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NEW UNUMPROVIDENT DISABILITY PRODUCT GIVES EDUCATORS MORE
CHOICE
CHATTANOOGA, Tenn. (June 20, 2006) –
UnumProvident, (NYSE: UNM) the leading provider of disability income protection
insurance in the United States and the United Kingdom, and Mass Group Marketing
(MGM) unveil Educator Select, a flexible new disability insurance product
specifically tailored to educators.
The nation's school systems face recruitment and retention challenges and
mounting financial pressures, including a significant increase in the cost of
employee health benefits. As a result, school administrators are searching for
benefit solutions that are cost effective and employee-friendly, as opposed to
the traditional "one-size-fits-all" approach. Educator Select answers this
growing need.
"Educator Select income protection insurance provides flexibility that gives
educators and administrators more control over important aspects of their
policies," said Kevin McCarthy, executive vice president of risk operations.
"UnumProvident has a long-standing history of introducing products that respond
to the changing needs of our customers. We are pleased to offer this product in
conjunction with a strong, respected partner like MGM."
With Educator Select, employers determine the funding arrangement and maximum
income replacement. Educators can personalize their coverage by selecting the
benefit amount, benefit duration and waiting period that best suits their
needs.
"The partnership of MGM and UnumProvident brings together two industry leaders
offering this plan that is uniquely designed for the needs of the education
marketplace," said John Beesley, MGM chairman of the board. "Educator Select
income protection insurance creates a huge opportunity in the marketplace
because of the choices it provides."
Standard features of Educator Select insurance products include:
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Access to an employee assistance program
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Emergency travel assistance for employees who travel more than 100 miles away
from home
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A seasonal billing cycle to correspond to school schedules
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A suite of HR support services to help administrators navigate federal and
state employment compliance issues
With the following options available:
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An additional payment to help offset post-secondary education costs while the
insured is receiving benefits
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An additional benefit to claimants who have a catastrophic disability
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Option to cover spouses under the plan
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Option to waive the waiting period if admitted to the hospital as an inpatient
UnumProvident began selling the new Educator Select income protection product in
June, with the earliest policy effective date of Sept. 1, 2006. Availability of
Educator Select varies from state to state, depending on regulatory approval.
Educator Select income protection insurance is part of a family of products.
Additional products in the Select line include Select income protection
insurance available in June, and Select short term disability insurance, which
will be available in August. For more information, visit www.unumprovident.com.
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