Includes new Accident and Critical Illness products with more coverage and features
CHATTANOOGA, Tenn. (July 9, 2019) – A new supplemental health portfolio from Unum (NYSE: UNM) includes new Accident and Critical Illness products with more coverage and features that align the onboarding, billing, and administrative experience with group life and disability products.
“The new portfolio makes it simple for employers to offer and administer coverage for their employees,” said Ashley Shope, assistant vice president of Product and Market Development at Unum. “It’s also designed with a keen focus on the end user — the people and families we protect — ensuring the products continue delivering valuable coverage when an accident or illness occurs.”
The new Accident insurance product complements health insurance with fewer coverage gaps and less duplication. New features include two coverage level choices, affordable price points, and guaranteed-issue. Benefits for X-rays, hospital stays, or prescription drugs after an accident are included, along with increased benefit levels for common accidents, like fractures, dislocations, and emergency dental services.
Now, Critical Illness insurance from Unum can be structured to cover a person during a life stage or a lifetime, which provides employers more flexibility in how they offer this benefit to their employees. Coverage for more illnesses and reoccurrence is included.
Unum also redesigned its existing Accident and Critical Illness products to extend the coverage. These plans feature a wellness benefit with more options for covered screenings and broader coverage for children.
Every 10 minutes, over 750 Americans suffer an injury severe enough to seek medical help, according to the National Safety Council. Seventy five percent of people with health insurance say the amount they were charged for copays, deductibles or coinsurance was more than they could afford.
Accident and Critical Illness insurance provide a financial benefit for qualifying conditions, which can help ease the financial pressure caused by out-of-pocket expenses when an accident, injury or illness occurs.
“We’ll continue to add products and features to our new supplemental health portfolio that simplify the experience for employers and broaden the coverage for employees,” Shope said.
Unum Group is a leading provider of financial protection benefits in the United States and the United Kingdom and the leading provider of disability income protection in the world. Its businesses are Unum US, Colonial Life, Unum UK, and Unum Poland. 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 $11.6 billion in 2018, and provided $7.2 billion in benefits.