Unum Life Insurance Review

Choosing the right life insurance policy is an essential part of personal financial planning. It ensures that your loved ones are financially protected in the event of your unexpected death. With numerous options available in the market, it can be overwhelming to determine which policy is the right choice for you. In this article, we will review Unum Life Insurance, one of the leading life insurance providers in the United States, to help you make an informed decision.

Unum offers a range of life insurance products to meet the diverse needs of its customers. The company provides customizable coverage options and riders to help customers tailor their life insurance policies to their unique needs. With a reputation for providing excellent customer service and support, Unum is rated highly by independent rating agencies for its financial stability.

Unum’s life insurance policies include term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. Each policy has its unique features, benefits, and drawbacks, and it is essential to understand these factors before making a decision.

In addition to the various types of life insurance policies, Unum offers riders and add-ons to customize your policy further. These options include accelerated death benefit rider, children’s insurance rider, disability waiver of premium rider, guaranteed insurability rider, and accidental death and dismemberment rider. These riders and add-ons provide additional coverage options and protection based on your specific needs.

However, it is essential to note that underwriting can be stringent and may result in higher premiums or denial of coverage. Therefore, it is important to research and compare various life insurance providers before making a decision.

Unum Life Insurance offers a range of life insurance products with customizable coverage options to meet the diverse needs of its customers. With excellent customer service and support and a strong financial stability rating, Unum is an attractive option for those looking for life insurance coverage. However, it is important to compare and evaluate various providers to find the right coverage for your specific needs and budget.

Company Overview

Unum Life Insurance was founded in 1848 and is headquartered in Chattanooga, Tennessee. The company offers a range of insurance products, including life, disability, and critical illness insurance. Unum Life Insurance is rated A- (Excellent) by AM Best and A+ (Strong) by Standard & Poor’s, indicating its strong financial stability and ability to meet its financial obligations.

Types of Life Insurance Offered

Unum offers four types of life insurance policies to meet the diverse needs of its customers:

Term Life Insurance

Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. Unum offers term life insurance with coverage amounts ranging from $25,000 to $10 million. The premiums are fixed for the entire term and are typically lower than other types of life insurance policies.

Whole Life Insurance

Whole life insurance provides lifelong coverage and builds cash value over time. Unum offers whole life insurance with coverage amounts ranging from $25,000 to $10 million. The premiums are higher than term life insurance but remain fixed throughout the policy’s duration.

Universal Life Insurance

Universal life insurance provides flexible coverage and premiums. It offers a death benefit along with a savings component that earns interest. Unum offers universal life insurance with coverage amounts ranging from $25,000 to $10 million.

Variable Universal Life Insurance

Variable universal life insurance provides lifelong coverage with a savings component that is invested in the stock market. The death benefit and cash value depend on the performance of the investments. Unum offers variable universal life insurance with coverage amounts ranging from $100,000 to $10 million.

Coverage Options

Unum offers coverage options to meet the diverse needs of its customers. The coverage options include:

• Individual Coverage: This coverage is designed to meet the needs of individuals and families. It provides coverage for the policyholder’s life and offers additional benefits, such as accidental death and dismemberment coverage and waiver of premium.
• Group Coverage: This coverage is designed for employers who want to offer life insurance as an employee benefit. It provides coverage for the employees’ lives and offers additional benefits, such as spouse and child coverage and portability options.
• Business Coverage: This coverage is designed for business owners who want to protect their business in the event of the death of a key employee. It provides coverage for the key employee’s life and offers additional benefits, such as buy-sell agreements and business continuation planning.

Riders and Add-Ons

Unum offers various riders and add-ons to customize your life insurance policy based on your unique needs. Some of the popular riders and add-ons offered by Unum include:

• Accelerated Death Benefit Rider: This rider allows you to receive a portion of the death benefit if you are diagnosed with a terminal illness.
• Children’s Insurance Rider: This rider provides coverage for your children under your life insurance policy.
• Disability Waiver of Premium Rider: This rider waives your premium payments if you become disabled and unable to work.
• Guaranteed Insurability Rider: This rider allows you to purchase additional coverage at specific intervals without the need for a medical exam.
• Accidental Death and Dismemberment (AD&D) Rider: This rider provides additional coverage if you die or suffer a serious injury due to an accident.

Application Process

The application process for Unum Life Insurance is straightforward and can be completed online or through an agent. You will need to provide basic information about yourself, including your age, gender, and health history. You may also need to undergo a medical exam or provide medical records, depending on the type and amount of coverage you are applying for.

Underwriting

Unum uses underwriting to determine your insurability and premium rates. Underwriting involves evaluating your health and lifestyle habits to determine the risk of insuring you. Factors that may be considered during underwriting include your age, gender, health history, occupation, and hobbies.

Customer Service and Support

Unum has a reputation for providing excellent customer service and support. The company offers various resources and tools to help customers make informed decisions about their life insurance policies. The customer service team is available to answer any questions and address concerns related to policy coverage, premiums, and claims.

Pros and Cons

Like any life insurance provider, Unum has its pros and cons. Some of the advantages and disadvantages of choosing Unum Life Insurance include:

Pros

• Offers a range of life insurance products to meet diverse needs
• Strong financial stability and high ratings from independent rating agencies
• Provides excellent customer service and support
• Offers customizable coverage options and riders

Cons

• Premiums may be higher than other life insurance providers
• Underwriting can be stringent and may result in higher premiums or denial of coverage
• Limited coverage amounts for some types of life insurance policies

Conclusion

In conclusion, Unum Life Insurance is a reputable life insurance provider offering a range of coverage options to meet the diverse needs of its customers. From term life insurance to whole life insurance, universal life insurance, and variable universal life insurance, Unum provides various policies with customizable coverage options and riders to help tailor the policy to the unique needs of each individual. With a reputation for providing excellent customer service and support, Unum is a reliable and trustworthy option for those seeking life insurance coverage.

However, like any life insurance provider, Unum has its pros and cons. One of the advantages of choosing Unum is its strong financial stability and high ratings from independent rating agencies. Unum also provides customizable coverage options and riders, allowing customers to tailor their policies to their unique needs. Moreover, the company’s excellent customer service and support is an added benefit, making the policy management experience smooth and hassle-free.

On the other hand, premiums may be higher than other life insurance providers, and underwriting can be stringent, resulting in higher premiums or denial of coverage. Therefore, it is essential to research and compare various providers before making a decision.

Before choosing a life insurance policy, it is important to evaluate your specific needs, budget, and long-term financial goals. With so many options available in the market, it can be challenging to determine the right policy for you. However, by conducting research and comparing providers, you can find the right coverage to meet your unique needs.

Overall, Unum Life Insurance is an excellent choice for those seeking reliable life insurance coverage. With customizable coverage options, excellent customer service and support, and strong financial stability, Unum is a reputable provider that offers peace of mind for individuals and their loved ones.