Security Mutual Life News & Articles

C.R. Weeks Elementary School Students Help Sock Out Cancer™!


(Binghamton, NY • April 21, 2017) At a special school assembly, the students, teachers and staff of C. R. Weeks Elementary School in Windsor presented a check for $296 to the Sock Out Cancer™ initiative. But that wasn’t the whole story. During the assembly, the school’s Teacher Parent Children group (TPC) made a surprise announcement saying it would match the Student Council’s donation, for a grand total of $592 going to Sock Out Cancer™ from Weeks Elementary!

Members of the school’s student council came up with the idea of wearing crazy socks and selling carnations on St. Patrick’s Day to raise money for Sock Out Cancer™. “They’re a good group of kids and they really enjoy doing things for the community,” said 4th grade teacher and Student Council advisor Mike Trapani.

Security Mutual Life Chairman, President & CEO Bruce W. Boyea accepted the check on behalf of the Sock Out Cancer™ Foundation. “I am so impressed with these students and with their desire to help families whose lives have been affected by cancer,” said Boyea. “They have done an outstanding job and have set a tremendous example for our entire community. We are extremely grateful to them, as well as to the C. R. Weeks Teacher Parent Children group.”

This latest donation will be added to the $120,000 raised through ticket sales for a benefit concert held March 10 and through the sale of Sock Out Cancer™ Socks. All proceeds help cancer patients who need assistance paying for basic living expenses, such as rent or mortgage payments, food and transportation to the hospital.

Socks can be purchased at the Wegmans Johnson City Location as well as through the hospital gift shops at Lourdes and UHS.

Related links:
http://www.windsorcsd.org

Local news coverage:
http://www.wbng.com

Joint Revocable Living Trusts­­—Watch Out!


We continue to meet with clients to review estate plans that include a “joint revocable living trust.” Joint revocable living trusts are very troubling, and it is our strong recommendation that married couples create separate revocable living trusts.

Generally speaking, a revocable living trust is a “will-substitute.” It directs distribution of assets and management of the estate at time of death. The huge advantage of using a revocable living trust instead of a will is that probate can be avoided. Thus frustration, delays, and significant expenses can also be avoided.

Planning for College? Consider This Option


If you want to help your children, grandchildren, or other family members complete their dreams and educational goals, talk to your life insurance agent about a permanent life insurance policy that is funded to grow cash value.

Sock Out Cancer™ Benefit Exceeds Goals


(Binghamton, NY • March 21, 2017) The Sock Out Cancer™ concert held March 10 didn’t just meet the event’s fundraising goals—it exceeded them by 20 percent! Security Mutual Life Chairman, President & CEO Bruce W. Boyea had the honor of announcing that Greater Binghamton’s first-ever Sock Out Cancer initiative danced past its $100,000 goal, actually raising $120,000 to help people in the Southern Tier battling cancer. The proceeds will be split evenly between the Lourdes Hospital Foundation and the UHS Foundation and will help local cancer patients who need assistance paying for basic living expenses, such as rent or mortgage payments, food and transportation to the hospital.

Boyea announced the results just prior to the benefit concert performed by the internationally renowned ensemble William Close and The Earth Harp Collective. He thanked all the sponsors, particularly co-presenters Chemung Canal Trust Company, Visions Federal Credit Union and WBNG, as well as major sponsors Hinman, Howard & Kattell, LLP, and Upstate Shredding, LLC. He also thanked the many audience members who supported the initiative through the purchase of concert tickets and Sock Out Cancer™ Socks.

“Because of what you have collectively done in purchasing socks, tickets and sponsorships, we exceeded our goal,” said Boyea. “And I can tell you that this event doesn’t stop here tonight. The socks sold so rapidly that we placed an order for an additional 5,000 pairs so we can continue our fight throughout the year. It’s truly amazing what we can accomplish when we work together.” The socks will be available through both Lourdes and UHS.

Boyea culminated his remarks with a tribute to the 300 cancer patients and survivors in attendance. “You motivate us by being here tonight, and we want to let you know that we are here for you and our prayers are with you,” he said.

Sporting Sock Out Cancer Socks, William Close and The Earth Harp Collective then took the stage, delighting the audience with the sights and sounds of The Earth Harp®, as well as the collective’s other original instruments: the Drum Cloud®, the Bass Shield® and the Drum Jacket®.  The concert was a huge success and earned the performers a standing ovation from the highly appreciative and enthusiastic audience.

William Close delights audience with the sight and sounds of his original instrument: The Earth Harp®

William Close and the other members of The Earth Harp Collective sported Sock Out socks in support of the Sock Out Cancer initiative.

Local News Coverage

www.wbng.com

College Bound=Financially Strapped


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

Parents wish a happy, successful life for their children. Many hope that their children will go to college as a step in the right direction, and they think about how they can guide their children toward that dream. However, few really plan for that day. So, when the time comes and the child is college bound, the parents are often feeling financially strapped.

However, planning for college is more than finances. In fact, you are planning for a life-altering event for your child and for you. It often means a change of location for the student, a change in friends, and a change in lifestyle . . . even a change in attitude. It’s a whole new world, and good preparation will enhance your child’s opportunity for success.


