Unum Security Account

An Unum security account refers to a type of checking account into which insurance monies are deposited when a claim is deemed legitimate and paid out. Unum (formally known as Unum Group) will set up security account benefits for a variety of policies, including (not limited to):

disability insurance
life insurance
social security insurance

An Unum security account can only be set up when:

a claim is filed
Unum determines that proof of the claim is viable and deserves payment

According to Unum, their current claims practices are comprehensive, objective and fair. Consequently, if a claim is denied, they allow claimants to appeal the decision via an impartial review from a quality support unit.

Unum Security Account Access and Services

With these security accounts, insured parties (or designated beneficiaries):

Will receive a checkbook that allows them to write checks against the monies in this account
Can immediately withdrawal the lump sum from the account (by writing a check for the total amount in the account)
Can name a beneficiary to these security accounts

While naming an Unum security account beneficiary is not mandatory, should the policy holder die, the monies in the account will be transferred to:

a probate estate (if one is named)
the closest living relative chosen by Unum (i.e. a sibling, dependents or parents)
the loved one who originally purchased the policy (if the security account is set up for a life insurance policy)

Bad Faith & Unum Security Accounts

Over the past 15 years, the Unum Group has been reported to act in bad faith regarding its policy payouts. Bad faith is a legal phrase that refers to the ways in which insurance companies operate illegally in an effort to reduce payouts or deny claims altogether.

Bad faith charges specifically filed against Unum include:

failing to acknowledge an individual's disability
defining “disability” incorrectly to deny a claim
making an effort to deny legitimate, high-cost claims
retroactively altering policies to deny claims

As reports of Unum's bad faith mounted, in 2005, the Department of Labor headed up a thorough investigation of Unum's practices and ordered the insurance corporation to significantly change its claims practices. Additionally, Unum was required to:

review more than 200,000 claims it had denied since 1997
pay $15 million in fines

Compensation for Unum's Bad Faith

If you suspect that you have been victimized by Unum's past bad faith practices, set up a free initial consultation with an experienced Unum lawyers who can help you recover the compensation you are entitled to.

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Unum Security Account

Unum Security Account Access and Services

Bad Faith & Unum Security Accounts

Compensation for Unum's Bad Faith

Other Areas of Law