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Old Surety Health Insurance Company

Dino Christoforakis
Dino Christoforakis

Editor in Chief & Licensed Insurance Agent.

Old Surety Life Insurance Company is an Oklahoma-based insurance provider that has been in business since 1932. The company prides itself in its “family oriented” approach that strives to treat all policyholders as members of a larger family. To that end, Old Surety also believes in providing excellent customer service. The company’s website is scarce, to say the least, but that may be by design. They prefer to speak to customers by phone rather than relying on the Internet.

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Old Surety originally began as a life insurance company. In the nearly 80 years since, they have expanded their offerings to include Medicare supplements, vision and dental insurance, and even coverage for hearing issues. Their Medicare policy is a supplemental policy that works in concert with federal Medicare coverage, while the other three coverages are contained in a single, stand-alone policy.

Old Surety Medicare Supplement

Medicare supplemental policies are sometimes known as Medigap, which should give you a hint as to how they operate. The federally funded Medicare program provides health insurance to all seniors over the age of 65 as well as some younger folks who qualify by way of some specific disability. Yet, in the best-case scenario, Medicare will only cover about 80% of the total healthcare costs for such individuals.

In order to complete that coverage, individuals use Medicare supplements similar to what is offered by Old Surety. These supplemental policies pick up the remaining balance that Medicare does not cover. Although no one is required to have this supplemental insurance, many do because they realize that their monthly premium payments will not come close to what they would pay if they had to make up the gap out-of-pocket. Even so, keep in mind that not all Medigap policies are created equal.

Old Surety Locations

Old Surety provides its insurance services in:

  • Oklahoma
  • Arkansas
  • Missouri
  • Montana
  • New Mexico
  • Texas

Yet even with such a wide coverage area it appears as though they operate from a single headquarters located in Oklahoma City. It is possible that they have smaller satellite offices elsewhere but we could not find them listed in standard business records. If you need to contact the company’s corporate headquarters you may do so using the following information:

Old Surety Life Insurance Company
5235 North Lincoln Boulevard
Oklahoma City, OK 73105-1804
Telephone: (405) 523-2112

Old Surety Agents

Because the company’s website is so sparse it’s difficult to say whether Old Surety works with independent agents. We would suspect due to the nature of the products they sell. If that assumption is incorrect, agents might be utilized for their life insurance products. Life insurance is typically sold through independent agents and banking institutions. On the other hand, their health insurance policies would probably be sold and serviced directly from corporate headquarters.

If the company does utilize local agents, the best way to glean this information is to give them a phone call and ask about agents in your area. Sometimes insurance agencies will also list whom they represent as part of their Yellow Pages telephone listing. If you can’t find a local agent, you can always purchase a policy direct from the company itself.

Old Surety Financial Standing

We were unable to locate financial ratings for this company from sources like Moody’s, Standard & Poor’s, and A.M. Best. This is not necessarily indicative of an underperforming company, because a company must be a participating member of one of the services in order to receive ratings. For some, the ratings are not important enough to warrant membership in the organization. That said; insurance companies are required to file financial paperwork every year in the states where they do business. Those records give us a good idea of a company’s financial standing.

At the close of the 2010 fiscal year, Old Surety reported total assets of just over $19 million. That’s not a bad number for a company that does business in such a limited geographical area. In addition, their policy surplus came in at $6.59 million and they reported working capital of just over $1 million. By all indications, Old Surety seems to be doing fine from a financial standpoint.

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