Unum Life Insurance is a leading provider of employee benefits and income protection insurance in the United States and the United Kingdom. The company has a long history dating back to 1848, when it was founded as the Union Mutual Life Insurance Company of Maine. Over the years, Unum has grown and evolved through various mergers and acquisitions, expanding its product offerings and geographic reach. Today, Unum is one of the largest providers of group and individual disability insurance, life insurance, and other employee benefits in the world.
History and Development
Unum’s early years were marked by steady growth and innovation. In the late 19th and early 20th centuries, the company introduced a range of new products, including group life insurance and disability income insurance. During World War II, Unum played a significant role in providing insurance coverage to the U.S. military and its personnel. In the post-war period, the company continued to expand its operations, introducing new products and entering new markets. The 1980s and 1990s saw significant changes for Unum, including the acquisition of several other insurance companies and the introduction of new products, such as long-term care insurance.
Product Offerings
Unum offers a range of life insurance products, including term life insurance, whole life insurance, and universal life insurance. The company’s term life insurance policies provide coverage for a specified period, typically 10, 20, or 30 years, and pay a death benefit to the policyholder’s beneficiaries if they die during the policy term. Whole life insurance policies, on the other hand, provide coverage for the policyholder’s entire lifetime and also accumulate a cash value over time. Universal life insurance policies offer flexible premium payments and adjustable coverage levels, allowing policyholders to tailor their coverage to their changing needs.
| Product Type | Description | Key Features |
|---|---|---|
| Term Life Insurance | Provides coverage for a specified period | Death benefit, level premiums, convertible to permanent insurance |
| Whole Life Insurance | Provides coverage for the policyholder's entire lifetime | Death benefit, cash value accumulation, level premiums |
| Universal Life Insurance | Offers flexible premium payments and adjustable coverage levels | Death benefit, cash value accumulation, flexible premiums |
Employee Benefits
In addition to its life insurance products, Unum offers a range of employee benefits, including group disability insurance, life insurance, and accidental death and dismemberment (AD&D) insurance. The company’s group disability insurance policies provide income replacement benefits to employees who are unable to work due to illness or injury. Unum’s life insurance and AD&D insurance policies provide a death benefit to the employee’s beneficiaries if they die while covered under the policy.
Disability Income Insurance
Unum’s disability income insurance policies provide income replacement benefits to individuals who are unable to work due to illness or injury. The company offers both short-term and long-term disability insurance policies, with benefit periods ranging from a few months to several years. Unum’s disability insurance policies are designed to help individuals maintain their standard of living and meet their financial obligations while they are unable to work.
Unum's disability insurance policies offer a range of features and benefits, including own occupation coverage, which pays benefits if the policyholder is unable to work in their own occupation, and residual disability benefits, which pay a partial benefit if the policyholder is able to work but earns less than they did before becoming disabled. The company's policies also offer non-cancelable and guaranteed renewable provisions, which ensure that the policy cannot be canceled or non-renewed by the insurer, as long as the policyholder pays their premiums on time.
What is the difference between term life insurance and whole life insurance?
+Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years, and pays a death benefit to the policyholder's beneficiaries if they die during the policy term. Whole life insurance, on the other hand, provides coverage for the policyholder's entire lifetime and also accumulates a cash value over time.
How does Unum's disability income insurance work?
+Unum's disability income insurance policies provide income replacement benefits to individuals who are unable to work due to illness or injury. The policies offer a range of features and benefits, including own occupation coverage, residual disability benefits, and non-cancelable and guaranteed renewable provisions.
Claims and Customer Service
Unum has a reputation for providing excellent claims and customer service to its policyholders. The company’s claims process is designed to be straightforward and efficient, with most claims being processed within a few days of receipt. Unum’s customer service team is available to answer questions and provide assistance to policyholders, and the company also offers a range of online resources and tools to help policyholders manage their policies and access their benefits.
Unum's commitment to customer service is reflected in its high customer satisfaction ratings, with many policyholders reporting that they are satisfied with the company's claims and customer service. The company's multi-channel approach to customer service, which includes phone, email, and online support, allows policyholders to choose the method of communication that best meets their needs. Unum's customer service team is also trained to provide personalized support to policyholders, taking into account their individual needs and circumstances.
Financial Ratings and Stability
Unum has a strong financial foundation, with high ratings from major credit rating agencies such as A.M. Best, Moody’s, and Standard & Poor’s. The company’s financial stability is reflected in its ability to pay claims and meet its financial obligations, even in times of economic uncertainty. Unum’s diversified investment portfolio and conservative investment strategy also help to ensure that the company can meet its financial obligations and provide long-term value to its policyholders.
| Rating Agency | Financial Strength Rating | Outlook |
|---|---|---|
| A.M. Best | A (Excellent) | Stable |
| Moody's | A1 (Good) | Stable |
| Standard & Poor's | A+ (Strong) | Stable |
