3M slashes life insurance payouts for retirees [View all]

[TexasTowelie]

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/