8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549


FORM 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of the 
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  October 1, 1996


UNUM CORPORATION
(Exact name of registrant as specified in its charter)


Delaware                                         01-0405657
(State or other jurisdiction of incorporation)  (I.R.S. Employer Identifi-
                                                 cation No.)


2211 Congress Street, Portland, Maine 	       04122
(Address of principal executive offices)      (Zip Code)


Registrant's telephone number, including the area code:	(207) 770-2211


UNUM Corporation
Current Report on Form 8-K


Item 2.  Acquisition or Disposition of Assets

On October 1, 1996, the Registrant's wholly-owned subsidiary, UNUM Life 
Insurance Company of America, completed the sale of its group tax-sheltered 
annuity ("TSA") business to The Lincoln National Life Insurance Company (the
"Purchaser"), a part of Lincoln National Corporation, and to Lincoln
Life & Annuity Company of New York, a New York insurance subsidiary of the 
Purchaser.  Also completed was the sale by the Registrant's wholly-owned 
subsidiary, First UNUM Life Insurance Company, of its TSA business to 
Lincoln Life & Annuity Company of New York.  The agreement relating to the
sale of UNUM America's TSA business and pro forma financial information 
were filed as part of the Registrant's report on Form 8-K dated 
February 16, 1996. 



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.



UNUM CORPORATION


By:	/s/ Kevin J. Tierney
Kevin J. Tierney
Senior Vice President, General Counsel & Secretary

Dated:  October  15, 1996



EXHIBIT INDEX


Exhibit Number  Description

99.1            Press Release dated October 1, 1996.

EX-99.1

Exhibit 99.1


LINCOLN LIFE LICENSES NEW YORK SUBSIDIARY
AND CLOSES ON ACQUISITION OF UNUM'S 403(B) BUSINESS.

    Fort Wayne, Ind., Oct. 1, 1996 -- The Lincoln National Life Insurance 
Company and Lincoln Life & Annuity Company of New York announced today they 
have closed on the transaction to acquire the group tax-sheltered annuity 
business from UNUM Life Insurance Company of America and First UNUM Life 
Insurance Company of New York, affiliates of UNUM Corporation.
   	The acquisition involves 1,700 group contracts with assets under manage-
ment of approximately $3.3 billion.  The purchase price was approximately 
$71 million.
   	Lincoln Life has established a subsidiary licensed to handle New York 
business.  Lincoln Life and Annuity of New York, located in Syracuse, will 
begin operating with approximately $700 million in tax-sheltered annuity 
business written by UNUM America and First UNUM in New York state.  Beginning
in 1997 the new company expects to sell other financial services products.
  	 "The acquisition of UNUM's tax-sheltered annuities underscores Lincoln
Life's commitment to remain as one of the nation's leaders in the annuity 
business," said Jon Boscia, president of Lincoln Life.  Boscia said locating
a company in New York will also allow Lincoln National to facilitate the sale
of life, annuity and pension policies there.
   	Approximately 215 former UNUM employees -- many of whom supported the 
group tax-sheltered annuity business in UNUM's Portland, Maine, headquarters
or in field locations -- have been hired by Lincoln Life or Lincoln Life & 
Annuity to administer the block of business from the Portland offices.  
Lincoln Life has said it intends to maintain a presence in Portland for at 
least a year following the transaction's closing and at related field loca-
tions for at least six months after closing.
   	Boscia said that with the completion of the transaction, Lincoln Life 
and its subsidiaries now have tax-qualified annuity assets under management
exceeding $21 billion and total annuity assets under management exceeding 
$36 billion.
   	UNUM America announced its intention last fall to withdraw from the tax-
sheltered annuity business.  Tax-sheltered annuities are a tax-deferred 
retirement plan available to employees of institutions which are tax-exempt 
under Section 501(c) (3) of the Internal Revenue Code and certain educational
institutions.
   	"The execution of the sale within such an aggressive timeframe has only
been possible because of the hard work of the many people involved, 
characterized by a spirit of cooperation between two organizations focused
on serving the customer.  With the completion of this transaction, UNUM is 
able to sharpen its focus on core disability and special risk businesses--
markets where we have or are building leadership positions -- and make the 
very best use of capital and other resources," said James F. Orr III, 
chairman and chief executive officer of UNUM Corporation.
   	Lincoln Life is a U.S. leader in writing individual annuity business and
is the nation's 11th largest life insurance company.  It is an affiliate of
Lincoln National Corporation (NYSE:  LNC), which owns and operates financial
services businesses.  LNC, with headquarters in Fort Wayne, has assets of 
$66 billion and revenues of $6.6 billion.
   	UNUM Life Insurance Company of America is an affiliate of the Portland-
Maine based UNUM Corporation (NYSE: UNM), North America's leading provider 
of disability insurance products and services, and a leading  provider of 
employee benefits and long-term care insurance.  At the end of the second 
quarter, UNUM's market capitalization was $4.6 billion and book value was 
$31.29 per share.

For further information:

Media:  
Bob Jones
Lincoln National Corporation
219/455-3208

Diane Cantello
UNUM Corporation
207/770-4356

Analysts:
Daniel W. Weber
Lincoln National Corporation
219/455-2336

Kent W. Mohnkern
UNUM Corporation
207/770-4392