UnumProvident Life Insurance

For information about your UnumProvident Life Insurance plan, call 1-800-635-1049 or visit their website.

  1. Universal Life Plan Details
  2. Features
  3. Family Options

Universal Life Insurance is insurance protection that provides basic death benefits along with several valuable features that are not found in traditional group term life coverage:

  • Premiums are based on your age at policy issue
  • Premiums earn interest and accumulate in a cash value account
  • Coverage is portable, which means you take it with you if you retire or leave

You can choose whether or not to purchase the insurance, and buy only the amount that is right for your needs. With Universal Life insurance, you have added financial protection, underwritten by UnumProvident Corporation subsidiary, Provident Life and Accident Insurance Company, an industry leader in providing life insurance and income protection coverage.

Term Insurance Review

The current Term Life Program is an inexpensive way for you to provide group term life insurance coverage on you and your eligible dependents. The Term Life Program provides competitive premiums while you are employed with your current employer. If you leave your employer for any reason, the term insurance ends.

Portability or a conversion policy is available without medical questions if you elect to convert or port within 31 days of termination or retirement, and will be converted-ported at your attained age. The higher cost of individual life insurance at retirement age can be avoided by the purchase of a universal life policy now.

Voluntary Universal Insurance

  • No Physicals Required - If you are actively at work, you can apply for coverage with no physical exam when you are first eligible for the program. Once participating, you can add coverage up to your employer´s maximum, at any time after your coverage has been in force for one year. If you don´t participate now and change your mind later, you can still apply for coverage at a later date by answering a few questions about your health.
  • You Can Take it With You - Coverage is portable, which means you can take your policy with you and pay the same premium even if you leave the company. You will be billed directly at home.
  • Valuable Cash Value - It builds cash value that earns interest. The interest rate your policy is credited with will never be less than the guaranteed minimum rate of 4.5 percent built into your policy. Under current law, taxes are deferred on these interest earnings. After sufficient cash value has accumulated, you can borrow from it.

Informative Annual Statements

Each year, you will be mailed a policy statement that will report what you have paid, how much cash value you have, plus any loans, withdrawals, changes in coverage amount and insurance company charges. These statements are easy to read and provide a valuable record of your account activity.