Life Insurance

Unum Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 3 minute read

We can aid you in making a decision; by reading our Unum Life Insurance Review, you will have an understanding of the company’s goods and services. Depending on how your employer’s group life insurance policy is structured, you may or may not be obliged to pay a premium. While some businesses cover a portion of the cost of insurance premiums, others require employees to cover the full cost. To learn more about Unum Life Insurance, please read our evaluation of the company, which is available here.

How to get a quote from Unum life insurance?

To enroll in your workplace’s Unum life insurance plan, speak with a member of the human resources department.

Unum Life Insurance Review - Unum Insurance Company Logo

Pros and Cons of Unum

Pros

  • Portability
  • Insurance coverage can assist you safeguard your partner or child.
  • According to the guarantee, 70% of the cost has been covered, and 50% of the remaining cost has been reimbursed as well.

Cons

  • Simply put, the organization’s rules
  • Downgrading one’s credit rating

What forms of life insurance does Unum provide?

Through your employer, Unum offers two separate types of life insurance, one of which is term life insurance.

  • Term life insurance. Your insurance company determines your term life insurance options, however the great majority provide 20-year plans with coverage in multiples of your yearly wage.
  • Whole life insurance is a sort of permanent life insurance that protects you for the remainder of your years. All Unum whole life insurance policies provide a guaranteed interest rate of 4.5 percent, which can be utilized to build cash value. Profits from your insurance policy can be utilized for a variety of purposes, including the purchase of paid-up additions, payment of annual premiums, and cashing out of your account.

What riders can I add to my policy?

Depending on the choices available to you via your employment, you may be able to tailor your coverage in the following ways:

  • Death benefit rider in the event of an accident. Your death benefit is quadrupled if you die before reaching the age of seventy-five.
  • Riders gain from the greater mortality risk. If you anticipate to live fewer than 12 months after receiving your death benefit payment request, a portion of your death benefit of up to $150,000 may be paid out early. This is referred to in certain areas as the hastened death benefit.
  • Riders accompanied by a child. Provides $10,000 in term life insurance coverage to your kid between the ages of 14 and 25. The policy’s initial face value can then be changed into a comprehensive life insurance policy with a face value of five times the original face value.
  • Riders are not required to pay premiums. Unum will waive your insurance premiums throughout your term of disability.

Unum life insurance reviews and complaints

According to the Better Business Bureau, Unum Group has an A + rating as of October 2021; however, the firm is not a member of the BBB. Despite the fact that some of the issues included life insurance products, 87 have been resolved since 2012, including 39 this year.

Consumers have lodged over 40 complaints with Unum over the claims process and customer service, with the great majority of complaints focusing on these two areas. As a result, comparing life insurance claims and services to disability and health insurance can be difficult.

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