, and long-term security depend on the actual issuing carrier, not Security Plan itself.
In my experience working with families across the country, this type of arrangement is quite common in the insurance industry. Many agents and organizations operate this way, serving as intermediaries to help connect consumers with appropriate coverage.
How Security Plan Life Insurance Co Works
The Application Process
When you work with Security Plan Life Insurance Co, here’s typically what happens:
- Initial Contact: You’ll speak with one of their representatives about your coverage needs
- Carrier Selection: Based on your health, age, and coverage amount, they’ll recommend which of their partner carriers might be the best fit
- Application Submission: Your application gets submitted to the chosen carrier for underwriting
- Medical Exam: Depending on the coverage amount and your age, you may need to complete a medical exam
- Underwriting Review: The insurance carrier reviews your application and determines your rate class
- Policy Issuance: If approved, the carrier issues your policy directly
Partner Carriers
Security Plan Life Insurance Co works with multiple insurance carriers, which can be beneficial because different carriers have different strengths. Some excel at covering certain health conditions, others offer more competitive rates for specific age groups, and some have more lenient underwriting for particular situations.
This multi-carrier approach means they can potentially shop your application to find the most favorable outcome—similar to what I do as an independent agent.
Term Life Insurance Through Security Plan
If you’re specifically looking at term life coverage through Security Plan Life Insurance Co, you’ll want to understand that your actual policy will come from one of their partner carriers. This means:
Coverage Options
The term life options available will depend on which carriers they’re appointed with. Most will offer:
- 10, 15, 20, and 30-year level term policies
- Coverage amounts from $25,000 to $1 million or more
- Various underwriting levels from simplified issue to fully underwritten
Rate Competitiveness
Since Security Plan works with multiple carriers, they should be able to offer competitive rates. However, the key question is: are they working with the carriers that would give YOU the best rates based on your specific situation?
When I evaluate term life options for my clients, I consider factors like:
- Your current health status
- Any medications you’re taking
- Your family health history
- Your lifestyle factors (tobacco use, aviation, etc.)
Different carriers excel with different risk profiles. For example, one carrier might offer excellent rates for someone with well-controlled high blood pressure, while another might be more favorable for someone with a family history of heart disease.
Important Considerations When Working With Security Plan
Financial Strength Ratings
Remember, your policy’s financial backing comes from the issuing carrier, not Security Plan itself. Before accepting any coverage, make sure you understand:
- Which carrier will actually issue your policy
- That carrier’s A.M. Best rating (look for A- or better)
- The carrier’s claims-paying history
Limited Carrier Access
While Security Plan works with multiple carriers, they likely don’t have access to every insurance company in the market. This means you might not see all available options for your situation.
In my practice, I work with over 50 different carriers. This gives me the ability to truly shop the market and find the carrier that offers the best combination of rates, underwriting, and financial strength for each individual client.
Agent Expertise
The success of working with any marketing organization depends heavily on the expertise of the specific agent you’re assigned. Some key questions to ask:
- How long has your agent been in the business?
- Are they familiar with the underwriting guidelines of their partner carriers?
- Can they explain why they’re recommending a specific carrier for your situation?
Red Flags to Watch For
Based on my experience in this industry, here are some warning signs when working with any insurance marketing organization:
High-Pressure Sales Tactics
Legitimate insurance professionals will give you time to review options and make informed decisions. Be wary of anyone pushing you to sign immediately or using fear-based sales tactics.
Vague Information About Carriers
You should always know exactly which carrier will issue your policy before you apply. If representatives are vague about this or won’t provide specific carrier information, that’s concerning.
Unrealistic Rate Quotes
If the rates seem too good to be true compared to other quotes you’ve received, dig deeper. Make sure you’re comparing apples to apples in terms of coverage amounts, term lengths, and underwriting requirements.
Questions to Ask Security Plan Life Insurance Co
If you’re considering working with Security Plan, here are the key questions I’d recommend asking:
- Which specific carrier will underwrite my policy?
- What is that carrier’s A.M. Best rating?
- Why is this carrier the best fit for my situation?
- What other carriers do you work with, and why aren’t they recommending those?
- Can you provide a detailed breakdown of all policy costs and charges?
- What happens if I want to make changes to my policy in the future?
The Independent Agent Alternative
While Security Plan Life Insurance Co may offer legitimate coverage options, I want you to understand there’s another approach: working with a truly independent agent who has access to the entire market.
When I work with families, I’m not limited to a specific set of carriers. I can:
- Compare rates across 50+ carriers to find your best option
- Match your specific health profile to carriers with favorable underwriting for your situation
- Provide ongoing service throughout the life of your policy
- Help with claims if the need ever arises
This approach often results in better rates and more suitable coverage because we’re not limited to a pre-selected group of carriers.
Making the Right Choice for Your Family
Term life insurance is one of the most important financial decisions you’ll make for your family. Whether you choose to work with Security Plan Life Insurance Co or another route, the key is ensuring you get:
- Adequate coverage to protect your family’s financial future
- Competitive rates that fit your budget
- A financially strong carrier that will be there when needed
- Proper policy structure that meets your specific needs
The life insurance market is incredibly competitive right now, which is great news for consumers. But it also means that having access to multiple carriers and understanding their different strengths is more important than ever.
What I’ve Learned About Term Life Shopping
After helping hundreds of families secure term life coverage, here’s what I’ve discovered: the cheapest quote isn’t always the best deal, and the first company you talk to rarely offers your best option.
I’ve seen situations where someone thought they were getting a great rate, only to discover during underwriting that the carrier had strict guidelines that bumped them to a higher rate class. Meanwhile, a different carrier might have been more lenient with their specific health situation.
This is why I always recommend getting multiple quotes from different types of sources—direct from carriers, through organizations like Security Plan, and through independent agents—then comparing not just the rates, but the whole package.
Term Life Insurance Beyond the Quote
Remember, term life insurance is more than just finding the lowest premium. You want to consider:
- Conversion options: Can you convert to permanent coverage later without a medical exam?
- Coverage stability: How long are rates guaranteed level?
- Company reputation: What’s their history with claims and customer service?
- Policy flexibility: Can you make changes if your needs evolve?
These factors can be just as important as the monthly premium, especially when you’re talking about coverage that might be in place for 20 or 30 years.
The life insurance market can be overwhelming, but that’s exactly why I’m here. Whether you’re researching Security Plan Life Insurance Co or exploring other options, I can cut through the noise, compare your choices across multiple carriers, and help you find coverage that makes sense for your specific situation.
Related Reading
- Life Insurance for Parents: The Complete Guide
- 20 Year Term Life Insurance Cost in 2026
- 10 Year Term Life Insurance: The Complete Guide
- Simplified Issue Term Life Insurance: The Complete Guide
Ready to see all your options? Contact me for a free quote and let’s find the right fit for your family’s needs. I’ll shop the entire market—not just a limited selection—to make sure you’re getting the best possible coverage at the most competitive rates.
- Understand that Security Plan Life Insurance Co is not a traditional insurer—they’re a marketing organization that connects you with actual carriers like Mutual of Omaha and AIG who will issue your policy.
- Research the actual issuing carrier carefully since your policy’s strength, claims-paying ability, and long-term security depend on them, not Security Plan itself.
- Take advantage of their multi-carrier approach which allows them to shop your application across different insurers to potentially find better rates and more favorable underwriting outcomes.
- Expect your application to go through the partner carrier’s standard process including medical exams, underwriting review, and policy issuance directly from the actual insurance company.
- Compare their offerings with independent agents who can also provide multi-carrier access and may offer more transparency about which carriers best fit your specific health and coverage needs.
