New group and voluntary options provide affordable coverage for life-changing conditions
CHATTANOOGA, Tenn. (June 20, 2018) – Unum (NYSE: UNM), an industry leader in financial protection benefits, launched a new Critical Illness (CI) product that provides an option to protect people during a life stage, giving them access to greater coverage at a more affordable price and allowing them to focus on what matters most – their health.
“The updated approach reflects trends in how people use CI, with experts finding they typically keep coverage for 3-5 years during the life stage they think they need it most, rather than a whole lifetime,” said Ashley Mehrer, assistant vice president, product and market development for Unum. “For employers, offering employees coverage for a life stage can provide better protection against the financial strain associated with a critical illness.”
A Broad Range of Conditions
The new product covers a broader range of conditions than standard CI products, including infectious diseases, Parkinson’s, dementia and Alzheimer’s, MS, ALS and more. Employees receive a lump sum when diagnosed with a covered condition, which can help cover deductibles, co-pays and other out-of-pocket costs not covered by medical insurance, even before those medical bills may come due.
“Redesigning benefits to how the consumer uses them is a new trend we’re likely to see more of as coverage gaps in major medical plans continue to increase and employee-employer cost sharing becomes more common,” said Mehrer.
The addition of this new product, along with Employer-Paid Group Hospital Insurance released earlier this year, signals an effort to provide greater value to employers and their workforce, and protect more people from the high costs of unexpected illnesses or conditions.
Employers can contact their broker or Unum sales representative for specific details.
Unum is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017 and provided nearly $7 billion in benefits.
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