Security Mutual Life News & Articles

It’s Inevitable

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

We insure against events that we can exercise some control over preventing . . . accidents, theft, fire. We even insure our pets. So why do so many of us avoid insuring against that other inevitable event . . . death? The potential for financial AND emotional loss is incalculable.

Moving? Check Your Will!

by Schanker and Hochberg, P.C.
Attorneys and Counselors at Law

Inter-jurisdictional issues may arise with living wills, health care proxies, and powers of attorney, which are all critical lifetime documents. But what about one of the most critical death-related documents: the Last Will and Testament? If you execute a will in New York, for instance, but later move to Florida, will your will be honored in Florida?

September is Life Insurance Awareness Month: Are You Financially Fit?

(Binghamton, NY · August 31, 2017) This year, the LIFE Foundation has selected Danica Patrick, professional race car driver and athlete, as the spokesperson for Life Insurance Awareness Month. When it comes to fitness, Danica believes that taking care of yourself is all about your self-worth and focusing on your health, what you eat and your finances. According to Danica, “An important part of financial fitness is having a plan that includes life insurance.” Growing up, Danica saw the importance her family placed on life insurance protection. She realized that your family’s everyday life expenses don’t magically go away if something happens to you. “Life insurance is one of those things that you can completely customize to meet your needs and your ability to pay,” Danica said. Watch Danica’s video testimonial from Life Happens, a nonprofit organization, for her special message.

During Life Insurance Awareness Month, we encourage you to explore our website and to visit the LIFE Foundation’s website at to discover the many ways life insurance may help ensure your family’s financial security. Life insurance proceeds can fund many types of expenses, such as: paying funeral expenses, providing income for survivors, paying mortgages and other debts, creating an estate, payment of estate or inheritance taxes, providing a cash flow in retirement, paying for college, borrowing money/taking a policy loan, equalizing an inheritance, funding of business continuation plans, funding of charitable gifts and so much more.

Do you have enough life insurance coverage? Use our Life Insurance Analysis Calculator to help estimate how much coverage you may need and then contact your Security Mutual Life insurance advisor to review your current coverage. If you are in need of an insurance advisor, please use our Representative Locator to find an agent near you.

“All-Stars” Light Up 16th Annual Jim “Mudcat” Grant All-Star Golf Tournament!

(Binghamton, NY • August 30, 2017) Today Security Mutual Life, Jim “Mudcat” Grant, some of this year’s All-Stars, and representatives from the tournament’s four recipient organizations kicked off the 16th Annual Jim “Mudcat” Grant All-Star Tournament. The kickoff started a day of celebration that includes visits to Lourdes Hospital and the UHS Sports Clinic, an educational program for local youth, and a meet-and-greet with tournament sponsors. The tournament itself takes place tomorrow at The Links at Hiawatha Landing.

“We are delighted to be welcoming back so many of our returning All-Stars, as well as some All-Stars who are new to this great tournament,” said Security Mutual Life Chairman, President and CEO Bruce W. Boyea. “These All-Stars are deeply committed to the tournament’s mission of helping children and families in Greater Binghamton, and they demonstrate that commitment each year when they return to Binghamton. They also have such a great time that they really help the tournament grow through their positive word of mouth.”

The star returning All-Star is, of course, famed major league baseball player, entertainer and sports broadcaster Jim “Mudcat” Grant for whom the tournament is named. “‘Mudcat’ has been a true friend of Greater Binghamton for more than 16 years,” said Boyea. “He is passionate not only about helping make sure that children and their families do not go hungry, but also about communicating the importance of education and working to develop your talent, and of course, having fun while you’re doing it!”

Just as important as the celebrity All-Stars are the 30 Grand Slam and Triple Play sponsors and the many dedicated volunteers, businesses and other supporters who make the event a reality. “This tournament simply would not be possible without our sponsors and supporters,” said Boyea. “Their generosity and commitment to the children and families of Greater Binghamton certainly make them stars in our community.”

The tournament proceeds help support the educational, recreational, wellness and other programs offered by The Broome County Urban League, The Boys and Girls Clubs of Binghamton and Catholic Charities of Broome County, as well as the food programs run by CHOW and Catholic Charities. In addition, a separate fundraising event will be held during the tournament, with those proceeds being used to help support U.S. veterans, particularly homeless veterans in Broome County.

Joining “Mudcat” for this year’s tournament will be approximately 35 celebrities, including two fellow Black Aces*: Fergie Jenkins and local favorite “Gentleman Al” Downing, who played for the Binghamton Triplets in 1961 prior to joining the Yankees. Among the returnees are Cy Young Award baseball great Vern Law and Pro Football Hall of Fame member Leroy Kelly. New to the tournament this year is former professional baseball player Ron Swoboda, who is best known for “The Catch” in Game 4 of the 1969 World Series. With five celebrity basketball players in attendance, the tournament will again feature some friendly hoops competition on the links, courtesy of Dick’s Sporting Goods. Dick’s has donated two hoops, which will go to The Boys and Girls Clubs of Binghamton following the tournament.

*African-American major league baseball pitchers who have won 20 or more games in a single season.


Local News Coverage

A Myth Can Be a Millstone

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

Are myths about life insurance holding you back from protecting your most important assets? See if what you have been led to believe aligns with any of these five life insurance myths.

SML’s William Rainaldi Shares Social Security Tips in Money Girl Podcast

Security Mutual Life’s William Rainaldi was recently interviewed by Laura Adams on her Money Girl podcast. Laura and Bill discussed some key points about Social Security, as well as five expensive Social Security mistakes and how to avoid them. Listen to the podcast and learn more about how to maximize your Social Security benefits. Security Mutual Life Insurance Company of New York is independent of and not affiliated with, sponsored by, or endorsed by Money Girl, Quick & Dirty Tips™ Mignon Fogarty, Inc., or Macmillan Holdings, LLC.

Whatever Happened to File and Suspend?

by William F. Rainaldi, CFP®
Regional Vice President

“File and Suspend” was a great technique for generating an early Social Security spousal benefit. It was a way to find some extra income with little or no downside.

But “File and Suspend” is dead. It died quietly over a year ago—victim of an updated regulation. And yet, we still get many, many questions about how to do it. You can’t. Not anymore. If you were able to get it in before the deadline, congratulations! They can’t take it away from you.

So we don’t have as many options as we used to. But there are still other things we can do.

“Bring Home the Bacon!” The Changing Roles of Women

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

Together with women’s expanded influence comes expanded responsibility . . . perhaps an even greater financial responsibility to your family if you are “bringing home the bacon.”  Such a role deserves greater protection.  Life insurance can assist with those financial obligations and provide legacy and living benefits.

An In-Depth Case Study on Social Security Taxation


by William F. Rainaldi, CFP®
Regional Vice President

When you take a serious look at the nuts and bolts of Social Security taxation, the results are staggering. And so is the amount of money you can save if you plan properly.

And by planning properly, we mean that you can save a great deal of money in taxes simply by using the cash value in a life insurance policy to provide retirement income, rather than using, for example, a 401(k). This article shows you how.

When Tea for Two Becomes Tea for One…

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

We recognize that the cost of living is not going down. Yet, retirement plan distribution options often provide a smaller benefit to the surviving spouse. Even our Social Security benefits are reduced to the surviving spouse. So how can you help protect against loss of income?