This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: UNM

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.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs