Profile: Unum Group (UNM)

UNM on New York Consolidated

33.55USD
5 Mar 2015
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Unum Group, incorporated on March 22, 1995, is a provider of disability insurance products in the United States and the United Kingdom. The Company offers group, individual, and voluntary benefits, either as stand-alone products or combined with other coverages. The Company also provides complementary portfolio of other insurance products, including employer and employee paid group benefits, life insurance, and other related services. The Company has three principal operating business segments: Unum US, Unum UK, and Colonial Life. Unum US, includes group long-term and short-term disability insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business. Unum UK, includes insurance for group long-term disability, group life, and lines of business which include individual disability and critical illness products. Colonial Life, includes insurance for accident, sickness, and disability products, life products, and cancer and critical illness products to employees, on group and individual basis.

Unum US

Unum US products are issued primarily by Unum America and Provident. The supplemental and voluntary lines of business are comprised of individual disability including insurance and voluntary benefits products. The Company markets group long-term and short-term disability products to employers for the benefit of employees. Group long-term disability provides employees with insurance coverage for loss of income in the event of extended work absences due to sickness and injury. The Company offers services to employers and insured to encourage and facilitate rehabilitation, retraining, and re-employment.

Group life and accidental death and dismemberment products are sold to employers as employee benefit products. Group life consists primarily of renewable term life insurance with the coverages frequently linked to employees wages and includes a provision for waiver of premium, if disabled. Accidental death and dismemberment consists primarily of an additional benefit amount payable if death or severe injury is attributable to an accident.

Individual disability is offered primarily to multi-life employer groups to supplement their group disability plans and funded by the employer, but the policy is owned by the employee and is portable. Individual disability insurance provides the insured with a portion of earned income lost as a result of sickness or injury. The Company provides options with respect to length of benefit periods, product features, and waiting periods before payments begin, which permits tailoring of the multi-life plan to a specific employer's needs. They also market individual disability policies which include payments for the transfer of business ownership between partners and payments for business overhead expenses, also on a multi-life basis.

Voluntary benefits products are primarily sold to groups of employees through payroll deduction at the workplace and include life, disability, accident, hospital indemnity, cancer, and critical illness offered on both a group and individual basis. Premium rates for voluntary benefits products are based on assumptions concerning morbidity, mortality, persistency, administrative expenses, investment income, and profit.

Unum UK

Unum UK includes insurance for group long-term disability, group life, and supplemental lines of business which include individual disability and critical illness products. Group long-term disability products are sold to employers for the benefit of employees. Group long-term disability provides employees with insurance coverage for loss of income in the event of extended work absences due to sickness or injury. Services are offered to employers and insureds to encourage and facilitate rehabilitation, retraining, and re-employment. Group life products are sold to employers as employee benefit products.

Individual disability is offered primarily to individual retail customers. Individual disability insurance provides the insured with a portion of earned income lost as a result of sickness or injury. Under an individual disability policy, monthly benefits generally are fixed at the time the policy is written. Premium rates for individual disability products vary by age and occupation based on assumptions concerning morbidity, mortality, persistency, administrative expenses, investment income, and profit. Group critical illness products are sold to groups of employees. Individual critical illness products are offered to individual retail customers. Critical illness products provide a lump-sum benefit on the occurrence of a covered critical illness event.

Colonial Life

The Colonial Life segment includes insurance for accident, sickness, and disability products, life products, and cancer and critical illness products issued primarily by Colonial Life & Accident Insurance Company and marketed to employees, on a group and an individual basis, at the workplace through an independent contractor agency sales force and brokers. The accident, sickness, and disability product line consists of short-term disability plans as well as accident-only plans providing benefits for injuries on a specified loss basis. Premiums for accident, sickness, and disability products are generally based on assumptions for morbidity, mortality, persistency, administrative expenses, investment income, and profit.

Life products are primarily comprised of universal life, whole life, and term life policies. Premium rates vary by age and are based on assumptions concerning mortality, persistency, administrative expenses, investment income, and profit. Cancer policies provide various benefits for the treatment of cancer including hospitalization, surgery, radiation, and chemotherapy. Critical illness policies provide lump-sum benefit and fixed payments on the occurrence of a covered critical illness event. Premiums are generally based on assumptions for morbidity, mortality, persistency, administrative expenses, investment income, and profit. Individual disability markets policies representing individual disability insurance written on a noncancelable basis and marketed on a single-life customer basis.

Company Address

Unum Group

1 Fountain Sq
CHATTANOOGA   TN   37402-1307
P: +1423.2941011
F: +1302.6365454

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