CHATTANOOGA, Tenn., July 6, 2005 (PRIMEZONE) -- LIMRA International ranked UnumProvident (NYSE:UNM) No. 1 based on the number of insureds covered in the employer-sponsored group long term care insurance market, with a record enrollment of 485,290 employees in 2004. By mid-year 2005, UnumProvident exceeded enrollment of a half-million covered lives.
In December 2004, UnumProvident unveiled Group Long Term Care Advantage, a new group long term care product that allows employers to design a policy that best meets the needs of their employees. GLTC Advantage helps preserve the assets of employees and their families from the financial effects of illness and injury.
"LTC insurance continues to grow in popularity, particularly among today's baby boomer workers as they focus on financial planning for retirement," said Guy Bertsch, vice president of product development. "Group long term care coverage can help employees and their families safeguard the very things they have worked so hard to achieve."
The new employer-sponsored product became available for purchase in January 2005. "We are off to a strong start with GLTC Advantage," Bertsch said. "Although competition has increased, GLTC Advantage will help us continue to build on our leadership in the marketplace."
UnumProvident leads the industry in employer-sponsored group LTC insurance sales. In 2004, the company sold 748 cases. With 73.6 percent market share, LIMRA ranked the insurer No. 1 in 2004 case sales.
Long term care is a growing topic in the media and a growing concern for the baby boom generation. The Health Insurance Association of America estimates that more than 13 million people in the United States need long term care as a result of a disabling or long term medical or physical condition, and 40 percent of them are under the age of 65. The costs of such care can be staggering, as nursing home expenses alone can exceed $56,000 a year.
"Many employers provide financial planning tools as part of the benefits package for employees," Bertsch says. "A logical next stage of employee benefits is long term care insurance. It may help employees minimize exposure to risk and adds an asset preservation component to their asset accumulation vehicles already in place."
LIMRA is a worldwide association providing research, consulting, and other services to more than 800 insurance and financial services companies in 60 countries.
About UnumProvident
UnumProvident (UNM) is the largest provider of group and individual disability income protection insurance in the United States and the United Kingdom. Through its subsidiaries, UnumProvident Corporation insures more than 25 million people and paid $5.9 billion in total benefits to customers in 2004. With primary offices in Chattanooga, Tenn., and Portland, Maine, the company employs more than 12,000 people worldwide.