My wife just got news she is getting laid off as of 3/12/2020..... I have several questions regarding life insurance stuff if anyone can help me. I know for sure that she will lose the life insurance since losing her job but my questions are 1) what about supplemental life insurance since that comes out of our check does she lose that??? or can it be cashed out or transferred to another type of Life Insurance and 2) the life insurance that I do coming out of my check ( i also work for at&t) is that only for her If I die first?? or is it also for me if she dies first?
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OP, you can call the AT&T Benefits to know for sure, but it matters if she meets the Modified Rule of 75 and is considered "retiree eligible" from when/where/how she came into the company. In my case, of the books in Mar '19, I was considered a retiree and took advantage of the Medical/Dental/Vision retiree benefits, but when they told me the quote on life insurance I was like "whoa!" I was 55, no mortgage, no dependents, what do I need that for? Life insurance usually is only to help someone else (dependent) if you pass. So find out if she qualifies as a retiree or not, and in either case, contact the Benefits Center and ask them for the costs, and also check external options as well. Note it is more expensive because when you are not an employee any longer, that is no longer pre-tax, it's post-tax (same as medical/dental/vision) so evaluate how much you actually need. Everyone's circumstance is different
Why u have to be a hater! Who acts like that. He was just asking a question. Keep ur negative thoughts to yourself.
You and your wife work for att and you don’t know the answer to these simple questions?!? You’re the classic reason this company is in a death spiral. Half the folks working here, are complete mo–ns!!!
OP, I’m in the insurance industry as a side gig. Still working for ATT toO. ATT has to offer the option to continue life insurance at group rates. The cost will be based on her attained age. If you sign up before the deadline the insurance company cannot require underwriting meaning no medical questions etc. The good thing about that is if you dont qualify for other life insurance due to illness like cancer or if you have gained some weight its a good deal. It’s not a great deal if you are in good health and have no medical issues or weight problems. Also the policy They offer is permanent so it wont go up each year like what att offers but its whole life so you will “only” get about 3 to 4 percent on your cash value. That’s much better than the bank but there are better options out there. Hope this helps.
Facebook ATT Retiree Issues is full of good information and helpful people.
If she's retirement eligible, the company continues to provide one years salary of life insurance at no cost. I was a manager in California. I cannot speak to other states or craft.
I was laid off in 2018 and if I would have continued my insurance it would have been $378 a month for $500,000. I cancelled it since I get it cheaper elsewhere.
I am management, still here and looked into this a few years ago. My group term life insurance is portable with retirement, though the rates will be jacked way up to the point that I will probably do better on the open market.
If she is eligible for retirement benefits, you can continue to pay for life insurance but at a much higher rate than an active employee pays. My philosophy is never insure a liability so no need to purchase life insurance for someone who is no longer bringing in income. In my case the company provides $50,000 of life insurance which depletes to $25,000 when I reach age 70.
Which Org is this...?
Is you wife is going to continue working elsewhere after this layoff, or officially retire? If she retires, then there is no need to continue with life insurance coverage. The reason why, is life insurance is only to cover a person when they are working, once retiring, you no longer need that type of life insurance. Lots of people are scammed by thinking they need to keep it. Also, people are scammed to get their children life insurance, and unless they are employed making money and contributing to the bottom line of living expenses like home mortgage, car loan, etc, then it's worthless coverage. Bottom line, only have life insurance on someone who is working, bringing home the bacon, otherwise cut it off and save your golden years cash and invest it.
As far as I know the only additional life insurance available is group term. So nothing to cash out And once you leave it’s gone. Now you will be contacted by the insurance company to continue it but I found their rates to be high. So best to shop around.
As for the company provided insurance you pick the beneficiary. It’s only if you die but they offer insurance to cover your spouse at the group rate.