Unum Group, together with its subsidiaries, provides disability insurance products in the United States and the United Kingdom. The company also provides a portfolio of other insurance products, including employer- and employee-paid group benefits, life insurance, and other related services. The principal operating subsidiaries in the United States are Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident), The Paul Revere Life Insurance Company (Paul Revere Life), and Colonial Life & Accident Insurance Company, and in the United Kingdom, Unum Limited. Segments The company’s segments include Unum US, Unum UK, and Colonial Life. Unum US This segment includes group long-term and short-term disability insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business. The supplemental and voluntary lines of business are comprised of individual disability and voluntary benefits products. Unum US products are issued primarily by Unum America and Provident. Paul Revere Life previously issued products reported in the company’s Unum US segment and continues to service the in-force policies. These products are marketed through the company’s field sales personnel who work in conjunction with independent brokers and consultants. Group Long-term and Short-term Disability The company sells group long-term and short-term disability products to employers for the benefit of employees. Group long-term disability provides employees with insurance coverage for loss of income in the event of extended work absences due to sickness or injury. The company offers services to employers and insureds to encourage and facilitate rehabilitation, retraining, and re-employment. Most policies begin providing benefits following 90 or 180 day waiting periods and continue providing benefits until the employee reaches a certain age, generally between 65 and 70. Group short-term disability insurance generally provides coverage from loss of income due to injury or sickness, effective immediately for accidents and after 1 week for sickness, for up to 26 weeks, limited to specified maximums as a percentage of income. The company offers fee-based administrative services only (ASO) products, where the responsibility for funding claim payments remains with the customer, and fee-based family medical leave products. Group Life and Accidental Death and Dismemberment Group life and accidental death and dismemberment products are sold to employers as employee benefit products. Group life consists primarily of renewable term life insurance with the coverages frequently linked to employees' wages and includes a provision for waiver of premium, if disabled. Accidental death and dismemberment consists primarily of an additional benefit amount payable if death or severe injury is attributable to an accident. Individual Disability Individual disability products are offered primarily to multi-life employer groups to supplement their group disability plans and may be funded by the employer, but the policy is owned by the employee and is portable. Individual disability insurance provides the insured with a portion of earned income lost as a result of sickness or injury. The company provides various options with respect to length of benefit periods, product features, and waiting periods before benefit payments begin, which permits tailoring of the multi-life plan to a specific employer's needs. It also markets individual disability policies which include payments for the transfer of business ownership between partners and payments for business overhead expenses, also on a multi-life basis. Individual disability products do not provide for the accumulation of cash values. The company develops its assumptions based on its own experience. Its underwriting rules, issue limits, and plan designs reflect the financial circumstances of prospective insureds. Individuals in multi-life groups may be subject to limited medical underwriting. The majority of the company’s individual disability policies are written on a non cancelable basis. U
unum group (UNM:New York)
1 Fountain Square
Chattanooga, TN 37402
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