NU Online News Service, April 21, 2003, 12:41 p.m. EDT – UnumProvident Corp., Chattanooga, Tenn., has added an individual universal life insurance option to its WorkPack package of employee-paid benefits products.
UnumProvident has designed the package for employers with two to 99 eligible employees.
The UL policy can pay death benefits after employees retire, and the policy will build cash value at a rate of at least 4% per year, UnumProvident says.
UnumProvident is writing the UL policy through its Provident Life and Accident Insurance Company unit.
UnumProvident has also added the Online Quotation Tool, a system for e-mailing current rate tables to brokers and customers, and WorkPack Online , a package of Web-based marketing and enrollment tools.