It’s time to get a life insurance policy! Unum Group is one of the life insurance companies considered by many people—and maybe you too. But is Unum Group going to give you great coverage at a reasonable price? Is Unum Group a reliable insurance company? If you’re looking for answers to these questions and more, then keep reading. TermLife2Go is here to help answer all your life insurance questions so that you can find the best life insurance policy out there.
2016 Unum Group Review
Who is Unum Group?
Over the last 165 years, Unum Group has been helping families and individuals with financial protection services. They started in 1848 under the name Union Mutual. Union Mutual was the first life insurance company to offer group life insurance plans, something that happened in 1924. They name Union Mutual stuck around until 1986, when they decided to change their name to Unum. Throughout their existence, whether as Union Mutual or Unum, the group has always had financial protection at the heart of its objectives.
Unum Group has a lot of subsidies under their overarching brand, many of which offer life insurance policies.
Unum Group Subsidiaries
The following are subsidiaries of Unum Group:
- Colonial Life & Accident Insurance Company
- First Unum Life Insurance Company
- Unum Insurance Company
- Unum Life Insurance Company
- Provident Life and Casualty Insurance Company
- Paul Revere Life Insurance Company
Unum Group’s Financial Ratings
In order to help potential customers know the financial strength of an insurance company (or other financial institution), third party rating organizations do a thorough analysis and provide a rating. These ratings will help you understand how one financial institution matches us to another.
These third party rating organizations offer a different rating for each of Unum’s subsidiaries. That said, the ratings of Unum’s financial strength are pretty standard across the board. Whether rated by S&P, Moody’s or Fitch Ratings, Unum subsidiaries got A-, A2, or A ratings almost across the board. These ratings are consistent and good enough to put a potential life insurance seeker at ease.
Life Insurance Policies offered by Unum Group
Unum Group has three types of life insurance policies:
Term Life- This allows a person to get covered for a certain amount of time. Usually, this is for people who are financial providers for children, parents, or other dependents. Term Life policies are purchased so that your dependents will be financially secure even in your death.
Whole Life- This policy type will last a lifetime. Your premiums and benefits stay consistent throughout your life. Often, you can convert your term life policy into a whole life policy should you want.
Universal Life- Universal is similar to whole life in that it is a permanent life insurance plan. However, there is a bit more flexibility with universal life policies. You can also opt for riders that will give you additional flexibility or benefits such as cash value, early payouts for terminal illness and so on.
Is Unum a Good Life Insurance Company?
The main question you came to answer is this: Is Unum Group a reliable life insurance company and will they issue you a good life insurance policy? Answering that question sounds easy, but really it’s not. On face value, yes, Unum is a great life insurance company. Most people wind up being satisfied with the life insurance policies they get from Unum Group Life Insurance Company and their subsidiaries.
However, to really know if they will offer you a good life insurance policy, you have to know what the other guys are going to offer. Only when you compare Unum’s premiums and the coverage they’re going to underwrite for can you really say which life insurance company is best.
The Best Life Insurance Company
Remember: there is no such thing as “the best life insurance company”. We’re not saying that because we’re neutral—we’re saying that because finding the best life insurance company is a personal experience. Even two people from the same family might find that the same life insurance company isn’t the best for both of them. Why is that?
When a life insurance company underwrites your policy, they factor in a lot of your personal information: do you smoke? Are you overweight? Do you have any hereditary diseases? Have you ever had a major surgery? Are you a cancer survivor? All of these things are important to a life insurance company. The trick, however, is that one issue may not be as important to one life insurance company as it is to another.
Life insurance companies like Unum give different values to different pieces of personal information. Therefore, the amount of life insurance coverage and at what premium one life insurance company underwrites for you will probably not be the same at another life insurance company.
So how do you find out if Unum Group or its subsidiaries will offer you the best life insurance policy at the most affordable premium? Call them up and see what they say. But don’t stop there.
Take the Next Step
The next step is to call TermLife2Go. We will give you a free consultation using our in-depth knowledge of dozens of the top life insurance companies. We’ll tell you which of those we think is the best bet for you. Now, compare what we have to say to what Unum Group wants to offer and decide!
Our goal at TermLife2Go is always to make sure you get the best life insurance policy. Sometimes that means by getting a policy from one of the dozens of life insurance companies we work with, and sometimes it does not. Either way, we want you covered in the best way possible.
So what are you waiting for? Give us a call today for a free life insurance consultation.
Thank you for reading our review of Unum Group life insurance. Please leave any questions or comments below.