Sears ends retirees' life insurance benefits

[Northeast Agent]

Sears reaches $3 million settlement over life insurance benefits

The $3 million compensation fund will go to beneficiaries of retirees who died after March 15, which is when the company canceled life insurance benefits. Retirees can file a claim for the amount of their benefits up to a $10,500 limit.

But how much workers actually receive is dependent on how much money remains to pay Sears' creditors, which could be just cents on the dollar.

 

[DayTimer]

I got life insurance through my work.

 

[Northeast Agent]

DayTimer said:

I got life insurance through my work.

That's great if you're planning to work there forever. But what about if the company folds, fires you, cancels the policy, you quit and I could go on and on.

And is it even enough, anyway???

 

[DayTimer]

And is it even enough, anyway???

Well the application said "supplemental." That means all I need, right?

 

[Northeast Agent]

DayTimer said:

Well the application said "supplemental." That means all I need, right?

You're killing me on a day of "rest!"

What's an agent to do if they sell group supplemental policies? Contact all participants and inform them they need more insurance?

 

[WinoBlues]

What's an agent to do if they sell group supplemental policies? Contact all participants and inform them they need more insurance?

Yes

 

[DayTimer]

What's an agent to do if they sell group supplemental policies? Contact all participants and inform them they need more insurance?

That is exactly what I would do. Everyone you sign up you should make sure they know this is to supplement what they already own. Ask them how much they got, and then tell I'll be giving them a call to get straightened out ...

 

[WinoBlues]

That is exactly what I would do. Everyone you sign up you should make sure they know this is to supplement what they already own. Ask them how much they got, and then tell I'll be giving them a call to get straightened out ...

Also start a file along with the beneficiaries' information.

Start wedging out the HR people.

 

[rousemark]

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

They took care of Jimmy Hoffa..

 

[Northeast Agent]

DayTimer said:

Ask them how much they got, and then tell I'll be giving them a call to get straightened out.

This is a great way to get the "boot" from HR. ...

WinoBlues said:

Start wedging out the HR people.

I used to be a "HR" person!