Introduction
Planning for the future means protecting those who matter most. Unum, a leader in employee‑sponsored benefits, also offers life insurance solutions crafted to provide financial security and peace of mind. Whether you need temporary term coverage to safeguard a mortgage or permanent whole life insurance that builds cash value, Unum’s flexible options adapt as your needs evolve.
1. Why Choose Unum for Life Insurance?
Unum brings decades of experience in group and individual benefits administration:
- Guaranteed Issue Options for eligible employees and dependents
- Conversion & Portability so you can take coverage with you after leaving a job
- Competitive Rates through group purchasing power
- Digital Tools: online applications, beneficiary management, and claims tracking
- Financial Strength: Unum’s A‑rating ensures claims are paid when needed
2. Unum Term Life Insurance
Term life provides pure death‑benefit protection for a defined period—ideal for covering temporary obligations:
| Feature | Details |
|---|---|
| Term Lengths | 10, 15, 20, or 30 years |
| Coverage Amounts | $50,000 up to $500,000 (depending on plan) |
| Premium Structure | Level premiums throughout term |
| Conversion Privilege | Convert to whole life without underwriting |
| Accelerated Benefit | Early payout upon terminal illness diagnosis |
Who It’s For
- Young families securing mortgage protection
- Business owners covering loan obligations
- Anyone seeking affordable, temporary coverage
3. Unum Whole Life Insurance
Whole life offers lifetime coverage plus a guaranteed cash‑value component:
| Feature | Details |
|---|---|
| Death Benefit | Fixed, paid tax‑free to beneficiaries |
| Cash Value Growth | Guaranteed minimum interest plus potential dividends |
| Level Premiums | Premiums remain constant for life |
| Policy Loans & Withdrawals | Access cash value for emergencies or opportunities |
| Dividend Eligibility | May receive dividends based on Unum’s performance |
Advantages
- Lifetime protection—no expiration date
- Builds savings you can borrow against
- Predictable budgeting with fixed premiums
4. Supplemental & Accidental Death Coverage
To enhance your basic life insurance, Unum offers:
- Dependent Term Life: Coverage for spouse and children
- Accidental Death & Dismemberment (AD&D): Provides extra benefit if death or serious injury results from an accident
- Guaranteed Issue: No medical exam for qualifying group plans
These add‑ons fill gaps—ensuring your family receives maximum support when it’s needed most.
5. Eligibility & Application Process
Who Qualifies?
- Employees of companies offering Unum group life
- Dependents (spouse, children) enrolled by the employee
- New Hires typically have a window (e.g., 31 days) to elect coverage
How to Apply
- During Open Enrollment: Review plan options on your employer’s benefits portal.
- Select Coverage Amount: Balance your budget and protection needs.
- Submit Election: No medical questions if within guaranteed‑issue limits.
- Beneficiary Designation: Name one or more beneficiaries online.
- Confirmation & ID Cards: Receive policy details via email or mail.
Tip: If you miss your initial window, you may need to complete a health questionnaire or medical exam for higher coverage levels.
6. Comparison: Unum vs. Other Providers
| Criteria | Unum | Typical Insurer A | Typical Insurer B |
|---|---|---|---|
| Group Rates | Competitive via employer plans | Varies; often higher for individuals | Similar to Unum for group |
| Conversion Option | Available on term plans | Limited or not offered | Offered with fee |
| Cash Value | Whole life with dividends | Varies; some offer UL policies | Whole/universal options |
| Digital Tools | Robust portal & mobile app | Basic online services | Advanced for high-tier |
| Underwriting | Guaranteed up to limits | Medical exam required | Medical exam required |
Unum’s seamless group integration and conversion privileges make it especially attractive for employees who value both convenience and flexibility.
7. Frequently Asked Questions
Q: Can I keep my Unum life insurance if I change jobs?
A: Yes—through portability or conversion, you can continue your coverage independently, typically within 31–60 days after separation.
Q: What is the accelerated death benefit?
A: It allows policyholders diagnosed with a terminal illness (life expectancy <12 months) to receive a portion of the death benefit early.
Q: How do dividends work on whole life policies?
A: Dividends are not guaranteed but may be paid based on Unum’s financial performance, and can be used to increase cash value, reduce premiums, or be taken in cash.
Q: Are premiums tax‑deductible?
A: Generally, individual life insurance premiums are not tax‑deductible. However, group‑paid premiums by an employer may be considered taxable income to the employee.
Conclusion
Protecting your family’s financial future doesn’t have to be complex. With Unum life insurance, you gain access to flexible term policies, permanent whole life coverage, and valuable conversion and portability options—all backed by a trusted provider and streamlined digital tools. Evaluate your needs, consult your HR benefits portal, and make Unum the cornerstone of your long‑term security plan today.