- Term life insuranceFor young, single workers who don’t have many financial obligations and for young families who need a lot of income protection during their working years, term life coverage is usually adequate and affordable. The policy lasts for a defined period of time, called the term. A term life policy does not accumulate cash value. Rates typically go up as the policyholder ages, but are generally lower than whole or universal life policies.
- Interest-sensitive whole life insuranceInterest-sensitive whole life offers premiums that will never change, and the policy is active as long as premiums are paid. These policies accumulate cash value, and when layered with term life, can provide the protection needed throughout an individual’s life stages. Interest-sensitive whole life can offer a reduced, paid-up policy option that requires no additional premium at age 65 when the individual’s income and income protection needs decrease.
- Universal lifeUniversal life premiums are flexible and can be adjusted to fit an individual’s changing financial lifestyle. So premium contributions can be adjusted to balance against an employees’ financial status or needs, which typically reduce at retirement.
“The addition of a long-term care benefit rider to Unum’s whole or universal life plan can give employees and their spouses added protection without breaking the bank,” Cecil said. “The long-term care benefit rider is an easy and flexible way to assist with long term care or expenses.”To help employees better understand which benefits make the most sense and when, Unum launched an interactive site, getbenefitsmart.com. This site offers clear, real-world descriptions of what benefits are important at different stages of life. Life Insurance Awareness Month (LIAM) is an industry-wide effort coordinated each September by the nonprofit LIFE Foundation. The campaign this year features Buddy “The Cake Boss” Valastro, the 2012 spokesman for the campaign, whose father died of cancer when Buddy was just 17, leaving his family with no breadwinner – and no life insurance. About Unum Unum ( www.unum.com) is a leading provider of financial protection benefits through the workplace. The disability insurance leader in the U.S. for 36 years, Unum’s portfolio of financial protection products also includes life, accident and critical illness, which help protect millions of working people and their families in the event of an illness or injury. In 2011, Unum paid more than $5 billion in benefits to more than 450,000 individuals and their families.