Security Mutual Life News & Articles

Security Mutual Life: Alight with Purpose



(Binghamton, NY • April 18, 2018) If you’ve ever seen nighttime photos of the Security Mutual Building or if you’ve ever been in or around the City of Binghamton at night, you may have noticed the beautiful colored lights atop of the company’s landmark home office building. What you may not realize, though, is that Security Mutual regularly changes the colors of those lights, and those colors have a meaning.

Sometimes the colors are celebratory, like the red and green you will see in December for the holiday season, the green you will see for St. Patrick’s Day, and the red, white and blue you will see for the Fourth of July.

But throughout most of the year, the colors have a more serious function: bringing light to important causes that affect our community, our policyholders and our nation. Each February, the lights shine red to help promote awareness of American Heart Month. In June, the lights are purple for National Alzheimer’s Awareness Month, and in October, they’re pink for National Breast Cancer Awareness Month.

Throughout April and May 2018, each night the building will be alight with an array of colors—from red, yellow and green, to blue and purple. These multi-colored lights signify the more than 20 different colors representing the forms of cancer affecting the lives of so many people. By displaying these colors, Security Mutual is working not only to raise awareness, but also to help cancer patients and their families through a new nonprofit initiative: Sock Out Cancer™.

Security Mutual Life founded Sock Out Cancer in 2017, and the program logo—a bright, multi-hued sock—symbolizes the fight against cancer in all its forms. Sock Out Cancer is a community-based fundraising program to benefit financially distressed cancer patients. The program provides financial assistance for non-medical needs such as transportation, groceries and rent or mortgage so patients in participating communities can put all their energy into fighting cancer.

The multi-colored light display in April and May is timed to help promote two very important Sock Out Cancer community fundraising events: a benefit concert taking place May 8 in Albany, New York, followed by a benefit concert on May 11 in Binghamton, New York. The concerts will feature America’s Got Talent runner up William Close & the Earth Harp Collective, and the net proceeds will benefit the cancer patients being treated by the participating hospitals in each community.

Because the Sock Out Cancer message is such an important one to so many people, these signature lights will shine at various times throughout the year. And of course, we will also be bringing light to many other important causes as well.

If you’re curious to see what our latest colors are and what they signify, visit smlny.com often, where you’ll find that information featured on our home page.

About Sock Out Cancer™
Security Mutual Life is proud to be the founder and principal sponsor of Sock Out Cancer, LLC, a community-based nonprofit initiative formed to assist financially distressed cancer patients and their families. The program provides financial assistance for non-medical needs such as transportation, groceries and rent or mortgage payments. It is funded through donations, fundraising events and the net proceeds from sales of multi-hued Sock Out Cancer socks symbolizing the fight against cancer in all its forms. Socks can be purchased online at sockoutcancer.org.

Sock Out Cancer, LLC, is wholly owned by the Security Mutual Life Insurance Company of New York Charitable Trust, which is a New York 501(c)(3) public charity.

Companies Unite to Help Sock Out Cancer in Albany


(Binghamton, NY • April 13, 2018) Security Mutual Life, SEFCU, Capital Bank and Tri Cities Rentals announced that America’s Got Talent runner up William Close & the Earth Harp Collective will be performing a benefit concert to help Sock Out Cancer™. The concert takes place Tuesday, May 8, at The Palace Theatre in Albany. The net proceeds from the concert will benefit financially distressed cancer patients being treated by Albany Med and St. Peter’s Hospital, helping those patients pay for non-medical needs such as transportation, groceries and rent or mortgage so they can put all their energy into fighting cancer.

Dr. Jennifer M. Pearce, a Pediatric Hematologist/Oncologist at Albany’s Melodies Center for Childhood Cancer and Blood Disorders, emphasized that in addition to being a huge emotional burden, cancer can create an incredibly significant financial burden, with the costs of transportation, meals, copays and lost wages adding to the overall stress to the family. “We know that the proceeds from this event will help ease the emotional and financial burdens that our families face every single day and give them one less thing to worry about so they can focus instead on seeing their children thrive and their families thrive.”

