Unum Life Insurance Review

Term and permanent group policies

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Unum Life Insurance

 Unum

Our Take

Unum offers term and whole life insurance policies as employee benefits. Since they don’t sell individual life insurance policies, you’ll need to work for an employer that offers them to purchase a policy. The company has a strong financial strength rating, which means it’s likely to be able to honor future insurance claims, and it received fewer complaints than expected for a company of its size.

  • Pros & Cons
  • Company Overview
  • specifications
Pros & Cons
Pros
  • Solid financial ratings

  • Educational materials available on website

  • Online claim filing

  • Fewer complaints than expected

Cons
  • Limited number of policy types

  • No live chat available

Company Overview

Union Mutual Life Insurance (Unum) was founded in 1848. Founded in Boston, the company relocated to Portland, Maine, in 1881, and now has offices in Chattanooga, Tennessee as well. It is a subsidiary of Unum Group, which was formed upon the merger of Unum Corporation with The Provident Companies in 1999.

specifications
AM Best Rating
A
NAIC Score (avg.)
N/A
Years In Business
174 Years
Policy Types
Term, Whole
Accepts Credit Cards
No
Why Trust Us We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews. Read our Full Methodology
91 Companies reviewed
55 Features considered
5,005 Data points analyzed

Pros Explained

  • Solid financial ratings: Unum earns an A rating from AM Best, signifying “Excellent” financial strength.
  • Educational materials available on website: Consumers can access educational materials on the website to help them decide which type of coverage they need and how much.
  • Online claim filing: Policyholders can file claims online and upload documents instead of having to download forms and mail them in.
  • Fewer complaints than expected: Unum received far fewer complaints than expected, which could indicate strong overall customer satisfaction.

Cons Explained

  • Limited number of policy types: Unum offers only term and whole life insurance policies.
  • No live chat available: Unum’s website has no option for customers seeking real-time answers to their questions.

Complaint Index

The National Association of Insurance Commissioners (NAIC) calculates a complaint index annually for each insurance company which measures how many complaints that company received relative to its market share

If an insurance company has a complaint index of 1.00, that means it received an expected number of complaints based on its size. If its index is less than 1.00, it received fewer complaints than expected. If its index is greater than 1.00, it received more complaints than expected. 

Unum’s three-year average complaint index is 0.36, meaning that far fewer complaints were registered against it during that period than would be expected for a company of its size. 

Third-Party Ratings

AM Best is a credit rating agency that assesses the financial strength of insurance companies on a letter scale from A++ to D, with A++ being the best and D being the lowest rating. Unum received an A (Excellent) grade which means AM Best believes the company is in an excellent position to honor its ongoing insurance obligations, such as paying claims.  

Policies Available

Unum offers two life insurance policies: term life and whole life. 

Term Life

Term life insurance provides a death benefit to your beneficiaries as long as the policy is active, but it’s not designed to provide permanent coverage. If a policy is not renewed, it will expire once its term ends. With group coverage, it may be renewed every year. 

Whole Life

Whole life insurance is a type of permanent coverage that builds a cash value and is designed to cover you for life. It’s more expensive than term, but you may be able to access the cash value during your life, and you can take the policy with you if you leave your job. 

Available Riders

Riders are add-ons to a life insurance policy that can extend or increase coverage. They may be automatically included, but some require an extra payment.

Accelerated Death Benefit - Terminal Illness

Unum offers an accelerated death benefit rider for terminal illnesses. This allows you to receive a portion of the death benefit early if a physician diagnoses you with a terminal illness. While offered at no additional cost, this benefit is subject to administrative fees and will reduce the death benefit your beneficiaries receive.

Children’s Term Rider

Adding a child term rider is one way to provide life insurance coverage for your existing and future children without having to purchase a separate policy for them.

Waiver of Premium Rider

If you become disabled, a waiver of premium rider allows you to skip premium payments while you remain disabled, usually after an elimination period.

Customer Service

You can get information about Unum’s customer service channels on its website. Life insurance customer assistance can be reached by phone at (866) 679-3054.

Our Methodology: How We Review Life Insurance Carriers

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. NAIC. “Results by Complaint Code.”

  2. AM Best. “Guide to Best’s Financial Strength Ratings - (FSR).”