Watch CBS News

ATI Retirees Scrambling To Replace Canceled Life Insurance Policies

PITTSBURGH (KDKA) -- For dozens of seniors, it wasn't the gift they wanted this Christmas.

After years of having life insurance through their former employer, a letter arrived canceling their policy. Now they're scrambling to find replacement insurance with just one week until their old plan runs out.

The Corsos, who have been married for 62 years, say they just had another great Christmas, celebrating with their kids and grandkids. However, they also say they Grinch also stopped by this year.

The bah humbug moment came in a letter from ATI, formerly Allegheny Ludlum Steel. It went to all retirees, stating: "Effective Dec. 31, 2014, the company will no longer sponsor the retiree life insurance program that provides life insurance coverage after retirement."

The letter goes on to say, "You will be responsible for paying the premiums associated with any coverage you select starting in Jan. 2015."

Dom Corso points out that no one from ATI signed the letter.

"That's not signed by anybody. They were embarrassed to endorse it. That's another thing, who signed that letter," said Corso.

Meanwhile, to replace the canceled life insurance policy would cost the couple nearly $900 per month. They just can't pay it.

The Corsos also point out that ATI cancelled retiree health care coverage in 2010.

"There's so much greed today, that's what really hurts," said Dom Corso. "The people today, just executives, seem to take care of [themselves]. They're not worried about the middle class people evidently."

KDKA reached out to ATI. No one is available at this time to comment on the letter or the cancellation of benefits.

As for the folks who are losing their benefits, the bottom line is they're going to have to pay or go without.

You May Also Be Interested In These Latest News Stories

Join The Conversation On The KDKA Facebook Page
Stay Up To Date, Follow KDKA On Twitter

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.