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CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- Unum (NYSE:UNM) maintained its market leadership in cases and employees covered by its group long term care product in 2008, noting gains among existing customers who either expanded coverage to more employees or increased the benefit amount. The industry as a whole saw benefit increases to existing plans more than double in 2008, according to annual sales research from LIMRA. ¹

"Business leaders realize that financial security is a priority for today's workers," said John Noble, Unum's director of Long Term Care Products. "Long term care insurance is an important component of a comprehensive financial plan and a differentiating employee benefit."

Unum covers more than 715,000 working-age Americans and holds 77 percent of the employer group long term care insurance contracts in the United States. In 2008, Unum added more than 900 new customer groups and nearly 63,000 new employees to its group long term care plans.

And nearly 30,000 employees from current Unum customers added the coverage through their employer-sponsored plan last year.

"Because the workforce is aging and lifestyles change, we realize the importance of going back to our current customers to be sure the long term care insurance needs of their employees are met," said Noble. "We also saw a 74 percent growth rate among our current participants increasing their benefit amount."

The need for a more substantial benefit amount is a reflection of the times. Twenty years ago when Unum entered the long term care market, a $1,500 a month benefit was considered a "rich plan." Now it takes a $6,000 monthly benefit to cover the average annual cost of a nursing home stay.

"Within the insurance industry, long term care insurance is still a relatively new benefit option," Noble said. "But employers and employees realize that the financial security long term care insurance provides is a benefit they can't afford not to have."

About Unum

Unum (www.unum.com) is one of the leading providers of employee benefits products and services, and the largest provider of group and individual disability income protection insurance in the United States and the United Kingdom. Through its subsidiaries, Unum paid nearly $6 billion in total benefits to customers in 2008.

¹U.S. Group Long-Term Care Insurance: 2008 Annual Review, LIMRA International, 2009.

    Source: Unum