On August 1, 2019, 3M announced that it was cutting the life insurance program for retirees in half. If you are a retiree from 3M, you need to know what to do now that your life insurance program has been slashed in half.
If you are concerned about your future and whether you will have enough money to cover burial expenses, keep reading to see how you can add additional coverage to offset the terrible cuts that 3M executives inflicted on their retirees.
FOR EASIER NAVIGATION:
- What Happened to 3M Retiree Life Insurance?
- What Can 3M Retirees Do After 3M Cut Their Life Insurance?
- What Is Burial Insurance For 3M Retirees?
- Benefits of Burial Insurance?
- Requirements To Qualify For Retiree Burial Insurance
- How Can Funeral Funds Help Me?
WHAT HAPPENED TO 3M RETIREE LIFE INSURANCE?
Burial life insurance for 3M retirees was cut in half on August 1, 2019, and the program was totally stopped for all future retirees.
The maximum life insurance payout was cut from $15,000 to $8,000, and this change affected 28,000 retirees.
The company said this move was made to ensure they strike a balance among obligations to employees, retirees, and shareholders.
WHAT CAN 3M RETIREES DO AFTER 3M CUT THEIR LIFE INSURANCE?
One of your best options is to purchase a private burial life insurance policy to add additional coverage to replace what was lost when 3M cut their life insurance benefits in half.
A private burial life insurance policy from Funeral Funds of America can give you the coverage and peace of mind that you need in your later years.
WHAT IS BURIAL INSURANCE FOR 3M RETIREES?
When the 3M employer-provided life insurance benefits were cut in half, it left many retirees unable to pay for their burial, cremation, or final expense costs. Having individual burial insurance is important if you need to take care of your burial and final expenses.
3M retirees looking for burial insurance should consider purchasing a whole life insurance policy that has easier medical underwriting. This means you won’t need to take a medical exam, and retirees with pre-existing medical conditions can still qualify.
Life insurance for 3M retirees works like other forms of life insurance policies. The death benefit is designed to pay for burial, cremation, and other final expenses. The death benefit amount often ranges between $2,000 and $25,000.
BENEFITS OF BURIAL INSURANCE
- Easy to qualify – The application process is easy and straightforward. You will need to answer a few health questions to be eligible for the best rates, and almost everyone qualifies for 1st-day coverage.
- No medical exam required – You can now apply for life insurance without having to go through a medical exam with urine and blood samples.
- Quick application process – Application can be accomplished with an agent over the phone or internet.
- The death benefit amount is fixed – Your coverage amount is guaranteed to never decrease when you pass away. Your beneficiaries will receive the full face amount when you pass away.
- Fixed premium – Your monthly insurance premium is fixed. Your insurance bill will never increase because you locked the premium at your age when you apply, and it will remain the same for the life of the policy.
- Lifetime Coverage – Burial insurance plans are a form of whole life insurance that will last your entire lifetime (up to age 121 years old). The policy will not expire as long as you keep paying your monthly premiums on time.
- Not cancellable – Burial insurance is permanent life insurance that will never cancel due to your age or declining health condition as long as you pay your premiums on time.
- Cash value accumulation – Burial insurance has a savings element that accumulates cash value over time. The accumulated cash value amount can be used to pay your premiums, or you get it out as an insurance policy loan if you have any emergencies.
REQUIREMENTS TO QUALIFY FOR RETIREE BURIAL INSURANCE
- Age Requirement – Every burial insurance company has its age requirement for applicants, but most burial insurance companies accept applicants who are 50-85 years old.
- State Availability – Not every insurance provider has their life insurance products licensed in every state, so make sure the company you choose is available in your state of residence.
- Ability to Enter into a Legal Contract – You need to possess the mental capacity to enter into a legal contract.
HOW CAN FUNERAL FUNDS HELP ME?
Trying to find a policy if you’re a 3M retiree needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have any health issues, let us help you. We will work with you every step of the way to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time anymore searching for multiple insurance companies because we will do the work for you.
We work with many A+ rated insurance carriers that specialized in covering high-risk clients.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for 3M retiree funeral insurance, 3M retiree burial insurance, or 3M retiree life insurance. Fill out our quote form on this page or call us at 888) 862-9456 and we can give you an accurate quote.