Life insurance for AT&T retirees was a tremendous benefit that past AT&T employees received in their retirement. And then, on Jan. 1, 2022, the company slashed its life insurance programs for its 220,000 eligible retirees.
This has caused panic for those who were going to use this insurance for burial or final expenses. While other Fortune 100 companies have made similar cuts, AT&T is the only one that hasn’t offered an alternative plan.
If you were an AT&T retiree, keep reading to know what you should do.
FOR EASIER NAVIGATION:
- What Happened To AT&T Retiree Life Insurance?
- What Can AT&T Retirees Do?
- What Is Burial Life Insurance For AT&T Retirees?
- Benefits of Burial Insurance For Retirees
- Requirements To Qualify For Retiree Burial Insurance
- How To Apply for Burial Insurance For Retirees
- How Can Funeral Funds Help Me?
What Happened To At&t Retiree Life Insurance?
On Jan. 1, 2022, AT&T cut their life insurance and death benefits for their 220,000 retirees eligible for benefits. However, this cut does not apply to top executives with a separate company-paid program that the company can’t reduce without their permission.
Dean Allison, a former employee, said he was promised a death benefit of $63,000. AT&T notified him they would pay no more than $15,000 to his beneficiary when he passed away. Top executives were spared in the death benefit reduction. The beneficiary of Randall Stephenson, former CEO, would receive $3.6 million under his life insurance policy.
AT&T said this move is needed to keep the cost in line so they will remain competitive and attract capital while taking care of their 200,000 current employees and 500,000 retirees in a sustainable fashion.
AT&T reasoned that they did not take away the retirement life insurance benefit from their retirees and that they are one of the fewer 10% of Fortune 100 companies that offer company-sponsored life insurance to retirees. Even with the recent changes, they said their life insurance benefit is still higher than the average retiree benefits from other companies in the US.
What Can At&t Retirees Do?
There are a few things that you can do if you’re an AT&T retiree whose life insurance death benefit was reduced. You can purchase an individual life insurance policy from Funeral Funds of America. Buying individual burial insurance for final expenses is a good idea if you must take care of your final expenses after you pass away.
A life insurance policy from Funeral Funds of America can help cover the costs of a funeral, like a casket, burial plot, and headstone. It can also help with other end-of-life costs, like unpaid medical bills and outstanding debts.
Buying individual burial insurance will help your family avoid paying for your funeral and other end-of-life costs out of their pocket.
Here are some possible insurance uses for AT&T retirees:
- Burial insurance for AT&T retirees
- Cremation insurance for AT&T retirees
- Debt payment insurance for AT&T retirees
- Final expense insurance for AT&T retirees
- Funeral insurance for AT&T retirees
- Health insurance for AT&T retirees
- Life insurance for AT&T retirees
- Income protection insurance for AT&T retirees
- Long-term care insurance for AT&T retirees
- Mortgage protection insurance for AT&T retirees
- Prepaid insurance for AT&T retirees
What Is Burial Life Insurance For At&t Retirees?
Burial, funeral, cremation, or final expense life insurance are typically whole-life insurance policies that will remain active for a lifetime. These policies don’t require a medical exam, and most retirees with pre-existing conditions can qualify for coverage.
Life insurance for AT&T retirees works the same way as most other life insurance products. The death benefit is meant to pay for burial and other final expenses. The death benefits range between $1,000 and $25,000.
AT&T retirees should consider this route to get the protection they need and the peace of mind knowing that their final expenses are taken care of.
Benefits Of Burial Insurance For Retirees
- Easy to qualify – The application process is 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 a medical exam.
- 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 never to 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 throughout your life.
- Lifetime Coverage – Burial insurance plans are a form of whole life insurance that will last your entire lifetime (up to age 121). The policy will not expire if 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 can be used to pay your premiums or get it out as an insurance policy loan if you have any emergencies.
Requirements To Qualify For Retiree Burial Insurance
- Age Requirement – 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.
- Ability to Enter into a Legal Contract – You must possess the mental capacity to enter a legal contract.
How To Apply For Burial Insurance For Retirees
STEP 1 – Work with a qualified life insurance agent from Funeral Funds of America. We will help you compare policies and rates from the top life insurance companies that offer burial insurance for AT&T retirees.
STEP 2 – Fill out an application form over the phone or internet. The application will ask you some basic questions about yourself and some health questions. The life insurance company will use the information on the application to decide whether or not to approve your policy and what rate to charge you.
STEP 3 – Make your first payment. You can do this by setting up automatic payments from your bank account. Once the life insurance company receives your payment, your policy will be active, and you will be covered!
How Can Funeral Funds Help Me?
Finding a policy if you’re an AT&T retiree needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker. We have access to the most competitive life insurance companies that offer burial insurance for AT&T retirees. We can help you compare policies and rates from different insurers to find the best coverage for your needs.
Applying for a policy through Funeral Funds is straightforward. You can apply over the phone or internet, and we will help you immediately. We will even help you set up automatic payments, so you never have to worry about your policy lapsing.
If you are looking for funeral insurance for AT&T retirees, burial insurance for AT&T retirees, or life insurance for AT&T retirees, fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate quote.