November
13, 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.
January
3, 1887 Security Mutual
Life Association opens its doors
for business, located in two
small offices in downtown Binghamton,
New York. On this day the first
policy was sold. It was a policy
that today would be recognized
as a one-year renewable term
policy. The death benefit was
$1,000.
1889 Security
Mutual Life becomes the first
company in the nation to
offer disability benefits.
This helped to establish
the Company as an innovator
in the industry.
April
22, 1898 The Company's
name is changed to Security
Mutual Life Insurance Company.
September
7, 1900 Once again, Security
Mutual Life lives up to its reputation
of being a competitive spark in the industry
by establishing the "Total Abstinence
League," offering a "preferred
class" to its members if they agreed
not to sell, use or manufacture intoxicating
liquors. The offering was a smash hit.
January 31, 1903 Security Mutual Life announces
plans for building its own 10-story headquarters.
March 12, 1904 Construction of the headquarters
begins. The main entranceway was designed after the
stone bridge depicted in the Company's emblem.
As Security Mutual Life
turns 50 The creation of the Social Security
system enables families, for the first time, to actually
plan for their insurance needs. Security Mutual Life
adapts itself to the Country's new vision of life
insurance and the widely accepted need for it as
a supplement to government and private benefits.
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.
Early
1950s Security
Mutual Life becomes a leader
once again by adding a new
line of pension coverage
and offering guaranteed issue
coverage long before the
industry even had a name
for such practices.
- Becomes the first company to
issue Jumping Juvenile policies. Face amount
is $1,000 until age 21 and then jumps to $5,000.
- Becomes the first company to
offer noncancelable disability income coverage
to age 65.
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.
1969 Security Mutual Life joins
with 152 other companies in pledging to divert
$1 billion from normal investment channels
to help finance the rebuilding of center cities.
1977 Security Mutual Life introduces
its nonsmoker premium discount, an echo of
the Total Abstinence League (discounts to non-drinkers).
Security Mutual Life's management drafts a
corporate plan to guide all future decisions.
Having been revised and updated numerous times,
it is still a crucial part of Company's management
today. Among other things, the plan stated
that the Company would concentrate on the corporate
and estate-planning markets.
1981 Security Mutual Life dedicates
a new 3-floor, 95,000-square-feet, addition
to accommodate the Company's growth.
1986 100 Years Old—$13.1
billion of life insurance in force; $697 million
in assets; $11.5 million in dividend payments.
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
1, 2000 Thanks in large part
to the Year 2000 compliance efforts Security
Mutual Life began in 1996, Security Mutual
Life's systems and technology infrastructure
successfully made the transition into
the 21st Century.
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.
October 2002 Security Mutual Life realigned
several of its business lines to create a new division:
the Benefits Division. Formed by consolidating the
Company’s Group, Traditional Worksite and Credit
Union business, the Benefits Division provides
targeted products and services—both group/employer-paid
products and voluntary/employee-paid products—to
the benefits management market.
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, 2007 $30.7 billion of life insurance
in force; $2.12 billion in assets; $23.6 million
in dividend payments.
January
3, 1887