Dr. Kyle Denniston, Radiation Oncologist at St. Peter’s Hospital Cancer Care Center, agreed. “Oftentimes this financial aspect and financial burden that’s placed on our cancer patients is one that has been ignored and one that’s overlooked. So events such as Sock Out Cancer really are crucial to providing the support and financial stability for patients when they are going through their treatments and their most difficult days.”

Bruce W. Boyea, Chairman, President and CEO of Security Mutual Life, praised Albany Med and St. Peter’s for the amazing work they do, and he thanked all the sponsors for coming together in support of the region’s cancer patients. “There’s a lot of heart in Sock Out Cancer,” he said. “This event simply could not happen without the support of the many generous sponsors who have stepped up to make this concert a reality, and we are very grateful for their support.”

“We are so grateful for the generosity of the sponsors and to the hospitals for undertaking to ensure that this gap can be filled,” said Albany Mayor Kathy M. Sheehan. “That extra help can really be the difference between a recovery that is moving forward, or a recovery that can be hindered by the stress and the strain of those worries that nobody should have to be thinking about when they’re battling cancer. This is a really exciting way to raise money for the need, and in addition, Albany is going to get a great treat and, I’m sure, a phenomenal performance.”

The stunning centerpiece of the concert will be the Earth Harp—an instrument invented and created by William Close. The Earth Harp’s giant strings will stretch above the audience from the stage to the balcony, transforming Albany’s Palace Theatre into an instrument and allowing the audience to experience the music literally from within the instrument. According to an article published in The New York Times, “It’s like sitting inside a giant cello.”

In addition to purchasing tickets for the May 8 concert, people can also help support Sock Out Cancer by purchasing the bright, multicolored socks symbolizing the fight against cancer in all its forms. The socks can be purchased at St. Peter’s Hospital, Capital Bank branches, Taft Furniture in Albany, and online at sockoutcancer.org. Socks will also be available for sale in the Albany Med cafeteria on April 18-19. Together with the concert net proceeds, the net proceeds from all Albany sock sales will benefit the cancer patients being treated by Albany Med and St. Peter’s Hospital.

Concert tickets can be purchased through Ticketmaster as well as at the Palace Theatre’s box office.

For more information, visit: sockoutcancer.org


Local Albany News Coverage:

http://wnyt.com

Social Security—A Single Life Only Benefit


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

You look into the future. You picture yourselves as a couple who has worked together, accumulated your assets together, and combined your incomes to create your lifestyle for your “golden years.” It’s been a productive life and you live within your means. It appears you are beyond the “years of struggling.” Then one of you is gone from the picture. You don’t have much life insurance coverage because you believed the media pundits and the advice of friends who told you that “…at your age you don’t need life insurance. Your kids are grown and self-sufficient.” This may be one of life’s numerous fables that we believe along the way that can create unfortunate consequences.

Stepping Up to Help Sock Out Cancer


(Binghamton, NY • April 3, 2018) Security Mutual Life, Chemung Canal Trust Company and Visions Federal Credit Union today announced they will be presenting a very special concert for a very special purpose: to help financially distressed cancer patients in the Southern Tier. The concert features the internationally renowned ensemble William Close & The Earth Harp Collective and takes place Friday, May 11, at The Forum Theatre in Binghamton

The stunning centerpiece of the concert will be the Earth Harp—an instrument invented and created by William Close. The Earth Harp’s giant strings will stretch above the audience from the stage to the balcony, transforming Binghamton’s Forum Theatre into an instrument and allowing the audience to experience the music literally from within the instrument. According to an article published in The New York Times, “It’s like sitting inside a giant cello.”

“We are tremendously excited about bringing this one-of-a kind musical performance to Binghamton,” said Security Mutual Life Chairman, President and CEO Bruce W. Boyea. “Attending a concert by William Close & The Earth Harp Collective is truly an amazing experience, and we really encourage Southern Tier residents not to miss it. In addition, so our neighbors fighting cancer can also experience this event and enjoy a night out, we are pleased to announce we will be offering a number of complimentary tickets to local cancer patients,” said Boyea. Lourdes Hospital and UHS will be sharing tickets with their cancer patients, and a limited number of complimentary tickets will also be available by calling 607-338-SOCK.

