The new financial protection benefit — the Income Series 750 — unbundles the features of Unum’s current individual disability insurance, giving employers greater flexibility to select the options that best meet the needs of employees who are not fully protected by their group disability plans, according to a press release.
“Most group disability plans put a cap on the amount of income they cover, leaving many key employees with the need for additional protection. Our new product offers employers different ways to help close those income shortfalls and gaps that may exist in their current benefits,” said Steven Joseph, senior vice president of individual disability operations at Unum, in the announcement.
The Income Series 750 also provides an unemployment provision that suspends premium payments for up to a year if an employee is laid off; an optional serious illness benefit that gives an employee a lump-sum disability payment as a result of cancer, stroke or heart attack; and access to comprehensive income replacement solutions, which can include additional catastrophic coverage and an optional asset protection provision to address potential future financial risks.
The new offering also features flexible plan designs and employer-paid, employee-paid or shared funding options. In addition, Unum supports the new product with benefits education and enrollment tools, administrative capabilities and claims review.More information is at http://www.unum.com.
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