Get Free Quotes

/ /

Unum Provident Corporation

Unum Provident Corporation started out with a different name and is currently under a new company title. With more than 160 years of existence, the company has a colorful history and an equally rich experience in the insurance business. It started out in 1948 as Union Mutual and had its home base in Boston. In 1864, it became a pioneer in the insurance field as it was the first in the country to offer reinsurance. In 1881, Union Mutual transferred to Portland, Maine. It continued with its competitive services such that in 1924 it became the first to offer group life insurance. In 1986, Union Mutual changed its name to Unum. Three years later, Unum once again broke new ground by being the first to offer group long term care coverage. The company grew from strength to strength that in 1990 it acquired UK-based company, National Employer's Life Permanent Health Insurances Limited or NELPHI. The following year, the company was renamed Unum Limited. The company's group was unstoppable; in 1993 Unum Limited merged with Colonial Life. Then in 1999, Unum merged with Provident Life and Accident Insurance Company, which two years prior had acquired Paul Revere Life Insurance Company. The resultant company was named UnumProvident Corporation. UnumProvident once again blazed the trail by offering the first employee assistance plan with group disability coverage. Finally in 2007, the corporation changed its name to Unum Group, which is what it is known today. Under this mother company are its three main divisions: Unum US, Unum UK and Colonial Life. Unum US provides insurance for disabilities as well as employee benefit packages in America, while Unum UK provides income protection in the UK. Colonial Life operates in the US too, providing extensive employee benefits education to help workers maximize their benefits.

The Unum Group continues to feature prominently in the insurance business. It is included in Fortune 500's best companies, ranking 260th in the list. Aside from this, it has consistently ranked 1st for group and disability coverage in the United States for 35 years in the running. It is also ranked 2nd in voluntary insurance, and 3rd in group life. It has shown consistency in its performance that Unum UK likewise features strongly, coming on top for both group risk insurance and group income protection. As for Colonial Life, which also operates in the US, it comes first among providers of group critical illness insurance. Unum believes it is because of their competitive products, excellent service and responsive claims payment system that makes them a popular choice, writing insurance plans for over 25 million people around the world and partnering with around 171,000 business institutions in America and the United Kingdom. Without a doubt, the Unum Group is a solid company that has demonstrated financial strength through the years.

The Unum Group continues to offer products which they believe are important in keeping a worker economically secure. It does this by primarily providing short and long term disability coverage, long term care insurance, and life insurance options. The short and long term disability coverage provides monetary compensation for the employee who is unable to work for a certain period of time, such as when the person is on maternity leave or is taken by a debilitating or long-term illness. The insurance makes up for the lost income since the person cannot report for work. Long term care insurance is similar in principle and works to provide security in times of a terminal illness or when the person requires prolonged medical attention. As for life insurance, it gives financial remuneration to the insured's family should the insured die. The plan can also include funeral expenses coverage, asset protector or an option to for educational benefits for the insured's children.

Another line of products is the supplemental health and critical illness benefits. Through this, an individual can get medical coverage for expenses not included in his Medicare plan. It likewise provides for the individual in case he is hit by a critical illness that renders him incapable of working. The loss of income this can bring coupled with the medical expenses can indeed be very taxing on the individual. By getting this insurance, the person not only ensures himself of getting the needed medical car but also of receiving a monthly stipend that will help sustain him through these difficult times.

Lastly, the Unum Group provides employee benefits education which increases the person's awareness regarding his benefits and entitlements. This aims to make an individual financially literate such that he can avail of his benefits mandated by law, as well as understand what contributions he can make to secure himself during his retirement years.

Through these products, the Unum Group remains active and responsive in providing top-notch insurance care.