Unum Group Life Insurance Explained

Unum Group life insurance offers a range of coverage options to suit different needs and budgets.

The company was founded in 1848 and has since become one of the largest providers of employee benefits in the US.

Unum Group life insurance policies can be tailored to fit individual or group needs, with coverage amounts ranging from $10,000 to $10 million.

You can choose from term life, permanent life, or group life insurance policies, depending on your specific requirements.

Group Life Insurance is a type of insurance that provides a financial safety net for employees and their loved ones in the event of their death. It's a benefit that can give families peace of mind and help them cope with the financial burden of losing a breadwinner.

Group Life benefits can be set up in a few different ways, but they're often established using a discretionary trust. This is a common arrangement for Group Life policies.

We offer two simple and hassle-free Group Life Master Trust arrangements, one for Registered Group Life policies and one for Excepted Group Life policies. Each of these offers independent professional trustee services from Zedra Governance Limited.

For employers who prefer to use their own trust, we provide guidance and resources to help make the process easier.

Our Group Life customers automatically have access to a range of support services that can provide complete peace of mind. These services can be a huge relief during difficult times.

One of the benefits of our Life Insurance plans is that they can provide additional financial protection for spouses and children. This can be especially helpful in case of a sudden loss of income.

We also offer an accelerated "living benefit" that can be available to covered individuals diagnosed as terminally ill. This can help them access a portion of their life insurance benefit while they're still alive.

Our plans can offer high benefit maximums to help a family manage despite the loss of an income. This can be a significant amount of money to help cover expenses.

Some of our plans can continue to provide protection even if the employee changes jobs. This can give employees and their families peace of mind, knowing they'll still have coverage.

Our non-medical maximum amount allows employees to get a base level of coverage with no medical underwriting. This can be a great option for those who want to get coverage quickly and easily.

Here's a breakdown of the additional features we offer:

Here's the Certificate and Claims section:

Unum Group Life makes the claims process easy for you and your employees. Claims are managed by knowledgeable professionals who have received bereavement training.

We're committed to making a life-claim determination within five business days of receiving complete information. This helps ensure that your employees receive the support they need in a timely manner.

Accelerated death benefit payments will reduce the amount the policy pays upon the covered person's death. The benefit paid under this rider may be taxable and may affect eligibility for benefits under state or federal law.

Services are not available in all states.

A Certificate of Coverage is a crucial document that serves as proof of insurance coverage. It's usually issued by the insurance company and outlines the terms of the policy.

This document typically includes information about the policyholder, the insured person, and the coverage period. It might also specify the types of benefits included in the policy.

The Certificate of Coverage is often required by employers, schools, or government agencies to verify an individual's insurance status. It's like a report card for your insurance policy.

In some cases, the Certificate of Coverage may be used to file claims or seek medical attention. It's essential to keep this document handy in case you need to access your insurance benefits.

The format of the Certificate of Coverage can vary depending on the insurance provider and the type of policy. But one thing's for sure – it's a vital document that helps you navigate the insurance system.

Our claims process is designed to be straightforward and efficient. We have knowledgeable professionals who manage claims and have received bereavement training.

Claims are typically determined within five business days of receiving complete information. This means that you can get the support you need quickly.

Accelerated death benefit payments are an option, but it's essential to note that they may reduce the amount the policy pays upon the covered person's death. Additionally, these payments may be taxable and could affect eligibility for benefits under state or federal law.

Here are some important details to keep in mind:

Unum Life Insurance offers a valuable benefit that provides peace of mind and access to everyday support services. This can be a great way to attract and retain talent.

Group Life benefits can be a multiple of employees' earnings, up to 12 times their annual salary, or a set level of cover for all employees. This flexibility makes it easier to tailor the benefit to your company's needs.

We offer two simple and hassle-free Group Life Master Trust arrangements: One for Registered Group Life policies and one for Excepted Group Life policies. Each offers independent professional trustee services from Zedra Governance Limited.

Our Life Insurance plans can help fill real needs during times of grief, with features such as additional financial protection for spouses and children. This can be a huge relief for families who are already struggling.

Accelerated "living benefit" is available to covered individuals diagnosed as terminally ill, so they can receive a portion of the benefit while they're still alive. This can be a huge help in managing medical expenses.

Here are some of the key features of Unum Life Insurance plans:

At Unum Group Life, you'll find a comprehensive company policy that prioritizes your well-being and financial security.

The company's disability income insurance policy offers a range of benefits, including partial disability benefits that can provide up to 66 2/3 percent of your salary.

You'll also appreciate the flexible payment options, which allow you to choose between a lump sum or ongoing monthly payments.

If you become disabled, you can expect to receive a monthly payment that's tax-free and guaranteed for a certain period.

The company's policy also includes a waiver of premium provision, which means your premiums will be waived while you're receiving disability benefits.

Additionally, you can customize your policy to fit your needs, with options for increasing or decreasing your benefit amount.

This flexibility can be a huge relief if you're facing a long-term disability or a temporary setback.