Cover in ‘hotspot’ areas
Obtaining cover in certain locations in the UK has been particularly problematic in recent years due to the limited capacity of insurers post 9/11. Unum have now improved their capacity and will offer terms in all locations throughout the UK. Cover may be subject to an additional premium loading in certain locations and, similar to other insurers, an overall limit on maximum liability remains.
Increased Free Cover Limit
Unum’s maximum Free Cover Limit has now increased to GBP 1.25 million.
Streamlined medical underwriting
High-earning employees are often the busiest and most difficult to schedule time with to complete medicals. Some of the new initiatives Unum have introduced should reduce the burden on key personnel who are required to go through the medical underwriting process.
High-earning employees who complete the medical underwriting process will no longer be required to provide further evidence of health under Unum’s ‘once and done’ underwriting approach (provided benefits do not exceed GBP 3 million and the total insured number of lives exceeds 20). This should significantly reduce the time spent by HR departments and employees on completing insurance medical requirements.
Unum have also introduced a fast-track form completion process, which is handled via telephone underwriting and worksite interviews by their medical underwriting specialists.
New bereavement service
Unum now offer a free bereavement service through their EAP provider (Ceridian) to all group life policyholders. Features of this service include: financial information/debt support, 3 sessions of face-to-face counselling, a special bereavement pack, and childcare matching.
This cover is now provided free under all new schemes where requested. Existing clients will also qualify for this at the next rate review (if requested).