Meeting the need for financial protection
At Unum, we're in the business of helping people through difficult times in their lives. By offering disability, life and voluntary insurance benefits through the workplace, we provide individuals and their families with the financial security they need to better cope with the loss of a loved one or the inability to work due to illness or injury.
The need for what we do has never been greater. The economic downturn has left consumers, businesses and governments all struggling to adapt. Most people have neither the personal savings nor insurance protection to provide for themselves or their families should a life-changing event occur. Businesses need a partner to help them keep up with the ever-changing benefits landscape. And governments, faced with mounting deficits, increasingly struggle to provide a safety net for their citizens, requiring individuals to take more personal responsibility for their own financial security.
Our products and services are uniquely positioned to address this pressing societal need. By partnering with employers to provide valuable benefits through the workplace, employees gain access to the coverage they need to help protect their income should the unexpected occur. And as more employees gain this coverage, research has shown that governments will spend less on public assistance programs.
In short, we're committed to meeting the needs of our customers and helping all of us find ways to address the very real challenge of providing a financial safety net for employees and their families in today's economic and political environment.
People need a financial safety net...and Unum is ready to help
More than 60 percent of American workers live paycheck to paycheck and are ill-equipped to cope financially if they miss work due to illness or injury. Only one in 10 private sector workers in the U.K. has a backup plan in the event illness or injury prevents the employee from working.
These and other startling statistics point to a gap in our financial safety net. Because many of us don't have the protection we need should the unfortunate occur, we often look to the government to catch us when we fall. But as pressure on public resources mounts, government at all levels finds itself increasingly unable to fund these public assistance programs adequately.
Preparing for the unexpected
In many ways, the economic challenges of the past few years have inspired new perspectives on what's really important. More and more, we're asking ourselves how the things in life that we cannot predict — such as illness, injury or death — can impact our ability to take care of our family, effectively manage our business or take care of our responsibilities.
That's why it's critical for both employers and individuals to make sound decisions today that prepare us to meet tough times tomorrow. Employee benefits are among the most essential elements of a sound financial foundation. Rising health care costs and continued economic pressure leave employers seeking cost-effective, sustainable benefit plans that provide their employees the right mix of financial protection benefits such as disability, life, accident and critical illness insurance. At the same time, employees need access to affordable coverage that strengthens their financial stability.
In short, finding a partner who can help both employers and their workers gain access to the financial protection benefits they need has never been more important.
At Unum, we have the tools people need to secure their financial future. Across the markets we serve, most consumers lack basic financial protection. The workplace is the most effective avenue for access to affordable coverage. The benefits we provide and the work we do to make them broadly available offer tremendous value to businesses as well as the individuals they help protect.
Meeting the needs of individuals
Our disability, life and voluntary insurance products help people weather some of the most difficult experiences of their lives, whether that means the loss of a loved one, absence from work because of injury or illness or managing the financial costs of accidents or medical diagnoses.
- Our disability benefits pay a portion of a covered individual's salary while he or she is unable to work due to an illness or injury.
- Our life insurance pays a benefit to a loved one in the event someone passes away.
- Our voluntary insurance helps workers pay out-of-pocket costs associated with accidents, hospital stays, critical illnesses and cancer that even the best major medical insurance won't cover.
When people lose the ability to work or provide for their families, employer-sponsored financial protection benefits are often the only things that allow them to live without relying on government provided benefits. Private benefits are often used to help pay regular bills and living expenses, assist with one-time or unexpected costs or pay for funeral expenses. In fact, last year we paid $6 billion in benefits to our customers, providing support that protected the financial stability of millions of people.
Being a partner for businesses
The broad range of Unum's product and service offerings makes us a versatile and valuable benefits partner. We are always seeking the best ways to offer coverage that protects people and strengthens businesses.
- Our insurance products offer caring employers a powerful way to ensure their workers have access to the benefits they need.
- Through our leave management and other HR-related services, we help businesses manage the often complex processes of federal and state leave regulations and other compliance issues.
- Our stay-at-work and return-to-work programs help manage an employee's successful transition back into the workforce.
We take pride in our work as a valued source of expertise and guidance for employers and their employees. By acting as a reliable resource for those we serve at a time when it can be tough to know which way to turn, we play a crucial role in protecting the things that matter most.