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UnumProvident Life Insurance Company Information

Insures More than 1 Million Individual Customers

UnumProvident is the largest provider of group and individual disability insurance in the US. .They also carry health, accident, long term care, and life insurance products, and are the nation’s third largest provider of group life insurance. They have a number of wholly-owned subsidiaries that sell life insurance products for them. The largest of these companies is the Colonial Life & Accident Insurance Company, which has $1.5 billion in total assets and $27 billion in net life insurance. Unum was recently formed by the merger of the Unum Group and the Provident Group.

Unum Provident Life Insurance Products

UnumProvident has a wide range of life insurance plans, both group and voluntary. Their products include group term life, voluntary term life, universal life, and interest-sensitive whole life insurance. The group plans can be paid for in a variety of ways:

  • Employer-paid
  • Employee-paid
  • Flexible base/supplemental

The UnumProvident group term life insurance plans have the following options:

  • Full portability from one employer to another
  • A standard accelerated benefit for the terminally ill
  • A waiver of premium rider for the totally disabled
  • A complimentary interest-bearing account for beneficiaries who receive $10,000 or more.
  • Twelve months of customized financial planning and advice for survivors and for terminally ill clients and spouses
  • Employees assistance services are available
  • Optional matching accidental death and dismemberment benefits

UnumProvident voluntary term life insurance (which must be purchased through an employer) has the following options:

  • Either guaranteed level premiums or simplified premiums, depending on insurability
  • Guaranteed level premiums and death benefits for up to two consecutive 10-year periods
  • Guaranteed annual renewal to age 95
  • A variety of family coverage options
  • A living benefit rider for the terminally ill
  • A waiver of premium rider
  • An accidental death benefit rider

Financial ratings for Unumprovident

A.M. Best: A-
Fitch: A-
Moody’s: Baa1
Standard and Poor’s: BBB+

The financial strength of a company and potential for prolonged survival are represented by the above ratings.

UnumProvident Life Insurance Company Information

1 Fountain Square
Chattanooga, TN 37402

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