CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum (NYSE:UNM) has released a new whole life insurance product with
features that consider employees’ needs as they transition from work to
retirement. In addition to level premiums and guaranteed cash value, the
policy has a paid-up-at-age-70 option and access to a long term care
benefit for policyholders and their spouses.
“This new coverage offers dependable value in uncertain times, when many
individuals are worrying over their financial health after they retire,”
explains Debbie Cecil, director of Product and Market Development at
Unum. “Policyholders will have the option to pay up the policy by age 70
so premium payments will not be an issue for retirees.”
The cash value of Unum’s new whole life coverage is guaranteed to equal
the values shown in the policy, offering consumers easy estate planning
and straight-forward finance management. The death benefit amount may be
reduced by prior payouts or policy debt as authorized under the policy.
Consumers may have some term life available through their group benefits
at work. But with the high costs of final expenses and long term care,
this employer-funded coverage may still leave dependents financially
vulnerable once an employee retires and no longer has access to group
benefits.
That is why a whole life policy that accumulates cash value and
continues through retirement is more valuable than ever.
“Employer-paid and supplemental term life policies commonly expire when
an employee retires, but the need for life insurance coverage doesn’t
end there,” explains Cecil. “Offering whole life as an employee benefit
in combination with term life can help employers upgrade their benefits
package at no additional cost while providing employees with lifelong,
flexible financial protection.”
Features to Unum’s new whole life product include:
-
A new paid-up-at-70 plan design, which allows policyholders to
choose to pay higher premiums for a shorter period of time
-
Including 20-year employee and spouse term riders
-
Increasing money purchase limits for children, and adding the
ability to choose specific coverage levels (volume purchase)
-
Increasing guaranteed issue limits for employees
In addition to the new product enhancements, Unum’s whole life product
continues to offer:
- Fixed level premiums thatare guaranteed for life.
- Guaranteed issue option,when available, which allows
employees to purchase the minimum amount at enrollment and increase
coverage at future re-enrollments without needing a physical exam or
answering health questions.
- Qualified long term care rider that can be included by the
employer and allows the policy owner to access the death benefit under
certain conditions to pay for long term care expenses.
- Living benefit option rider that allows for an advance benefit,
up to 100 percent of the benefit amount ($150,0000 maximum), if
diagnosed with a terminal illness limiting life expectancy to 12
months or less.
Unum’s new whole life product replaces its interest-sensitive whole life
product, which will sunset later this year.
For over a decade, Unum has been an industry leader in whole and
universal life insurance.1
About Unum
Unum
is a leading provider of financial protection benefits through the
workplace. The group disability insurance leader in the U.S. for 37
years, Unum’s portfolio of financial protection products also includes
life, accident and critical illness, which help protect millions of
working people and their families in the event of an illness or injury.
In 2012, Unum paid $5.5 billion in benefits to nearly 490,000
individuals and their families.
For more information visit us at www.unum.com
or connect with us at www.facebook.com/unumbenefits,
www.twitter.com/unumnews
and www.linkedin.com/company/unum
1 Eastbridge, U.S. Worksite Sales Report, Carrier Results
for years 2002-2012 (2003-2013)
Unum
Dawn McAbee, 423-294-1892
Toll free: 866-750-8686
dmcabee@unum.com
Source: Unum