A number of local businesses and individuals have joined forces with Security Mutual, Chemung Canal Trust and Visions to help sponsor the concert. “This event simply could not happen without the support of the many generous sponsors who have stepped up to make this concert a reality. We are extremely grateful for their support and their dedication to our community,” said Boyea.

Net proceeds from Sock Out Cancer’s Binghamton concert will assist cancer patients and their families who have been referred by case workers at Lourdes Hospital and UHS, the region’s two largest cancer centers.

Concert tickets can be purchased through Ticketmaster as well as at the Arena/Forum box office.

For more information, visit sockoutcancer.org.


Local Coverage

www.binghamtonhomepage.com

www.wicz.com



Bruce W. Boyea, Security Mutual Life Chairman, President & CEO, announces the May 11 Sock Out Cancer™ Benefit Concert and displays the multi-hued Sock Out Cancer socks that can be ordered through sockoutcancer.org.


How Young Is Too Young to Plan?


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

Will your children or grandchildren be prepared for retirement in 40 to 60 years? Are they too young for you to think about that? Perhaps not. Can they count on Social Security? Can they count on their employer providing a retirement plan or the stock market guaranteeing their future? Or will they have to count on . . . “the kindness of strangers” in their retirement years? YOU can provide them with an asset to help cover life’s uncertainties.

When Term Insurance Is Your Choice


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

Term insurance is easy to understand. You pay the premiums and you have life insurance . . . no bells, no whistles. However, term products can differ. So it pays to compare different term products to your personal financial objectives.

Security Mutual Life Announces Company’s 2017 Results


(Binghamton, NY • February 28, 2018) Security Mutual Life has completed another successful year in its 131-year history of helping the Company’s policyholders achieve the long-term financial security goals they have set for themselves, their families and their businesses.

Highlights of the past year include:

  • Dividends: 125 consecutive years of paying dividends to participating policyholders.*
  • Earnings: Net operating gain after taxes of $5.4 million. 
  • Assets: Total assets of $2.75 billion.
  • Bond Portfolio: Maintained a high-quality bond portfolio composed of 99.3 percent investment-grade bonds.
  • Payouts to Policyholders: Paid $328.5 million to Security Mutual’s policyholders, beneficiaries and those receiving annuity distributions.

“By consistently meeting our policy obligations and generating quality results and positive returns, Security Mutual continues to help ensure financial security for our policyholders and their beneficiaries,” said Chairman, President and CEO Bruce W. Boyea. “Our success can be attributed to our unwavering commitment to our policyholders and representatives—providing innovative solutions, products and services that help meet today’s and tomorrow’s insurance and financial needs.”

For more details regarding the Company’s 2017 performance, please view our 2017 Highlights and our 2018 Letter to Policyholders.

*The payment of dividends is not guaranteed, and the amount credited, if any, will rise and fall depending on experience factors such as investment income, taxes, mortality and expenses.

The 5 Most Common Mistakes When Claiming Social Security


by William F. Rainaldi, CFP®
Regional Vice President

When it comes to claiming Social Security, one thing is abundantly clear: every situation is different. And that’s a big reason so many people end up confused.

Dealing with the Social Security Administration


by William F. Rainaldi, CFP®
Regional Vice President

Although it’s not always easy dealing with the Social Security Administration, the SSA is probably the most efficiently run government bureaucracy out there. Here are some tips to make your visit as productive as possible.

The Dow Dips


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

“It was the scariest day on Wall Street in years.” That’s how CNN described the Dow dip that took place on February 5. However, the stock market is known for these “dips,” and the February 5 dip was not a once-in-a-lifetime event. So how do you help protect yourself against another “Dip in the Dow”? There is one asset that can help sway the risk factor toward “low risk”…