Cashing In On Unum Group Life Insurance: A Step-By-Step Guide

Unum Group Life Insurance offers financial protection for employees and their families, helping to cover funeral costs, day-to-day expenses, bills, and other expenditures in the event of the policyholder's death. Unum provides two main types of life insurance plans: Term Life Insurance and Whole Life Insurance. Term Life Insurance provides flexible coverage during the working years, protecting the loved ones who depend on the policyholder's income. Whole Life Insurance, on the other hand, offers longer-term coverage and can build cash value over time, which can be borrowed against or used towards a paid-up policy. While Term Life Insurance is ideal for the high-demand working years, Whole Life Insurance extends beyond retirement and includes living benefits.

Unum Group Life Insurance offers support services like cancer support and bereavement counselling

Unum Group Life Insurance offers a range of support services to its policyholders and their employees, including cancer support and bereavement counselling.

Cancer Support

Unum Group Life Insurance provides access to cancer support experts from Reframe. Mental Health First Aid-trained client navigators can offer personalised guidance to employers and employees impacted by cancer. This support is available at any stage of the cancer journey, and no question is too small.

Bereavement Counselling

Unum recognises that the death of a close relative, whether sudden or after a long illness, is an emotionally and practically challenging time. To support its customers during bereavement, Unum offers professional and personalised bereavement counselling through Help@hand. This service provides caring and tailored support to employees navigating the difficult period following the loss of a loved one.

Bereavement Workshops

In addition to individual counselling, Unum has partnered with St. Catherine's Hospice to deliver interactive and informative bereavement workshops. These workshops are designed to help line managers effectively support their grieving employees. By participating in these workshops, managers can gain the skills and knowledge needed to create a supportive work environment for their bereaved team members.

Unum's comprehensive support services demonstrate their commitment to standing by their customers, not only during challenging times but also in their everyday lives. These services provide valuable assistance and peace of mind, enhancing the overall well-being of Unum's policyholders and their employees.

The insurance can help cover funeral costs, day-to-day expenses, bills and other expenditures

Life insurance is an important financial safety net for you and your family. Unum's life insurance plans can help cover funeral costs, day-to-day expenses, bills, and other expenditures, providing peace of mind and financial security for your loved ones. Here's how Unum's insurance can help during difficult times:

Funeral Costs

Funeral expenses can be a significant financial burden, with the average cost of a funeral being $8,300. Unum's life insurance plans can help alleviate this burden by providing financial assistance to cover funeral-related costs. While the insurance may not cover the entire cost, it can significantly ease the financial strain on your family during their time of grief.

Day-to-Day Expenses and Bills

Unum's life insurance is designed to help your family maintain their standard of living by covering daily expenses and bills. This includes essential costs such as groceries, utilities, and other regular expenditures. By providing this financial support, your loved ones can focus on coping with their loss without worrying about their immediate financial needs.

Other Expenditures

Unum's life insurance can also assist with other significant expenditures that may arise. This includes education costs, such as college tuition, as well as retirement savings. Additionally, the insurance can help cover medical expenses, including out-of-pocket healthcare costs that may arise for your family members.

Whole Life Insurance Benefits

Unum offers Whole Life Insurance, which provides long-term coverage and builds cash value over time. This type of insurance maintains constant premiums and benefits, and the cash value can be borrowed against or used towards a paid-up policy. Whole Life Insurance is ideal for those seeking coverage beyond their working years, ensuring peace of mind during retirement.

Term Life Insurance

Term Life Insurance is another option offered by Unum, providing affordable protection for a specific period, typically during an individual's working years. While it doesn't build cash value like Whole Life Insurance, it can be extended beyond the original term and offers flexible coverage that can be increased as needed.

In conclusion, Unum's life insurance plans provide comprehensive financial support to your loved ones when they need it most. By helping to cover funeral costs, day-to-day expenses, bills, and other expenditures, Unum's insurance ensures that your family has one less thing to worry about during difficult times.

Unum offers both Term Life Insurance and Whole Life Insurance

Term Life Insurance

Term Life Insurance provides affordable protection for a specific period, usually during an employee's working years. It offers flexible coverage and financial protection for employees and their families, which can be particularly important during high-demand working years. This type of insurance is ideal for those who want coverage for a set term and can be extended past the original term period in some cases. Most people buy it during their working years, so their families are protected from the financial impact of lost wages and can manage their financial needs. Employees can increase their coverage at enrollment events and may be able to maintain their protection if they change jobs.

Whole Life Insurance

Whole Life Insurance offers longer-term coverage that can last through retirement. It provides constant premiums and benefits, which means the coverage remains the same as the policyholder ages. This type of insurance allows policyholders to build cash value at a guaranteed rate over time, which is tax-deferred and accessible during their lifetime. Whole Life Insurance can be particularly useful for helping a spouse through retirement, ensuring their retirement savings remain untouched. It also helps provide for children, covering expenses related to education, extracurriculars, and day-to-day care.

By offering both Term Life Insurance and Whole Life Insurance, Unum provides valuable financial protection that can be tailored to meet the evolving needs of employees and their families at different life stages.

Employees can increase their coverage later

Unum offers two main types of life insurance plans: Term Life Insurance and Whole Life Insurance. Both plans can be tailored to meet the specific needs of employees and their families.

Term Life Insurance provides flexible coverage during an employee's working years, protecting the loved ones who depend on them financially. Employees can increase their coverage at enrollment events and may be able to take the protection with them if they change jobs. This type of insurance is ideal for high-demand working years when protection is needed the most.

Whole Life Insurance, on the other hand, offers longer-term coverage with constant premiums and benefits. These policies can extend beyond an employee's working years, even into retirement, and build cash value over time. This cash value can be borrowed against or used toward a paid-up policy. Whole Life Insurance is a good option for those who want coverage that lasts into retirement and includes living benefits that can be utilised during their lifetime.

While Term Life Insurance provides affordable protection for a specific period, it can also be extended past the original term in some cases. This type of insurance is typically purchased during an individual's working years to protect their loved ones from the financial impact of lost wages in the event of their death.

Unum's life insurance plans are designed to provide financial security and peace of mind for employees and their families, ensuring that their loved ones will be taken care of in the event of their death.

Unum Group Life Insurance is underwritten by Unum Life Insurance Company of America, in Portland, Maine

Unum's Term Life Insurance provides affordable protection for a specific period, usually during your working years. This type of insurance is flexible and allows for increased coverage at enrollment events. It can also be taken with you if you change jobs. Whole Life Insurance, on the other hand, offers longer-term coverage and the ability to build cash value at a guaranteed rate. This type of insurance is tax-deferred and accessible during your lifetime, with constant premiums and benefits.

Unum's life insurance plans can provide financial protection for employees and their families, helping them protect what they've built. Losing a primary wage earner can be devastating for a family's finances, often forcing them to dip into savings or rely on others. Unum's insurance plans can fill this gap, providing financial support for daily expenses, mortgage payments, college tuition, and retirement funds.

The company also offers additional services to complement their life insurance plans, such as life planning resources, a work-life balance employee assistance program, and emergency travel assistance. These services provide beneficiaries with financial and legal guidance, emotional support, and worldwide emergency assistance.

With a strong presence in Portland, Maine, Unum is committed to protecting individuals and their families. Their experienced service teams provide support and expertise when it matters most, helping people navigate challenging situations with empathy and efficiency.

Frequently asked questions