Very recent retiree from Hon. I spent decades paying for supplemental (additional) Life Insurance from Securian. Pulled from my check. I was told I could keep the Insurance policy after I left Hon.
Now that I've retired from Hon, Securian is saying it is no longer under Hon's policy umbrella and they are DOUBLING the premium rate.
Sounds like complete BS to me and is impacting my budget.
Anyone been thru this? Is there any recourse?
Unrelated to Hon - but the concept of life insurance is financially sound if it's term life used to replace income should the breadwinner die. I don't see how it would be worth it in retirement, unless a significant portion of your retirement is a pension that stops when you pass.
yep, same situation for my spouse who retired on medical disability. judgment call on whether to keep paying in the event the benefit will be needed, or let it go. i question it every time the bills arrive :-(
Thank you for the link and info. I guess they define "higher" as "double". Ouch!
https://benefits.honeywell.com/document/36
See the link and go to page 4.
Can I take my coverage with me if I leave Honeywell?
You can continue to be insured with Securian beyond active
employment without answering health questions. Premiums are
generally higher than those paid by active employees.