In order to answer your question, I need to give you a brief background on the former CEO Arthur Martinez and what happened to him.
There was a class action lawsuit in 1997 with Sears. It was settled over 12 yeara ago. What happens was that the CEO at the time was trying to reduce the payable benefits to retirees who have the insurance policies with Sears. Now, technically, those who have the benefits cannot have them revoked unless someone cancels the policy.
Now there is some word spreading that the company has liquidated its assets. Is that true? It depends on who you talk to. That means that once the company has liquidated its assets and files bankruptcy the policies become null and void. The company no longer has the monetary assets to keep paying the insurance policies.
There is only one time when the company cancels your insurance outright. That is when there is fraud. That is what the former CEO was trying to do with their employee's accounts. They do it for you. Outside of the potential for fraud, you can do it yourself, as you indicated in your inquiry.
You will need to get in touch with the company. Talk to one of the reps about your options for canceling your policy. Do you get any of the money you paid in so far? That depends on the type of accidental death policy you have. There are two types: Term and Whole Life. Term life insurance has a shorter period. Term life offers fixed payments with periods of 10,15,20, and 30 years. Talk to one of the people about how you can go about getting back the money you paid in.
You should be able to. The company might be going bankrupt, but that does not mean your policy. I suggest doing some research on the Sears Death Policy and the potential liquidation the company faces. That can also give you some idea of where to start.