CHATTANOOGA, Tenn., Feb. 22 /PRNewswire-FirstCall/ -- In response to a
rapidly growing voluntary benefits market, UnumProvident (NYSE: UNM) today
announced enhancements to its critical illness and individual short term
disability insurance products.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030929/CHM022LOGO-a )
The specified critical illness insurance now includes the option of base
or enhanced coverage. Base coverage features a benefit payout for heart
attack, stroke, permanent paralysis, kidney failure, organ transplant or
coronary artery bypass surgery. Enhanced coverage includes all conditions
listed under the base plan, plus an additional benefit if diagnosed with
cancer. Enhancements also include increased benefit amounts for covered
children, and, for eligible employee groups, the first $10,000 in coverage is
guaranteed-issue (some restrictions apply).
A new five-year benefit period tops the list of enhancements to the
individual short term disability insurance, which also includes a new optional
rider that covers mental illness. The product also adopts an industry-based
rate structure and follows a streamlined underwriting process, making the sale
and set-up of such coverage easier for brokers.
The voluntary worksite market is one of the fastest-growing market
segments, increasing by more than 10 percent each year, according to a 2003
report by LIMRA International. As employers battle rising medical coverage
costs, voluntary benefits that are offered through the workplace can help
companies enhance their existing benefits package at little or no cost to
them.
"Voluntary benefits provide a tremendous opportunity for employers to
balance the need for benefit cost containment with their need to attract and
retain a high quality workforce," says Neiciee Durrence, vice president,
voluntary workplace benefits. "These products enhance UnumProvident's array of
supplemental employee benefits, and help our corporate clients offer a
customized, competitive and affordable benefits package to their employees."
These two enhanced voluntary products will be available on March 1, 2005,
although the products are still awaiting final approval in some states.
"Should sickness or injury strike an individual, their out-of pocket
expenses -- not to mention lost time on the job -- can significantly impact
their financial well-being," Ms. Durrence says. "By offering critical illness
and/or short term disability insurance, employers can help protect employees
and their families from the financial impact that can follow a covered illness
or injury."
UnumProvident's full product portfolio of voluntary benefits includes
interest-sensitive whole life, universal life, term life, individual short
term disability, accident, specified critical illness and cancer insurance.
The sale of these products occurs at the worksite and employees can pay
premiums through the convenience of payroll deduction. A voluntary insurance
policy is owned by the employee, which means the employee may choose to
continue the coverage even if they leave the company through which it was
purchased.
About UnumProvident
UnumProvident (UNM) is the largest provider of group and individual
disability income protection insurance in the United States and United
Kingdom. Through its subsidiaries, UnumProvident Corporation insures more than
25 million people and paid $5.9 billion in total benefits to customers in
2004. With primary offices in Chattanooga, Tenn., and Portland, Maine, the
company employs more than 12,000 people worldwide. For more information,
visit http://www.unumprovident.com .
Critical illness and short term disability insurance products are
underwritten by Provident Life and Accident Insurance Company, 1 Fountain
Square, Chattanooga, TN 37402. Policies or their provisions may vary or be
unavailable in some states. Policies have exclusions and limitations which may
affect any benefits payable.
SOURCE UnumProvident Corporation
-0- 02/22/2005
/CONTACT: Mary Clarke Guenther, Manager, Media Relations, or
mguenther@unumprovident.com , or Halima Holloway,
hholloway@unumprovident.com , both of UnumProvident Corporation,
+1-423-294-6300, or Toll free, +1-866-750-8686/
/Photo: http://www.newscom.com/cgi-bin/prnh/20030929/CHM022LOGO-a
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com /
/Web site: http://www.unumprovident.com /
(UNM)
CO: UnumProvident Corporation
ST: Tennessee
IN: INS HEA
SU:
CF-JK
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8402 02/22/200511:00 ESThttp://www.prnewswire.com