Sears tells retirees to pay for their own life insurance

https://www.wivb.com/news/national/sears-tells-retirees-to-pay-for-their-own-life-insurance/1881881330

In February, the roughly 40,000 people still employed at Sears learned they continue to have jobs, at least for awhile, after a bankruptcy judge approved Eddie Lampert's bid to buy what remains of the retailer out of bankruptcy. But this month, an undisclosed number of Sears' 90,000 retirees learned the retailer had ended their life insurance benefits.
The unwelcome news came in a letter notifying eligible retirees that their life insurance benefit had been canceled March 15, said Ron Olbrysh, who chairs the National Association of Retired Sears Employees, or NARSE. Olbrysh said he received the notice March 20. It offered retirees the option to convert into a whole life policy all or a portion of the prior amount of their group coverage that Sears was paying for (not to exceed $10,000).
Olbrysh relayed hearing from one 91-year-old retiree -- a Sears employee for 37 years -- who said he had to pay more than $3,000 a year to maintain his current coverage. The NARSE chair said that premium "would not be competitive in the marketplace."