Retirees Want Promise Enforced
A class action has been brought against American General Life and Accident Insurance Company by former employees of Independent Life and Accident Insurance Company, the Herald Life Insurance Company, and the Independent Fire Insurance Company to recover for lifetime free life insurance coverage that they had been promised by their employer.
American General absorbed these three companies in a merger, and later American General stated that, as of January 1, it would no longer honor those companies' promise to their employees to provide free lifetime life insurance. The class action is brought on behalf of all former employees of the three absorbed companies who were covered by a company retirement plan prior to 1992, who have since retired, and who have been threatened with loss of the promised free life insurance coverage. The employees request damages in an amount sufficient to purchase life insurance coverage for the rest of their lives.
Now most of these people are too old to get life ins. And are leaving thier spouses with nothing when they die.
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