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Maine-based Union Mutual demutualized in November of 1986, and became UNUM Life Insurance Company of America. Eligible Union Mutual policyholders became entitled to receive compensation totaling $650 million. Demutualization is the process of converting a mutual life insurance company, owned by its policyholders, to a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by government regulators. The amount paid to each policyholder is based on a number of factors, including length of time the policy has been in force, face value of the policy, and total premiums paid.
UNUM subsequently merged with The Provident Companies (formerly Provident Life and Accident Insurance Company) on June 30, 1999, becoming UnumProvident Corporation. UNUM shareholders became entitled to receive one share of UnumProvident for every common share owned. UnumProvident stock split several times and currently trades at approximately $17 share.
By law, unclaimed policy benefits, including demutualization compensation, are remitted to the custody of a government trust account until claimants come forward.
In 2007, UnumProvident was renamed Unum, and they should be able to answer questions about the old policies if needed.
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