Voluntary Disability Short-Term & Long-Term Disability
We make it easy for employers to customize coverage with Security Mutual’s Group Voluntary Disability plans. Your employees can then choose options that fit their needs and budget. Automatic payroll deductions combined with options for short-term and/or long term benefits make these voluntary plans seamless and convenient.
Group Voluntary Short-Term Disability:
Coverage protects employees against a short-term sickness or injury by providing weekly benefits equal to a portion of an employee’s weekly earnings (either 50% or 60%, as pre-selected by the employer). Pregnancy is treated as any other sickness. In addition, Security Mutual’s Group Voluntary Short-term Disability plan is an ideal fit for employers already providing state mandated disability coverage, allowing employees an opportunity to purchase additional valuable coverage that would not be available otherwise.
Group Voluntary Long-Term Disability:
Coverage takes over when short-term benefits end, providing income replacement for a longer disability that continues beyond three to six months. Monthly benefits are again equal to a portion of the employee’s monthly earnings (either 50% or 60%, as pre-selected by the employer).
Security Mutual Life Insurance Company of New York has been helping protect policyholders from the financial burdens resulting from death, disability and retirement for over 129 years. In these times of economic uncertainty, policyholders can derive great satisfaction from knowing their life and disability insurance protection is backed by the strength and stability of Security Mutual—a company created to stand the test of time.
Security Mutual is dedicated to maintaining high levels of service and financial stability, and takes pride in its ability to respond to the dynamics of an ever-changing marketplace and deliver long-term value to its policyholders.
Founded in 1886, Security Mutual has emerged as one of the leading mutual life insurance companies in the United States. From $15,000 in assets its first year in existence, Security Mutual has grown to $2.67 billion in assets with $31 billion of life insurance in force. The Company is a strong and stable financial institution, and is now in its 129th year of honoring the commitments made to its policyholders. Today, Security Mutual is licensed in all 50 states, the District of Columbia and the U.S. Virgin Islands. As a mutual company, Security Mutual has no shareholders and accordingly is maintained and operated for the benefit of its policyholders.*
A New York-domiciled company, Security Mutual operates under the regulation of the New York State Department of Financial Services, among the strongest and most respected insurance regulators in the country.
Financial Stability
In its most recently posted financial figures, Security Mutual achieved solid earnings and a strong overall financial performance, as evidenced by a 4.2 percent increase in capital, representing an all-time high of $152.1 million. With total assets of more than $2.67 billion, Security Mutual’s financial strength positions the company to meet obligations both today and in the future. Security Mutual has been recognized by the A.M. Best Company* with an “A-” (Excellent) rating for its sound investment policies and performance.
Note: A.M. Best’s “A-” (Excellent) rating is the fourth highest on a 16-step rating scale. Ratings reflect a rating agency’s opinion of a company’s financial strength and ability to meet its obligations to its policyholders. A.M. Best’s rating is current as of the date of publication. Ratings are subject to change. A rating is not a recommendation of a company or any specific policy form. For further information, please visit www.smlny.com. The Company’s Group plans have exclusions and limitations and terms under which coverage may be continued in force or discontinued. For complete details of coverages, please consult the Home Office. Product availability, features, benefits and options may vary by state.
Copyright 2015, Security Mutual Life Insurance Company of New York. All rights reserved
*SML Internal Data, 2015