Unum adds chronic care rider to life insurance

Employee benefits provider Unum now offers companies the ability to customize financial protection benefits for their workers through an enhanced whole life insurance plan. A new chronic care rider can give covered people access to a financial benefit to help with expenses if a person is diagnosed with a chronic illness.

The benefit can be used to meet a person’s unique health-care needs, whether they receive care at home or in a facility due to a chronic illness. If a person develops a severe cognitive impairment or loses the ability to perform two of the six activities of daily living, they likely qualify to receive the living financial benefit. Premiums are waived if benefits are paid, which can provide more financial relief in a time of need.

“The cost of chronic care is expensive, and it can be hard to meet the qualifications for some types of insurance. This coverage can help remove some of those barriers to provide financial support for people when they need it most. Everyone’s situation is unique, and our coverage should be flexible enough to meet them where they are.” – Pam Jenkins, assistant vice president of Product and Market Development for Unum.