NU Online News Service, March 27, 2003, 4:13 p.m. EST – UnumProvident Corp., Chattanooga, Tenn., has introduced an individual universal life insurance policy designed for the worksite benefits market.
Employees who want the coverage will pay for it themselves through a payroll deduction program.
UnumProvident is offering the voluntary UL program to employers with 25 or more employees. Participating employers can adopt the program as a stand-alone benefit, or they can combine it with an employer-paid group term life program, UnumProvident says.
UnumProvident will not require applicants to undergo any physical exams, and it will base premiums on the insured’s age at time of policy issue.
UnumProvident is guaranteeing a minimum interest rate of 4%.
Other features include coverage for spouses and children, a long-term care insurance rider and an accidental death benefit rider.