Security Mutual Life Insurance Company of New York Introduces Customized UL4U - Life Insurance with Legacy and Living Benefits

BINGHAMTON, N.Y., Sept. 6, 2012 /PRNewswire/ -- Security Mutual Life Insurance Company of New York, Binghamton, New York, has introduced an innovative Universal Life Insurance product—one that provides attractive living benefits in addition to competitively priced guaranteed death benefits. The living benefits consist of high cash values; favorable policy loan features; over loan lapse protection rider; and accelerated death benefit riders (chronic illness and terminal illness). The new policy will provide policyowners with more than just legacy benefits for their premium dollars.

Jim Kerwin, Security Mutual's Executive Vice President and Chief Marketing Officer, observed that the new product combines the features of guaranteed universal life (GUL) and equity-indexed universal life (IUL) to form a highly flexible, competitive, consumer-oriented product. Kerwin noted that Security Mutual's Customized UL4U offers customized death benefit guarantees (the policyowner may choose the desired guarantee period), plus attractive cash values—cash values that are usually not found in a traditional GUL policy design. He also observed that this hybrid product may be designed to build cash values for living needs without the complexity of market performance-based risk.

Security Mutual's innovative architecture gives a competitive advantage, yet remains elegantly simple. In the words of Security Mutual's Field Advisory Committee Co-chairs, Mr. Lawrence Holzberg of Rampart America LLC and Mr. Alan Solomon of Innovative Asset Management Corp., "Security Mutual Life's Customized UL4U is the best of both worlds—guaranteed death benefits and significant cash values at competitive premiums." Customized UL4U is well-suited for personal and business uses, large cases, and 1035 exchanges.

Independent insurance advisors can illustrate the new Customized UL4U product over the internet using WinFlex software. Desktop illustration software is available as well. Advisors who use MoneyTrax or the InsMark Illustration System® will be pleased to know that the new illustration software for Customized UL4U links directly to both.

About Security Mutual Life Insurance Company of New York: Security Mutual was founded in 1886. Today it is one of the leading mutual life insurance companies in the United States. The Company is licensed to do business in all fifty (50) states. Security Mutual Life is rated "A-"  (Excellent) by the A.M. Best. Co.*, the oldest and largest company devoted to issuing financial strength ratings of insurance companies.

SOURCE Security Mutual Life Insurance Company of New York