Sears ends retirees' life insurance benefits

[Northeast Agent]

Sears ends retirees' life insurance benefits

The life insurance benefits were canceled March 15, though some retirees didn’t receive letters notifying them of the change until after that date, said Ron Olbrysh, chairman of the National Association of Retired Sears Employees.

Retirees can convert all or part of their group life insurance policies to individual whole life policies and pay the premiums, according to the letter sent to retirees.

Sears had already sacrificed popular employee perks amid longstanding financial struggles, including significant cuts to life insurance coverage in 1997. But the company still covered life insurance policies worth at least $5,000 for eligible retirees, according to Olbrysh, who said the average policy ranged from $8,000 to $10,000.

 

[rousemark]

The reason I tell people to not depend on their group life coverage at work for their life insurance needs.. They need coverage over which they have total control..

 

[WinoBlues]

The reason I tell people to not depend on their group life coverage at work for their life insurance needs.. They need coverage over which they have total control..

"But, I have Insurance through my union, They will take care of me"

 

[Newby]

Sears ends retirees' life insurance benefits

The life insurance benefits were canceled March 15, though some retirees didn’t receive letters notifying them of the change until after that date, said Ron Olbrysh, chairman of the National Association of Retired Sears Employees.

Retirees can convert all or part of their group life insurance policies to individual whole life policies and pay the premiums, according to the letter sent to retirees.

Sears had already sacrificed popular employee perks amid longstanding financial struggles, including significant cuts to life insurance coverage in 1997. But the company still covered life insurance policies worth at least $5,000 for eligible retirees, according to Olbrysh, who said the average policy ranged from $8,000 to $10,000.

The Sears Group plans that I ran into were always a Group UL that had huge rate increases through the years anyway. No one should have stayed on that one unless they were completely uninsurable.

 

[Life Hawk]

The Sears Group plans that I ran into were always a Group UL that had huge rate increases through the years anyway. No one should have stayed on that one unless they were completely uninsurable.

Worked with a gentleman who was with GE... same thing.

 

[Robert Barney]

If a benefit is NOT contractually guaranteed it's not "if" you will lose it, it's just "when" you will lost it.

 

[Life Hawk]

If a benefit is NOT contractually guaranteed it's not "if" you will lose it, it's just "when" you will lost it.

And even if it is in a contract... that contract can be modified even after the fact if it is in a "group" employment situation.

 

[FinalExpenseDojo.com]

Will be another story agents use to share why it's best to have a personal plan

The other day was driving down a street I typically don't and found a HUGE Sears Grand store. Like, 2x the size of a big Walmart. It was still open too. Sad it's so close to me and I never knew it even existed.

 

[DHK]

That's okay. Even if you did walk in, they wouldn't know that YOU existed either.

 

[Northeast Agent]

'This Is Not Ok': Sears Condemned for Ending Retirees' Life Insurance After Handing Executives $25 Million in Bonuses

The retail giant Sears came under fire Saturday following reports that the company is ending life insurance benefits for an undisclosed number of its 90,000 retirees—just months after handing executives over $25 million in bonuses.

"It's the last benefit that retirees had," Ron Olbrysh, chair of the National Association of Retired Sears Employees (NARSE), told CBS News.

Progressives responded with outrage to reports of Sears' move, which fits a pattern of corporate giants rewarding top executives while average employees face benefit cuts and lay-offs.