CHATTANOOGA, Tenn. (June 26, 2006) - UnumProvident, (NYSE: UNM) the leading provider of income protection insurance in the United States and the United Kingdom, announces its newest and most flexible disability product offering - Select income protection insurance.
Select income protection is an innovative group offering that gives employers and employees control over some specific policy features. With the steady rise in the cost of healthcare and the need to recruit and retain talented workers, employers are finding that the "one-size-fits-all" approach to benefits is neither cost-effective nor employee friendly.
"Employers are looking beyond traditional benefits packages in their efforts to control cost, and UnumProvident has a long-standing history of introducing products that respond to these needs," said Kevin McCarthy, executive vice president of risk operations. "Select income protection gives employees and plan administrators more control over important aspects of their policies to help address specific workplace benefits issues."
The Select income protection product will be available with short-term or long-term coverage options. Major features of Select income protection insurance products include:
- Flexible plan designs that pair shorter waiting periods with longer duration of benefits.
- A variety of funding options
- Employee choice of the specific benefit amount
- The employer´s ability to decide benefit duration
UnumProvident began selling the new Select income protection product in June, with the earliest policy effective date of Sept. 1, 2006. Availability of Select income protection insurance varies from state to state, depending on regulatory approval. Additional products in the Select line include Educator Select, and Select short term disability, which will be available in August. For more information, visit www.unumprovident.com.
About UnumProvident
UnumProvident (UNM) is the largest provider of group and individual disability income protection insurance in the United States and United Kingdom. Through its subsidiaries, UnumProvident Corporation insures more than 21 million people and paid $6 billion in total benefits to customers in 2005. With primary offices in Chattanooga, Tenn., and Portland, Maine, the company employs approximately 12,000 people worldwide. For more information, visit www.unumprovident.com.
Select income protection insurance is underwritten by Unum Life Insurance Company of America, 2211 Congress Street, Portland, ME 04122
Policies or their provisions may vary or be unavailable in some states. Policies have exclusions and limitations which may affect any benefits payable.