Unum Life Insurance Review

Here’s our Unum Life Insurance Review for you. You may be forced to pay a premium or not, depending on how your employer’s group life insurance policy is structured. When it comes to insurance premiums, some employers cover the cost, while others require employees to cover the full cost. You may read our evaluation of Unum Life Insurance to learn more about the company.

How to get a quote from Unum life insurance?

Unum Life Insurance Review - Unum Life Insurance Logo

Contact a human resources representative to enroll in your company’s Unum life insurance plan.

Pros and Cons of Unum

Pros

  • Portability
  • With insurance coverage, you can safeguard your partner or kid.
  • Concerning the guarantee, 70% of the cost has been covered, while 50% of the remaining cost is covered.

Cons

  • Simply the group’s policies
  • A credit rating downgrade

What forms of life insurance does Unum provide?

Unum provides two different types of life insurance through your employer.

  • Term life insurance. Your company determines your term life insurance options, while the majority provide 20-year plans with coverage in multiples of your income.
  • Whole life insurance. All Unum whole life insurance policies contain a 4.5 percent fixed interest rate that may be utilized to accumulate cash value. Profits from your insurance can be spent in a variety of ways, including acquiring paid-up additions, paying the policy’s yearly premiums, or cashing out.

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:

  • Accidental death benefit rider. Your death benefit is doubled if you die before reaching the age of 70.
  • Riders gain from accelerated death. If you anticipate surviving fewer than 12 months, you can request that a portion of your death benefit, up to $150,000, be paid out early. This is sometimes referred to as the hastened death benefit.
  • Rider with a child. Provides $10,000 in term life insurance to your kid between the ages of 14 and 25. The original face value of the policy can then be changed to a complete life insurance policy for five times that amount.
  • Riders waive premiums. Unum will waive your insurance premiums during your incapacity.

Unum life insurance reviews and complaints

Unum Group has an A+ rating with the Better Business Bureau as of October 2021, however the firm is not a member of the BBB. While several of the issues included life insurance products, 87 have been resolved since 2012, including 39 this year.

Over 40 consumers have lodged complaints with Unum over the claims process and customer service, with the majority of complaints focusing on these two areas. As a result, it’s difficult to compare life insurance claims and services to those of disability and health insurance.

For another insurance review, visit our review of United Home Life Insurance Review.

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