At this time there is no additional information to share. The update from September 18, 2018 BELOW remains the most current. STILL accepting new clients.
In July 2013, Allstate Insurance Company notified many of its retirees that it would cease paying for retiree life insurance benefits, effective January 1, 2016. This is the notice Allstate’s Jim Devries (Ex. V-P) gave the retirees:
“After careful consideration, beginning January 1, 2016, we have made the decision to no longer pay the premium for your current retiree life insurance benefit. Your current retiree life insurance benefit will remain in effect and Allstate will continue to pay for your premium coverage until December 31, 2015. However, at that time your company-paid coverage will end. You will be given the opportunity to continue coverage but at your own cost.”
This cancellation of life insurance is disturbing. The retirees trusted Allstate to follow through on a promise of lifetime life insurance benefits, they relied on that promise, and they planned their retirement accordingly.
Based on Allstate’s promise, many retirees chose not to purchase their own fixed-cost life insurance at a younger age when such insurance was more reasonably priced. These retirees cannot find life insurance today at reasonable rates and may be forced out of their coverage as a result. That is why they seek redress in court.