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CHATTANOOGA, Tenn. (Jan.
23, 2003) – UnumProvident (NYSE: UNM) is making it easier for customers to
choose the appropriate type of long term care (LTC) coverage by delivering
a new insurance solution to the marketplace that offers a reimbursement or
an indemnity plan design.
Customers may choose
between a plan design that reimburses for costs already incurred and a
plan design that pays the full daily benefit, regardless of costs
incurred. This level of choice allows customers to adapt their LTC
coverage to their specific needs and budgets.
With the addition of a
reimbursement option to UnumProvident's traditional indemnity-based
offerings, UnumProvident differentiates itself with a broadened LTC
portfolio that reaches more customers. “We recognize the increased demand
for LTC as an employee benefit and have designed our portfolio to fit
easily into the worksite sales scenario,” said Guy Bertsch, vice
president, Core Market Development.
“Our portfolio
refinements let us respond to the changing LTC marketplace,” said Bertsch.
“Both the indemnity and reimbursement plans offer comprehensive coverage
and optional features so customers may build or change their policy over
time in a convenient manner at the worksite.”
Both the reimbursement
and indemnity options offer additional provisions, at no extra cost,
including bed reservation, respite care, waiver of premium and guaranteed
renewable benefits.
UnumProvident is also
introducing new features that meet the needs of both employers and
individual policyholders. An Accelerated Payment option allows customers
to pay for their policy within a certain time period instead of over their
lifetime – options are to age 65, 10 years, five years or a single year. A
new International Benefit covers care or services anywhere in the world,
allowing policyholders to relocate without impacting their ability to
receive a benefit.
The company has launched
a comprehensive communication campaign to brokers and LTC customers to
inform them of the new portfolio refinements.
“We are very committed
to the LTC market and its growth potential,” said Joe Foley, senior vice
president, Product and Market Development. “That’s why we are responding
to the market environment with a broadened portfolio that will help ensure
long-term stability for our customers and will support our continued
growth as a leading LTC provider.” |
