Security Mutual Life Insurance Company of New York has added features to its two Whole Life products making them more efficient as personal financing tools. The new features are particularly useful to life insurance planners who embrace the Infinite Banking, Be Your Own Banker and Bank on Yourself concepts. Planners can now combine a new Flexible Paid Up Additions Rider (PUAR) with a new Level Term Rider to create higher early cash values, which in turn can be accessed through favorable policy loan provisions. Security Mutual’s illustration software allows the life insurance planner to illustrate loans and the repayment schedules.
“Whole life sales are up at Security Mutual in part because of the strong cash value guarantees that come with whole life products,” according to George Kozol, Security Mutual’s Senior Marketing Officer. “Many consumers and business owners are attracted to the loan provisions that come with whole life products. Consumers can use life insurance loans to finance major items, such as auto purchases, college educations and weddings for their children and business owners can turn to life insurance loans to finance equipment purchases and to expand facilities.”
The cash value guarantees that come with whole life products make these financing options possible. “Life insurance advisors who subscribe to Infinite Banking, Be Your Own Banker and Bank on Yourself favor whole life products over other cash value products, such as Indexed or Variable Life, because of the guaranteed cash values and favorable loan provisions that come with Whole Life products,” said Kozol.
About Security Mutual Life Insurance Company of New York: Security Mutual’s mission is based on the same values upon which the company was founded in 1886—to provide sound, equitable and competitive financial protection against the financial hazards resulting from disability, retirement or premature death. Today Security Mutual is one of the leading mutual life insurance companies in the United States, with more than $2 billion in assets and more than $30 billion of life insurance in force. The company’s sound financials, high-quality asset portfolio and competitive position have been recognized by A.M. Best Company, the largest and longest established company devoted to issuing financial strength ratings about insurance organizations. Security Mutual is rated “A- (Excellent)”; (fourth highest on a 15-step rating scale) by A.M. Best.
A medium-sized company, Security Mutual enjoys the advantages of flexibility and responsiveness, both in the development of new products and in its relationships with its clients and field associates. The company employs more than 300 employees at its home office in Binghamton, New York, and distributes its products through a network of more than 5,000 independent agents located throughout the United States. Security Mutual is licensed in all 50 states, as well as in the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
Source : Newswire
