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Unum’s New Whole Life Product Has Flexible Features That Consider Financial Needs Of Aging Policyholders

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 that are 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.

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