Whole Life
Unum’s portable Whole Life insurance addresses varying employee needs for permanent life insurance and peace of mind for a lifetime, since you can keep Whole Life Insurance as long as you want. Once you’ve bought coverage, your cost won’t increase as you age. The benefit amount also stays the same and doesn’t decrease as you get older. That means you get protection during your working years and into retirement. Whole Life Insurance also builds cash value at a guaranteed rate. You can borrow from that cash value or buy a smaller, paid-up policy with no more premiums due.
Why You Should Buy Coverage Now
- It’s more affordable when you’re younger. Once you’ve bought coverage, your cost stays the same as long as you keep it.
- The cost is conveniently deducted from your paycheck. If you leave employment, you can keep this coverage and be direct billed.
- Whole life gives you valuable protection in addition to any term life insurance you might have. It is available for spouses and children even if you don’t purchase coverage for yourself.
Coverage Options
Employee: You can purchase $15,000, $30,000, $40,000 or $50,000 of coverage for yourself
Spouse (Ages 17-80): You can purchase $10,000, $15,000 or $20,000 of coverage for your spouse.
Child(ren): You can purchase a benefit amount of $10,000 or $15,000 of coverage for each child.
Guarantee Issue Amounts
For new employees, the guarantee issue amount for employee coverage is $50,000, and the guarantee issue amount for spouse coverage is $15,000.
- Future increases for Currently Enrolled Employees: You may purchase an increase in coverage to the maximum guarantee issue amount without health questions.
- Future increases for Currently Enrolled Spouses: Currently enrolled spouses may purchase an increase in coverage to any level subject to health questions.
- Coverage Levels for Previously Eligible Employees and Spouses Not Currently Enrolled: Previously eligible spouses not currently enrolled may qualify for coverage at any level, subject to health questions.
Living Benefit
You can request an early payout of your policy’s death benefit (up to $150,000 maximum) if you’re diagnosed with a terminal illness and are expected to live 12 months or less. It can help cover costs while you’re still alive. The payout would reduce the benefit paid upon death.
