According to the announcement, the Select income protection product will be available with short-term or long-term coverage options and will feature:
- Flexible plan designs that pair shorter waiting periods with a longer duration of benefits,
- A variety of funding options,
- Employee choice of the specific benefit amount, and
- Employer ability to decide benefit duration.
“Employers are looking beyond traditional benefits packages in their efforts to control cost,” said Kevin McCarthy, executive vice president of risk operations, in the announcement. “Select income protection gives employees and plan administrators more control over important aspects of their policies to help address specific workplace benefits issues.”
UnumProvident began selling the new Select income protection product in June, with the earliest policy effective date of September 1, 2006. More information can be found at www.unumprovident.com .