Security Plan Life was incorporated in the State of Louisiana on October 24, 1995 and was subsequently issued a Certificate of Authority to transact business by the DOI on March 21, 1996.

Security Plan Life issues small face amount ordinary whole life and pre-need policies, designed to fund final expenses, primarily funeral and burial costs.

Security Plan Life focuses on the needs of the middle and lower income markets in Louisiana, Mississippi and Arkansas using the home service marketing distribution system of employee-agents who work a route system to sell policies and collect premiums and service policyholder.  

Security Plan Life is the parent company of Security Plan Fire Insurance Company which sells limited-liability, named peril property policies covering dwelling and contents.

The attributes of Security Plan Life’s business include:

• Smaller face amount policies issued, which results in limited underwriting.
• More modest premiums typically collected monthly either by employee-agents who go directly to the customer’s home or by Funeral Home agents when customers come to the Funeral Home to pay.
• Places an emphasis on personal service to its customers.

The attributes of Security Plan Fire’s business include:

• Smaller face amount policies issued, which results in limited underwriting.
• Premiums typically collected monthly by employee-agents who go directly to the customer’s home.
• Premiums are much lower than traditional homeowner’s policies and policies do not provide replacement cost of the dwelling or contents but provide reimbursement of the actual cash value of the dwelling or contents after depreciation.

Marketing & Distribution

Security Plan Life/Fire Policies are sold using the Home Service Marketing Distribution System, which is unique in the U.S. but has a long history in the deep South, especially Louisiana and Mississippi.

Security Plan Life/Fire employs approximately 313 employee-agents who are given a route (known as a Debit) to go directly to the customers’ houses each month and collect premiums, sell additional products and service the customers.

Security Plan Life has contracts  with approximately 307 Funeral Homes to serve as independent agents to collect premiums from customers who go to the funeral home monthly to pay their insurance premiums.

The Home Service employee-agents handle almost all of the servicing of the policyholder, including delivering the policy, marking the customers’ premium receipt book to track premiums paid, helping policyholders change beneficiaries, providing claim paperwork and delivering insurance claim checks.

Security Plan Fire employee-agents go to the residence after a claim has been filed to gather information from the policyholder and take pictures of damage.