Unum Provident: Life, Accident, And Insurance Services In Chattanooga

Unum Group is an American insurance company that was founded in 1848 as Union Mutual and is headquartered in Chattanooga, Tennessee. The company offers a range of insurance products, including accident, critical illness, and life insurance, as well as workplace leave management and mental health services. Unum's life insurance products include term life insurance, which provides flexible coverage during an individual's working years, and whole life insurance, which offers longer-term coverage with the ability to build cash value. Accident insurance from Unum can help individuals and families pay for expenses not covered by their medical insurance, providing peace of mind in the event of unexpected injuries. The company has a strong commitment to its customers and has received recognition for its corporate structure and culture, including its focus on staff engagement, retention, inclusivity, and environmental sustainability.

Unum Group's history

Unum Group is an American insurance company that was founded in 1848 as Union Mutual in Maine. The company's first headquarters were in Boston, Massachusetts, and it issued its first policy in 1849, covering the life of founder and company president Elisha B. Pratt for $5000. Union Mutual relocated to Portland, Maine, in 1881 when the state of Maine passed a law requiring insurance companies to be headquartered within the state.

Union Mutual was the first American company to reinsure the business of another when it reinsured Chicago Mutual Life in 1864. In 1887, Provident Life and Accident Insurance Company was founded in Chattanooga, Tennessee, and quickly found a niche in the railroad insurance business. Union Mutual offered the industry's first group life insurance plan in 1924.

In 1940, Union Mutual expanded beyond individual life and endowment insurance by acquiring most of the Massachusetts Accident Company's health and accident insurance business. Union Mutual became the first major mutual insurance company to demutualize in 1986 and was renamed Unum.

Unum acquired National Employers Life Assurance Holdings, the United Kingdom's largest disability insurer, in 1990. In 1993, Unum merged with Colonial Life, the parent company of Colonial Life & Accident Insurance Company.

Provident Life and Accident Insurance Company, founded in 1887 as Mutual Medical Aid and Accident Insurance Company, provided medical aid and accident insurance to employees in high-risk industries. In 1892, Thomas Maclellan and John McMaster purchased a 50% stake in the company, and Maclellan became the sole owner and president by 1900. Provident began selling life insurance in 1917 and wrote its first group policy in 1924.

In November 1998, Unum and Provident announced their intention to merge, and the merger was completed in 1999, forming the UnumProvident Corporation. The new company became the largest disability insurance provider in the United States. In 2007, the UnumProvident Corporation changed its name to Unum Group, with primary divisions in the US, UK, and Colonial Life.

Unum Group is now headquartered in Chattanooga, Tennessee, and offers a range of insurance products, including disability, accident, critical illness, and life insurance, as well as workplace leave management and mental health services. In 2022, Unum insured about 45 million individuals and reported revenue of $11.991 billion.

Accident Insurance

Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. It was founded as Union Mutual in 1848 and is currently one of the world's largest providers of employee benefits. Unum offers a range of insurance products, including accident insurance, which provides financial protection and peace of mind for individuals and families.

Accidents are unpredictable and can happen to anyone at any time. Unum's accident insurance helps fill the gaps left by medical insurance by providing a lump-sum payment directly to the policyholder when they or their covered family members are injured in a covered accident. This payment can be used to cover various out-of-pocket expenses, such as doctor visits, ambulance fees, hospital bills, and other costs that health insurance may not cover. Unum's accident insurance ensures that individuals and families can focus on recovery without worrying about financial setbacks.

The amount payable under Unum's accident insurance is based on the type of injury, the required treatment, and the coverage elected. There is no lifetime or annual maximum payout, and the money can be used at the policyholder's discretion to cover various expenses. Unum's accident insurance is underwritten by Unum Life Insurance Company of America, Unum Insurance Company, Provident Life and Casualty Insurance Company, and First Unum Life Insurance Company, depending on the location.

Unum's accident insurance is a valuable addition to an individual's financial protection plan. It ensures that unexpected accidents don't derail their financial security. By offering accident insurance, Unum demonstrates its commitment to helping people when they need it the most and providing modern financial protections to its customers.

Unum's accident insurance is just one part of their comprehensive benefits package, which also includes life insurance, disability insurance, and other employee benefits. With a history spanning over 175 years, Unum has established itself as a trusted and innovative leader in the insurance industry, dedicated to helping individuals and families protect what matters most.

