Security Mutual Life of New York life insurance

Overview

Security Mutual Life Insurance Company of New York is a policyholder-owned mutual life insurer based in Binghamton, New York. It reached its 140th year in 2026. The NAIC lists it as a single company rather than a group, and it ranked #65 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with about $377.5 million in premiums and a 0.24% market share.

Although it carries "of New York" in its name, Security Mutual markets its products in all 50 states, the District of Columbia and the U.S. Virgin Islands. It is domiciled in New York and regulated by the New York State Department of Financial Services. The company sells through independent agents and has two other channels: payroll-deduction whole life at workplaces, and life insurance offered to credit union members with premiums drawn from their accounts.

According to its 2026 letter to policyholders, Security Mutual ended 2025 with $3.32 billion in assets and $208.73 million in capital. It issued more than 45,000 new individual life policies and annuity contracts in 2025. Its net operating gain was $5.53 million after paying $341.25 million in policyholder benefits, including $20.40 million of dividends. Kirk R. Gravely, an actuary, is president and chief executive officer.

History

Charles M. Turner founded the Security Mutual Life Association on November 6, 1886, as a mutual so that policyholders rather than investors would share in profits. It sold its first policy, a $1,000 one-year renewable term contract, on January 3, 1887, from two small offices in downtown Binghamton. The company paid its first policyholder dividend in 1893 and says it has paid dividends every year since, including through the Great Depression.

The company renamed itself Security Mutual Life Insurance Company in 1898 and built a 10-story headquarters in Binghamton starting in 1904. It began offering disability benefits in 1889 and accident and health coverage in 1940, and it entered group coverage in 1944. In the early 1950s it says it issued the first "jumping juvenile" policies, children's coverage that rose from $1,000 to $5,000 at age 21. "Of New York" was added to the name in 1960. A nonsmoker premium discount followed in 1977.

Later decades brought new ways of selling: worksite payroll-deduction life insurance in 1983, credit union sales in 1998 and a Benefits Division for employer group and voluntary products in 2002. In 2023 the company opened a regional office in Houston. Security Mutual has never demutualized or merged into a larger group. Its board is elected by policyholders, and any owner whose policy has been in force at least a year may vote at the annual election held at the Binghamton home office.

Life insurance products

Security Mutual's consumer pages describe its life coverage in general terms and send buyers to a representative for specific plans:

• Whole life. Permanent coverage with level premiums, a guaranteed death benefit and cash values that can be borrowed against. Participating policies are eligible for annual dividends, which the company stresses are not guaranteed and can rise or fall with investment income, mortality, taxes and expenses. See whole life dividends: how participating policies pay.
• Term life. Coverage for a set number of years. The company says most of its term policies can be renewed for additional years even if health changes, at higher premiums, and generally include a conversion privilege to whole life or universal life without new evidence of insurability before the final conversion date.
• Worksite whole life. Voluntary, payroll-deducted whole life that employees and credit union members can buy for themselves, spouses, children and grandchildren. Applicants answer medical questions instead of taking an exam, guaranteed issue is available for select employer cases, and the coverage is portable if the employee changes jobs. See supplemental (voluntary) life insurance at work.

The website does not publish term lengths, issue ages, face amount limits or rider lists, so ask an agent for the product guide in your state.

Other products

Security Mutual issues single premium deferred annuities, single premium immediate annuities and flexible premium annuities. Its Benefits Division offers group and voluntary products to employers. A subsidiary, SML Agency Services, Inc., formed in 1994, arranges individual disability insurance and long-term care insurance from other carriers.

Buying and service

You buy through a licensed independent agent. The company's Find a Representative tool lists agents by state, or customer service can refer you to one. Because the agents are independent, they can also show policies from other insurers.

Policyholders can register for the My Security Mutual portal to view policy information, make online payments and submit service requests. Forms for beneficiary changes, ownership changes (absolute assignment), loans, withdrawals and reinstatement are on the customer service pages. Phone lines are open 7:30 a.m. to 6 p.m. Eastern, Monday through Friday. There are separate numbers for individual life, coverage bought through an employer, and coverage bought through a credit union or the Family Security Plan.

Claims

To start a death claim, contact Security Mutual's Individual Claims department to report the death and confirm a policy was in force. The department can be reached at 800-846-6305 or [email protected]. If death occurred two or more years after issue, each beneficiary completes an Individual Life Insurance Incontestable Death Claim Form. Within the first two years, beneficiaries use the contestable form, and the claim gets a closer review; see the two-year contestability period.

Mail the completed form, an original certified death certificate showing the final cause and manner of death, and the original policy pages if available to P.O. Box 1625, Binghamton, NY 13902. The company returns the original certificate after review, and one certificate covers all policies and beneficiaries. Proceeds can be assigned to a funeral home only on Security Mutual's own assignment form with an itemized funeral bill, and not on contestable claims. The company does not publish average claim payment times.

Ratings and reputation

AM Best rates Security Mutual A- (Excellent), the fourth-highest of its 16 rating levels. AM Best's rating profile for the company shows the rating, along with an "a-" issuer credit rating and a stable outlook, most recently affirmed effective October 1, 2026, after a previous affirmation on September 17, 2025. Security Mutual does not publish ratings from S&P, Moody's or Fitch. It was named to Forbes' list of America's Best Insurance Companies for 2026, which is based on a consumer survey. It was not among the brands ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study.

The company describes its investments as predominantly investment-grade bonds managed by BlackRock, plus an internally managed $296.3 million commercial mortgage portfolio (9.46% of invested assets at the end of 2025). Policy loans to its policyholders made up 23.65% of invested assets.

Who it suits

Security Mutual suits people who want traditional participating whole life from an independent, policyholder-owned company with a long dividend record, especially through an independent agent who can compare it with larger mutuals. Its worksite program also suits employers that want to offer portable, payroll-deducted permanent coverage at no direct cost. Buyers who want the strongest possible financial strength rating, detailed product information online, or indexed or variable products may prefer larger competitors.

• Strengths: Policyholder-owned mutual since 1886 with dividends paid every year since 1893; sells nationwide through independent agents; worksite whole life with simplified or guaranteed issue for select cases; regulated by New York's Department of Financial Services.
• Weaknesses: A- (Excellent) from AM Best, lower than many larger mutuals, and no other agency ratings published; small capital base ($208.73 million at year-end 2025); limited product detail on its website; no online quotes or applications.

How to contact Security Mutual Life of New York