- Fishers, IN
When Sears Holding Switched life insurance from MetLife to Prudential, why wasn’t my MetLife policy (as a retiree) moved along with all the other ACTIVE employees?
When I retired, I was on a Life Insurance Policy through Kmart with MetLife. I continued with this plan, paying premiums on my own since my retirement. As of May 2013, I have been advised by Met life that through Sears Holding, they no longer will have affiliation with MetLife, and that if I want to stay with the plan, I must now pay 44+% higher premiums, as corporate plan membership no longer exists. Every time, since I retired, if the company changed plans, I was informed and the new plan or insurance company information was supplied to me, I.E., first MetLife, then Paragon, then back to MetLife, but this time as a Group Variable Universal Life (GVUL) Insurance Plan. Apparently Sears Holding dropped all MetLife Plans, switched to Purudential Life, BUT ONLY FOR ACTIVE EMPLOYEES, and left the retirees sitting here high and dry, with now huge premiums they can ill-afford. I certainly would not have minded giving up my (GVUL) MetLife Plan to be included with the rest of the Sears JHolding group, if it meant paying premiums of less than $890/month.
What’s up with that?