I’m Afraid I’m Running Out of Money


by William F. Rainaldi, CFP®
Regional Vice President

Running out of money has become a more prevalent fear in recent years due to market fluctuations and increasing life expectancies. Thus, the emphasis on Social Security retirement benefits. You can spend your entire 401(k), but you can’t outlive Social Security.

Protect Your Assets


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

When clients come to us for an estate plan, their primary focus is usually to design a plan to distribute their assets at time of death. Traditionally, a last will and testament is the document used. This is the simplest method of documented estate planning.

However, wise estate planning not only includes a written plan of distribution (not to mention the myriad of other planning considerations far too broad to be included in this article), but also a method to simplify the process and reduce delays and expenses. We use beneficiary designations, gifting, and various trusts to avoid probate and mitigate impending estate taxes.

“Sock Out Cancer Week” Declared in Greater Binghamton


(l to r) Bruce W. Boyea (Security Mutual Life), Robert Krummenacker (WBNG), Jason Garnar (Broome County Executive), and Rich David (City of Binghamton Mayor) model the newly arrived Sock Out Cancer socks. Socks are available for purchase at the hospital gift shops of Lourdes and UHS, as well as by calling Security Mutual Life at 607-338-7366. Proceeds benefit the patients of the Lourdes and UHS Cancer Centers.

(Binghamton, NY • March 6, 2017) At a press conference held in Security Mutual’s lobby, Broome County Executive Jason Garnar and Binghamton Mayor Richard David declared the week of March 6 to be Sock Out Cancer Week in Greater Binghamton. Throughout the week, multi-colored Sock Out Cancer socks will be available for sale, and the week will culminate Friday evening, March 10, with a benefit concert featuring the internationally renowned ensemble William Close and The Earth Harp Collective. Proceeds from the concert and from all sock sales will be used to provide financial assistance to families in New York’s Southern Tier who are navigating the road to recovery from cancer.

“We have received so many calls from people who want to purchase the Sock Out Cancer socks as a way to show their support for the people in their lives fighting cancer,” said Security Mutual Life Chairman, President and CEO Bruce W. Boyea. “The inquiries have come from patients’ family members, friends and health care providers, all who want to wear these socks as an outward sign of their caring. I continue to be touched by the stories we are hearing. For all these people who want to display their commitment, we are so pleased to announce that the socks are in and are available at the hospital gift shops of Lourdes and UHS, as well as at all UHS oncology locations, the UHS Breast Center in Vestal, the UHS Stay Healthy Center in the Oakdale Mall, or by calling Security Mutual Life at 607-338-7366.

The highlight of Sock Out Cancer Week will be the concert by William Close and The Earth Harp Collective that takes place Friday, March 10, at 8 p.m. at the Forum Theatre in downtown Binghamton. The concert features the amazing sight and sounds of the Earth Harp, an instrument invented and created by William Close. The Earth Harp is constructed of giant strings that will run from the Forum stage out over the audience to the balcony, transforming the theatre into an instrument. This construction allows the audience to experience the music literally from within the instrument.

“We really encourage people to attend this one-of-a-kind event,” says Boyea. “Not only will it be a night of incredible music, but the concert proceeds will be helping cancer patients and their families right here in our own community. In addition, we are extremely pleased to announce that we will be giving away 50 pairs of tickets to people who are cancer patients or survivors. Patients or survivors who are interested in this offer can call 607-338-7366.”

The concert is being presented by Security Mutual Life, Chemung Canal Trust Company and Visions Federal Credit Union, together with help from WBNG and a number of other area sponsors. Tickets are available through Ticketmaster.

Local News Coverage

www.wbng.com

An Asset With More Options Than a New Car


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

One Asset that Plays Several Roles

While every asset has advantages and fulfills a function toward reaching financial goals, there is one asset that can play several roles. The current economic environment has created a demand for assets with a competitive rate of return, contractual guarantees and the advantages of tax-deferred growth. This asset offers these features . . . competitive rate of return, guarantees, and tax-deferred growth.

Security Mutual Life Announces Company’s 2016 Results


(Binghamton, NY • February 24, 2017) Security Mutual Life announced the Company has completed another successful year in its 130-year history of helping policyholders reach their financial and long-term security goals.

Highlights of the past year include—

  • Dividends: 124 consecutive years of paying dividends to participating policyholders.*
  • Earnings: Net operating gain after taxes of $8.0 million.
  • Assets: Total assets of $2.7 billion.
  • Bond Portfolio: Maintained a high-quality bond portfolio composed of 99.3 percent investment-grade bonds.
  • Payouts to Policyholders: Paid $306 million to Security Mutual’s policyholders, beneficiaries and those receiving annuity distributions.

“Our solid 2016 financial results demonstrate consistent growth and financial stability, positioning us to continue providing the peace of mind that comes from knowing you are financially secure for life’s planned and unplanned events,” said Chairman, President and CEO Bruce W. Boyea.

For more details regarding the Company’s 2016 performance, please view our 2016 Highlights and our 2017 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.