If a premium payment is missed, Unum typically has specific policies in place that dictate the consequences. Generally, if a premium is not paid by the due date, there may be a grace period during which the policyholder can still make the payment without losing coverage. The length of this grace period can vary based on the type of policy and the jurisdiction.
If the payment is not made within the grace period, Unum may terminate the policy and the coverage may lapse. This means that the policyholder will no longer have access to the benefits provided under the policy. Reinstatement of the policy may be possible, but this often depends on the company's specific guidelines and may require the policyholder to pay missed premiums along with any interest.
To ensure you have the most accurate and up-to-date information, it may be beneficial to check Unum's current webpage related to premium payments and policy statuses.
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