Security Mutual Life Insurance Company of NY
November 6, 1886
Charles M. Turner founds the Security Mutual Life Association. The fundamental objective of the entity—to sell a high quality product at a competitive price. The Company was established as a “mutual” life association not as a stock company so that policyholders, not private investors, would share in profits.
April 22, 1898
The Company’s name is changed to Security Mutual Life Insurance Company.
1940
Being an innovator in the industry, Security Mutual Life is among the first life insurance companies to create a separate health department. Within weeks Security Mutual Life offers accident and health coverage in addition to traditional life insurance.
1944
Security Mutual Life pioneers another line of business: Group Coverage. Soon thereafter Security Mutual Life establishes a contributory plan for life insurance and hospital coverage for Security Mutual Life employees.
1960
Security Mutual Life adds “of New York” to its name to distinguish between itself and a similarly named company in Lincoln, Nebraska.
1962
75 years old—$125 million in assets and $565 million of life insurance in force.
Security Mutual Life joins with 7 other companies to give New York State residents a nonprofit hospital-medical and major medical insurance program for the elderly. The plan, called the New York 65, was a forerunner of the Federal Medicare program and was set up on a tax-exempt, nonprofit basis.
April 1998
Security Mutual Life became one of only 155 companies nationwide to achieve membership in the Insurance Marketplace Standards Association (IMSA). This achievement demonstrates the Company’s long-standing commitment to serve its customers in accordance with high standards of honesty, fairness and integrity.
January 2002
Security Mutual Life and Ohio National Financial Services, Inc., complete the acquisition of First ING Life Insurance Company of New York. The company is renamed National Security Life and Annuity Company (NSLAC) and is headquartered in Binghamton, New York. The new company markets individual variable life insurance and individual variable annuity products in New York.
January 2003
The variable products available through Security Mutual Life’s subsidiary, National Security Life and Annuity Company, are unveiled—Security Advantage VUL and NScore Variable Annuities.
December 31, 2009
$30.4 billion of life insurance in force; $2.4 billion in assets. $19.5 million in dividend payments.
Life Insurance Products
- Participating Whole Life
- Universal Life
- Term Insurance
- Joint and Last Survivor Insurance
