Unum, a provider of employee benefit products and services, has launched two updated life insurance policies, Interest Sensitive Whole Life 08 and Voluntary Individual Universal Life 08, with features that include riders offering long-term care options, a living benefit, and an accidental death benefit rider.
With a long-term care rider, a percentage of the life policy benefit can be paid out monthly, tax-free, if the individual is living in a long-term care or assisted living facility. The living benefit rider, available at no additional cost, provides an early payout if the policyholder is terminally ill.
Both Interest Sensitive Whole Life 08 and Voluntary Individual Universal Life 08 are designed to be offered along with group term coverage to give employees access to life insurance they can keep even if they leave their jobs.
Unum’s new life products will replace current offerings with policies effective January 1, 2009, and beyond. Enrollment in the new products has begun in August 2009.
Debbie Cecil, director of product and market development for Unum, said: As the costs of long term care grow and the workforce ages, more people are thinking about how they would pay for long term care. These riders give them an excellent option.