Some retired Allstate employees say the insurance company needs to make good on its promise to keep their life insurance policies.
Retired workers rallied outside of the Allstate Office on Electric Road. They say they were promised their life insurance policies.
They say they paid into their life insurance policies and that they were told it was an employee benefit that they would keep.
Many were counting on the policy to take care of their final expenses.
They're being told after January 1, 2016 that they would have to pay a monthly premium to keep their current coverage.
“I was sad that the company would do that, I was frustrated with them, now I'm mad. I'm mad they would do this to us because we were loyal. We gave them our best," retiree Kathy Shepherd said.
“I can't tell you how disappointed I am in my company because I was a local dedicated employee and did the very best job that I could. Maybe I wasn't the very best employee but I tried and gave my best for 42 years,” retiree Sherry Thurman said.
Allstate release this statement to WDBJ7:
“Allstate respects and values the contributions of our company's employees and retirees. We have recently made changes to our retirement and life insurance benefit programs for a number of reasons, including to bring us more in line with benefits offered in the marketplace. These changes have been made in accordance with the plan parameters for our various employee and retiree benefit offerings. The company continues to provide employees with a contemporary and competitive benefit package, including a pension, a 401(k) plan and numerous other benefits.”
Some retirees say they can't afford to pay life insurance premiums.
One retiree, a two time cancer survivor, told WDBJ7 that she is uninsurable.