Unum The Largest Disability Insurance Company

Unum is an insurance company based in Chattanooga, Tennessee, USA. It is the present name of the Unum Provident, the result of merger between two rivals, Unum of Portland, Maine and Provident of Chattanooga. Presently, the company is the worlds largest provider of disability insurance. It also provides supplemental benefits, long-term care and life insurance

Unum presently covers around 25 million people under its group and individual income protection and other related services. The company operates in Portland, Mine, Worcester, Massachusetts, Glendale, California and Columbia, South Carolina where it operates through Colonial Life and accident Insurance Company. In the United Kingdom it operates from Dorking, England. The company currently has an asset base of $52.8 billion and a 10,000 strong workforce worldwide. In 2006, Unum reported revenue of more than $10.5 billion including a premium income of $7.95 billion.
The Unum subsidiaries are Provident Life and Accident, Provident Life and Casualty, Unum Life of America, First Unum Life, Colonial Life and accident, Paul Revere Life, Paul Revere variable and Unum Limited. Regarding their financial health, these subsidiaries have ratings varying from adequate to excellent from various agencies like A.M. Best, Fitch, Moodys and Standard and Poors. Regarding Debt ratings, Unum scores between speculative and good from these agencies.
Companies of all sizes including about 200 of the Fortune 500 companies have been doing business with Unum. It helps them to manage their overall benefit program, increase productivity and provide for employee welfare easily. The company has plans for companies employing 2 to more than 200 people and provides assistance in choosing the right plans, funding options, claims management, absence management, etc.
Simultaneously, Unum helps the employees to buffer the financial effects of injury, illness, long term care needs or death as well as manage an effective return to work. The products designed for individuals cover Disability, Life and Long-term Care. The employers pay for about 50 to 70% of the income in case of disability. The individuals can opt for additional and/or supplementary coverage. Similarly most employers provide life insurance to a certain extent. But to get amore peaceful life and can pat for additional benefits or again have a supplementary policy. In case of any critical illness or injury one might not return to work for a long period. The long-term care policies take care of such situations.
In 2005 Unum replaced about $4 billion in lost income and this is supposedly more than any other company. However, much controversy has been associated with the claims records of the company. Insurance regulators in 49 states of USA agreed to investigate the Unum groups claim handling in response to a lawsuit filed before 2004. According to it the group was supposed to reconsider about 200,000 claims denials or terminations and pay a fine of $15 million.Wikipedia