Coverage tailored to meet employee and employer needs
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum (NYSE: UNM) has introduced a new customizable individual disability
insurance product that complements group disability benefits and
addresses current workforce trends.
The new financial protection benefit — the Income Series 750 — unbundles
the features of Unum’s current individual disability insurance, giving
employers greater flexibility to select the options that best meet the
needs of employees who are not fully protected by their group disability
plans.
“Disability insurance is not a one-size-fits-all product,” said Steven
Joseph, senior vice president of individual disability operations at
Unum. “Most group disability plans put a cap on the amount of income
they cover, leaving many key employees with the need for additional
protection. Our new product offers employers different ways to help
close those income shortfalls and gaps that may exist in their current
benefits.”
The Income Series 750 also provides features that address many needs
employees and employers might have in today’s workforce, including:
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An unemployment provision that suspends premium payments for up to a
year if an employee is laid off.
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An optional serious illness benefit that gives an employee a lump-sum
disability payment as a result of cancer, stroke or heart attack.
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Access to comprehensive income replacement solutions, which can
include additional catastrophic coverage and an optional asset
protection provision to address potential future financial risks.
The increased flexibility of the new product allows employers to provide
a stronger benefits package, said Branden Pierson, head of national
sales for Unum’s individual disability insurance. “This new coverage is
one more way employers can attract and retain key employees who need
additional financial protection,” he said. “This product will better
protect their income and preserve their assets in case they can’t work
due to an injury or illness.”
The new offering also features flexible plan designs and employer-paid,
employee-paid or shared funding options, allowing employers to tailor a
solution to meet their business needs. In addition, Unum supports the
new product with strong benefits education and enrollment tools,
comprehensive administrative capabilities and a fair, thorough and
objective claims review.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom. Through its
subsidiaries, Unum Group paid approximately $6 billion in total benefits
to customers in 2009.
Source: Unum
Contact:
Media:
Unum
Seth Seymour, 423-294-7839
mobile:
423-509-4242
sseymour@unum.com