Unum offers term life insurance, whole life insurance and universal life insurance. Term life insurance provides coverage for only a specific period, whole life insurance is coverage that is consistent through retirement and can grow in value over time. Universal life insurance offers the same coverage as whole life insurance but with flexibility when it comes to premiums and benefits. Both whole life and universal life insurance policies can gain in a cash value over time that can be borrowed against, reports Unum.
Unum term life insurance is purchased by many to provide basic coverage during their working years, states Unum. This coverage can provide money for final expenses, credit card debt, student loans and monthly living expenses in the event that the policyholder dies. This policy is set up for a fixed amount of time.
Unum whole life insurance brings benefits of guaranteed coverage, options that can be tailored to family members, early payouts in the event of terminal illness and coverage for accidents. Coverage extends through retirement, and the policy's premiums and benefits remain consistent.
Unum universal life insurance provides full and flexible coverage. In addition to being borrowed against, the cash value that grows on this policy over time can be used for a smaller paid-in-full policy in the future, according to Unum.