Burial Life Insurance Sears Retirees

Sears Holdings, the parent company of Sears and Kmart, had notified their eligible retirees by mail that their life insurance policies with Securial Financial would end as of March 15, 2019.

The notices were sent to retirees mostly on their 80’s who had their life insurance coverage for a long time. The letters have been mailed out shortly before that date, meaning most retirees had already effectively lost their coverage by the time they got the news.

It’s still unclear how many Sears’ retirees will lose insurance coverage, but the company paid about $16.6 million in premiums for retirees last December 31, 2017. Most retirees affected by the loss are in their 80s and 90s.

Sears used the life insurance as a selling point, to get people to work for them. Life insurance was always presented as a generous employee benefit to take care of its workers.

Many Sears retirees today only have the life insurance coverage promised to them by the company. If Sears were to liquidate, they will stop paying the annual premium, and the life insurance coverage will be canceled.

Read on, and we will explore what insurance options are open for Sears Retirees. We can help you shop and compare different quotes to get the best deal.


There is an option for the retiree earned life insurance to be converted all or part of the group life insurance policies to individual whole life policies. Securian may convert the coverage to any type of individual policy issued by them for the purpose of conversion.

However, the individual policy will not include any supplemental benefits including disability, accidental death, and dismemberment benefits.

Even though there is a conversion right, the cost of converting is generally prohibitive for most retirees. Many retirees are saying that they can’t afford the payments necessary to maintain their policy.

Retirees become more concerned about losing their life insurance benefits than their pensions when the company sought bankruptcy protection in October. It was 1997 when the first major cut to life insurance coverage started. But the company still covered life insurance worth at least $5,000 for eligible retirees. Most policies range from $8,000 to $10,000.

The National Association of Retired Sears Employees, the chairman said Sears’ decision to cancel life insurance could be a violation of the 2001 settlement agreement that said retirees’ life insurance benefit could only be taken away if the company liquidated and went out of business.

Life insurance is considered a welfare benefit under the bankruptcy code. However, life insurance is not secured in bankruptcy even when there is a 2002 court approved Settlement Agreement regarding the Retirees Group.

AARP recently offered Sears retirees Guaranteed Acceptance Life from New York Life Insurance Company. There is no medical exam needed, and you don’t have to answer any health questions either. However, only AARP members 50-80 years old and their spouses who are 45-80 are eligible to enroll.

You can get numerous benefits from choosing AARP guaranteed acceptance, especially if you don’t have other life insurance coverage in place. However, despite all the advantages, AARP may not be the best burial life insurance Sears retirees as it has a mandatory 2-year waiting period and high premiums. Weigh the benefits and disadvantages before making your final decision…especially the higher premium!

If you’re looking for burial life insurance for retirees, you’ve come to the right place. We have the best insurance providers that cater to retirees seeking affordable burial insurance coverage.


Choosing burial life insurance that works with your retirement budget can be easy especially if you found the right company. Burial insurance for retirees is always a whole life insurance policy that has very limited underwriting. There are no medical exams, and retirees with health issues can still qualify.

Life insurance for Sears retirees works the same way as other forms of life insurance. The death benefit is meant to pay for burial and other final expenses. The death benefits range between $2,000 and $50,000.

When you lose your employer-provided life insurance policy, so you may want to look into purchasing coverage of your own. Having your individual burial insurance is a good idea if you’re going to need to take care of your final expenses after you pass away.


Ease of issue – the application process is easy and straightforward. You will just need to answer a few health questions. Underwriting is lenient for high blood pressure, high cholesterol, diabetes, etc.

No medical exam – You can now apply for life insurance without having to go through extensive medical exams with urine and blood samples. With burial insurance, there are absolutely no medical exams.

Quick application process – since there is no medical exam and underwriting, the application process is quick. You don’t have to wait weeks to a month to get your policy. You can get life insurance coverage within a few minutes to a couple of days instead of several weeks.

Fixed premium – One of the great benefits of burial life insurance for a Sears retiree is that your monthly insurance premium is fixed. Your premium will never increase because you locked the premium at your current age, and it will remain the same for the rest of your life.

Not cancellable – Some people complain that their life insurance policy is canceled because of age or worsening health condition (or owned by Sears and later canceled). You don’t have to worry because burial insurance whole life insurance will never cancel because of your age or declining health condition as long as you pay your premiums on time.

Your death benefit amount is fixed – and it is guaranteed never to decrease when you pass away. Your beneficiaries will receive 100% of the face amount of your benefit right away if you die from an accident.

Cash value accumulation – burial insurance is a whole life insurance policy that has a savings element that accumulates cash value. The collected cash value can be used to pay your premiums, or you pull it out as a policy loan if you have small emergencies. The cash value accumulation typically happens after five years because most of the premiums in the beginning years get eaten up with fees.

Your policy will never expire after 80 years old – burial insurance policy is whole life insurance that will last your lifetime. The policy will not terminate as long as you keep paying your monthly premiums on time.

For no health questions policy – You will only need to supply your personal information, beneficiary and payment information when you apply for guaranteed issue whole life insurance.

You will easily qualify for burial insurance no questions asked because you only need the ability to sign your name on the application. You can even apply on the phone or through your computer. Wait a few minutes, and it will be approved, it’s easy.



Simplified issue whole life insurance for retirees is a real burial insurance policy that you can purchase from 50 to 85 years old. It has a level death benefit with immediate coverage starting on day one. You can skip the medical exam and only need to answer a few health questions.

Since there’s no medical exam, the application process is quicker. You can get approval after several minutes, and you don’t have to wait 3-8 weeks to get your application approved.