Whole Life Insurance

Unum Group is an American insurance company that offers a range of insurance products, including life insurance. Headquartered in Chattanooga, Tennessee, the company was founded in 1848 as Union Mutual and has since expanded to become one of the leading insurance providers in the United States and the United Kingdom.

Now, let's delve into the topic of whole life insurance and provide a detailed overview:

When it comes to premiums, whole life insurance typically offers fixed premiums that remain constant throughout the policy. This is in contrast to term life insurance, where premiums may increase over time. The death benefit provided by whole life insurance is also guaranteed, ensuring that beneficiaries receive a payout regardless of when the insured person passes away. This benefit is particularly valuable for individuals who want to ensure their loved ones are financially secure in the event of their death.

In summary, whole life insurance provides comprehensive financial protection and is well-suited for individuals who want to ensure their loved ones are taken care of, both in the present and after their passing. By offering fixed premiums, guaranteed death benefits, and the ability to build cash value, whole life insurance provides stability and peace of mind for policyholders and their beneficiaries alike.

Provident Life and Accident Insurance Company

The Provident Life and Accident Insurance Company was founded in Chattanooga, Tennessee, in 1887 as Mutual Medical Aid and Accident Insurance Company. The company provided both medical aid and accident insurance to employees in high-risk industries, including miners and coal workers. However, within a few months, the company's founders became concerned that a single disease epidemic could bankrupt the company. As a result, they reincorporated as Provident Accident Insurance Company, solely focusing on issuing accident policies.

In 1892, Thomas Maclellan and John McMaster purchased a 50% stake in the company for $1000, and by 1895, they had acquired the remaining 50% equity. Maclellan became the sole owner and president of the company by 1900. Under his leadership, the company was reorganized from being mutually held to a stock company in 1910.

Unfortunately, Thomas Maclellan's presidency was cut short in 1916 when he was struck by an automobile and passed away. His son, Robert Jardine Maclellan, assumed the role of president, and the company began selling life insurance in 1917, with the first policy insuring Robert Maclellan's life. The company also expanded its offerings to include railroad insurance.

Over the following decades, Provident Life and Accident Insurance Company continued to grow and expand its operations. By 1928, the company operated in 34 states and had made several acquisitions, including the Standard Accident Company and Southern Surety Company. In 1999, Provident merged with Unum to form the UnumProvident Corporation, becoming the largest disability insurance provider in the United States. The merged company was headquartered in Portland, Maine, until 2002 when it relocated to Chattanooga, Tennessee, the former headquarters of Provident.

Today, the Unum Group, as it is now known, is a global leader in financial protection benefits, offering a range of insurance products, including disability, accident, critical illness, and life insurance. The company is committed to helping individuals and businesses protect their finances, families, and livelihoods through its modern employee benefits and leave management solutions.

Unum's employee benefits

Unum is an American insurance company that offers a range of employee benefits. The company is committed to helping the working world thrive and offers advanced solutions and seamless integrations to make benefits more effective and accessible to the modern workforce.

Insurance, Health & Wellness

Unum provides disability insurance, supplemental life insurance, accidental death and dismemberment insurance, and health savings accounts (HSAs). They also offer health insurance, which former employees have praised as being both great and affordable.

Financial & Retirement

The company offers a 401(k) plan, an employee stock purchase plan, charitable gift matching, and an employee assistance program.

Family & Parenting

Unum provides support for families with benefits such as maternity and paternity leave, family medical leave, fertility assistance, and unpaid extended leave.

Vacation & Time Off

The company offers reduced or flexible hours, vacation time, and paid time off (PTO).

Perks & Discounts

Unum hosts company social events and provides free lunch or snacks, mobile phone discounts, and an apprenticeship program.

Professional Support

The company promotes professional development and growth with an integrated ADA specialist program and a leadership program.

Other Benefits

Unum also provides dental and vision insurance, life insurance, and accident insurance. They also have a wellness program that offers direct payments for covered screenings and exams.

Overall, Unum offers a comprehensive suite of employee benefits that cater to the diverse needs of its workforce, helping to enhance their financial, physical, and emotional well-being.

Frequently asked questions