Our story began in 1973 with Stanley Sussman who sold life insurance through payroll deductions to corporations with his agency, Plans for Professionals (PFP). He noticed he was selling to many of the executives of these corporations but no one was selling to the employees and the average wage earners. At the time, John Schmitt, II was selling group insurance but had a connection with The Port Authority of New York and New Jersey Credit Union. They saw credit unions as a great niche, they shared their same values; they believed in people helping people and in financial security for all. It was the perfect pairing.
Both John and Stan spent long hours on trains traveling from NY to NJ, often in the middle of the night, visiting train workers who were members of the credit union to make sure they also had the opportunity to secure their future. They would often joke that they were selling the “Van Plan” as many of the workers would join them on their breaks, in their van, to discuss their insurance needs.
Word traveled fast and business did well through the 1970s. By 1980, Stan and John made their partnership official and began Sussman Schmitt Enterprises, dba PFP. They also started teaming up with more and more credit unions, including MCU, the largest credit union in New York City. Through these partnerships they were able to serve thousands of credit union members across multiple states. With the business growing, Stan and John started hiring people, added more insurance products, and opened their first headquarters in Bridgeport, CT.
By the next couple of decades PFP grew out of their headquarters in Bridgeport, CT (and their next one in Milford, CT) and grew into our current headquarters in Orange, CT. The insurance products came to be sold under the name The Family Security Plan®. Technology developed fast and credit union members could buy their insurance right over the phone.
Since inception, The Family Security Plan® has grown into an organization with over 250 employees throughout the country, serving credit unions in 17 states. In addition to offering valuable insurance solutions, The Family Security Plan® is proud to partner with credit unions, providing necessary business services to help them grow.
As times change, we continue to look for innovative ways to provide insurance solutions to our market and different ways to help our credit union partners engage more members, enhance product awareness, and generate more income.