The underwriting process is simplified compared with traditional term life insurance (which we never recommend for burial insurance needs). You only have to answer a few health questions to get an overview of your health condition. This is done to weed out potentially high-risk life insurance applicants such as those with a terminal illness like cancer.

Generally, health issues such as high blood pressure, high cholesterol, diabetes, and other minor health issues are health issues the insurance companies don’t even care about for getting you a policy approval.

Typical questions asked when applying for level death benefit plan

There are typically for or more health questions when you apply for simplified issue whole life insurance for retirees. Your answer to the health questions will determine whether your application for coverage will be approved or not, as well as how much you will pay for the policy.

  • Do you use tobacco products?
  • Do you have a terminal illness like cancer?
  • Are you currently residing in a hospital or nursing facility?
  • Do you have HIV or AIDS?

These are examples of just a few of the underwriting questions on the application. Some companies will ask more questions, and some will be slightly different but being simplified you will encounter fewer health questions compared with traditional life insurance.

If you answer yes to smoking, you may still be able to get coverage, but it may be a little bit expensive. If your reply is “yes” to any of the health questions, your application for coverage would be declined, and your only option for coverage is to get a guaranteed issue burial insurance.

If you answered “no” to all the health questions, you would be automatically be approved for coverage.



Guaranteed acceptance whole life insurance requires no medical exam and health questions on the application. Most retirees with health issues will qualify for this policy. You will be approved coverage regardless of your health.

If you deal with any of the following health issues, you will be eligible for guaranteed issue burial insurance with no health questions:

  • Terminal illness (your life expectancy is 24 months or less)
  • You have cancer within the last 24 months
  • Diagnosed with AIDS or HIV
  • Alzheimer’s or dementia
  • End-stage kidney disease requiring dialysis
  • Heart attack within the previous 12 months
  • Oxygen use (only okay for sleep apnea)
  • Congestive heart failure (CHF)
  • Full blown stroke (TIA mini-strokes do not count) within the last 12 months
  • Amputation due to diabetes
  • Diabetic coma or insulin shock or within the previous 24 months
  • Angina (chest pain) within the previous 12 months
  • Had heart surgery within the last 12 months
  • A circulatory surgery within the last 12 months
  • Been recommended to have or had an organ transplant
  • Confined to a wheelchair or bed because of chronic illness
  • Currently in the hospital, nursing home, skilled nursing facility, or hospice care
  • Taking treatment for alcohol or drug abuse within the last 24 months
  • Needing help with activities of daily living such as eating, toileting, bathing, dressing, transferring and continence
  • High-risk hobbies and occupations
  • Drug, marijuana, and alcohol abuse in the last 12 months
  • Multiple DUI or moving violations

Guaranteed acceptance policies have no medical questions asked, so even with these high-risk conditions, you will get approval on your insurance application.


If you are wondering how the companies make money if they offer everybody life insurance without even asking any health questions. The insurance companies impose a waiting period instead of having a medical exam and regular medical underwriting.

The insurance companies impose a waiting period that lasts from two to four years depending on the company. They do these to keep those who are on their deathbed from purchasing policy and benefiting from it.

This means that if death is due to an accidental cause, there will be no waiting period. Your beneficiary will receive 100% death benefit amount from day one.

If the insured dies during the waiting period from natural causes or any reason other than an accident, the beneficiary will get all premiums paid plus 10% interest. Even if the beneficiary can’t get the 100% death benefit, they will still not lose any money that you put into the policy.

The company will pay the full face amount if the insured dies for any reason after the graded death benefit or waiting period.


  1. Age Requirement – Every burial insurance company has an age requirement, but most guaranteed issue burial insurance providers accept applicants who are 50-85 year old.
  2. State Availability – Not every insurance provider have their insurance products licensed in every state. Make sure the company you are applying for has guaranteed acceptance life insurance policy available in your state.
  3. Ability to Enter into a Legal Contract –You need to possess the mental capacity to enter into a legal contract. For example, if you have a severe cognitive impairment like dementia or Alzheimer’s disease and may not be able to give legal consent to an agreement, the company may reject your insurance application.

Most guaranteed issue life insurance companies only require your gender, age, resident state, and whether or not you use tobacco products. As simple as that, there’s nothing more when applying for coverage it’s very convenient.


  1. Increasing premium – many of these burial insurance companies seen on TV offer premium increase every five years. A real guaranteed acceptance whole life insurance has a fixed premium throughout the life of the policy.
  2. Policy termination after age 80 – some policies terminate after you pass 80 years old. Guaranteed acceptance final expense insurance is a whole life insurance policy that lasts a lifetime (up to age 121).
  3. 3-year waiting period – Avoid these GI plans at all cost. The best-guaranteed issue whole life insurance has only a two-year waiting period. It is important to work with an independent life insurance agency that will prevent you from being led into agreeing to buy a guaranteed issue burial insurance with a 3-year waiting period.


Trying to find a policy if you’re a Sears retiree needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.

If you need burial insurance for Sears retirees, let us help you; we will work with you side by side to find a plan that fits your needs.

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 dirty work for you.

We will shop your case to different insurance carriers and get you the best price.

We work with many A+ rated insurance carriers that specialized in covering high-risk clients like you. We will search all those companies to get the best rate. We will match you up with the best burial insurance company that gives the best rate.

We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for Sears retirees funeral insurance, or Sears retirees burial insurance, or Sears retirees life insurance, we can help. Fill out our quote form on this page or call us at (888) 862-9456 and we can give you an accurate quote.