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Fri Jun 21, 2019, 06:38 PM

3M slashes life insurance payouts for retirees

Retirees of 3M Co. learned in late May the company was cutting their life insurance policies nearly in half.

A letter shared with the Pioneer Press said the maximum life insurance payout would fall to $8,000 from $15,000 on Aug. 1. The change affects about 28,000 retirees, a company spokeswoman said.

Dick Hansen, who worked for 36 years in the company’s health care unit, said the change came as a surprise. Hansen is now living on the Florida Gulf Coast.

“I wrote them and said I have no intention of dying by Aug. 1 so I guess my estate is out $7,000,” the 89-year-old said in a phone interview.

Read more: https://www.twincities.com/2019/06/21/3m-slashes-life-insurance-payouts-for-retirees/

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Response to TexasTowelie (Original post)

Fri Jun 21, 2019, 06:43 PM

1. so will 3m give back 50% of the premiums theyve collected? nt

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Response to TexasTowelie (Original post)

Fri Jun 21, 2019, 06:52 PM

2. MAX was.. $15,000 !! What in the world would even that buy??

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Response to pangaia (Reply #2)

Fri Jun 21, 2019, 07:08 PM

4. Average funeral cost in the nation is about $10,000.

https://www.parting.com/blog/funeral-costs-how-much-does-an-average-funeral-cost/

You can be cremated for less than $1000. (My dad's cost $900.)

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Response to TexasTowelie (Original post)

Fri Jun 21, 2019, 07:04 PM

3. 3M probably pays for this insurance...a benefit that's under pressure too from companies...

cutting costs to the bone...

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Response to TexasTowelie (Original post)

Fri Jun 21, 2019, 07:20 PM

5. Boeing cut its life insurance benefit for retirees about 6 years ago. Read a week or so ago that

Boeing has given its retiree pension plan over to an insurance company who is funding it with annuities. I figure in about 10 years Boeing retirees and those who are already receiving a Boeing pension will be given the option of a buy out (which will favor the company) or nothing.

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