Unum Group is a Fortune 500 insurance company which is headquartered in Chattanooga, Tennessee. The company was first created in 1999 when two other insurers merged. The two companies, Unum Corporation and The Provident Companies, came together to form Unum Group.
Today, Unum Group comprises three separate but related entities: Colonial Life, Unum US, and Unum UK. The company has revenue of more than $10 billion and it offers many different kinds of insurance including disability insurance, life insurance, accident insurance, and critical illness insurance. Unum has come under regulatory scrutiny in the past, and has been sued over its business and sales practices.
If you have insurance policies and are concerned about your investment, you should contact a financial elder abuse attorney in San Francisco as soon as possible.
Unum Insurance Products
Unum is the top provider of disability insurance both in the United States and in the United Kingdom. The insurer provides coverage to more than 80,000 employees and to more than 17 million workers nationwide. In the U.S. alone, Unum paid $5.5 million in benefits over the course of 2012.
In addition to providing disability coverage, Unum also provides accident insurance, critical illness insurance, and various types of life insurance coverage including:
- Term life insurance
- Universal life insurance
- Whole life insurance
Unum states that its life plans may offer important features including: “guaranteed coverage [for certain plans], family options, additional payments for covered accident-related claims, and early payouts for terminal illness.”
Class Actions & Regulatory Action Against Unum
Unum has been sued in the past by people with disabilities who claim that the insurer denied legitimate claims or failed to provide the full measure of promised benefits. Los Angeles Times also reported in 2005 that insurance regulators in California fined Unum $8 million and required the insurer to reopen up to 26,000 California insurance claims.
Unum was also sued by investors who purchased securities of Unum Group, with investors claiming that executives had manipulated Unum/Provident’s financial results to meet earnings projections. Unum settled the case for $40 million in 2008.
Seek Assistance From a San Francisco Financial Elder Abuse Attorney
If you have any insurance or annuity policy, you need to understand your rights and know what the insurance company’s obligations are under the law. If you believe you were harmed by unfair claim denials, improper marketing of insurance products, or any other failures of the insurer to fulfill its obligations, you need to take action. Contact Evans Law Firm, Inc. for help determining if you could have a claim and for advice on joining a class action or otherwise using the civil court system to pursue a claim for damages. Call (415) 441-8669 or email us at firstname.lastname@example.org.