Does your boss want you dead?

I'm surprised I haven't seen this here...forgive me if I missed it, but I did run a search. Anyway, Dead Peasants:

moneycentral.msn.com

Right now, your company could have a life insurance policy on you that you know nothing about. When you die -- perhaps years after you leave your employer -- the tax-free proceeds from this policy wouldnt go to your family. The money would go to the company.

Whats more, the company might use this policy to pay for retirement benefits and other perks not for you or your fellow workers, but for your companys top executives.

Sound outrageous? Such corporate-owned life insurance is also big business:

* Companies pay a whopping $8 billion in premiums each year for such coverage, according to the American Council of Life Insurers, a trade group.
* The policies make up more than 20% of the all the life insurance sold each year.
* Companies expect to reap more than $9 billion in tax breaks from these policies over the next five years. The policies are treated as whole life policies. So, companies can borrow against the policies (though the IRS won't let them write off the interest). And the death benefits are tax-free.

Hundreds of companies -- including Dow Chemical, Procter & Gamble, Wal-Mart, Walt Disney and Winn-Dixie -- have purchased this insurance on more than 6 million rank-and-file workers.

(visit the link for the full news article)

or, if reading is too difficult for you...





yeah, yeah. they mention michael moore in the video. get over it.

Whoa. I have never heard of this before. I wonder if there is a way to find out more...I'll be back later after a bit of digging.

There is no end to what people will do to abuse the system...:shk:

Wasn't there a big thread on this posted here about a month back?

Anyway...

It's called Corporate-owned life insurance (COLI). It was getting pushed through legislation slowly in the states as far back as the early 80's. I really don't know why its getting so much attention recently.

Under US tax code, most life insurance benefits weren’t taxed. This created an opportunity for companies to take out life insurance policies on their employees, no matter how much or little they were paid, and benefit without tax penalties from their death.

www.wisegeek.com...

It provides a means of feeding immoral corporate greed, but it's been around a lot longer than most people tend to admit.

So yes... your boss wants you dead when he decides its time for a vacation with some extra spending money.

reply to post by Nathan_Orin


I highly doubt that my superiors would want me dead seeing as im worth $400,000 for my untimely demise and would go to my family. In other words, they want me to live.

Pretty much anyone can put a policy on anyone.

One catch. Better hope they dont die in a weird way when the policy matures. You may have some 'splainin to do .

It is likely that there are some business owners who do this thing. Some people are just evil at their core.

I highly doubt this is common practice.

How do you find out who has a policy on you? What can be done to stop someone from having it?

Thanks for the thread!

My god, I wonder if my boss wants me dead or not?
But seriusly paying that much for life insurance,
so when you die, they get a profit out of your demise, thats just unbelievable.

I recall this subject matter being discussed previously as well. From what I remember, it is a common practice in the banking industry to cover their executives in the event of the employee's demise. I don't think hardly any business or Joe Shmo small businesses would waste their money on life insurance policies for the employees.

Can you imagine the cost of a fortune 500 company buying life insurance policies on its employees? It would be cost prohibitive. Especially those high dollar payout policies.

For the record Moore is a jerk who needs to run a few laps on the treadmill.

Also my boss and me are buddies.

reply to post by brilab45


It seems these companies will do anything for a tax break and a bonus.

They should let everybody do this.

I'm sure I could pick a few random strangers and "get lucky" after several years.

It's like playing the lottery!

AWESOME!

i hope my boss doesnt want me dead haha. after all he is my dad

Originally posted by mamabeth
reply to post by brilab45

 

It seems these companies will do anything for a tax break and a bonus.

Can't argue with that understated remark! Second line added as required by ATS.

[edit on 2/5/2010 by yeahright]

No wonder I feel like my employer is working me to death...because they are.

I can't help but laugh at the notion of companies insuring their top executives....let's take out policies on the people who do the least amount of work for the company

Originally posted by djusdjus
It is likely that there are some business owners who do this thing. Some people are just evil at their core.

I highly doubt this is common practice.

You're wrong to doubt. Wal-Mart is the largest non-government employer in the world. The fact that just that one company alone is doing it is enough to make it a "common practice."

reply to post by tyranny22


The problem is, you have to pay the premiums on those random strangers. Your employer knows you and already is paying other things on your behalf. Workmans Comp, Unemployment insurance etc.

So having an unsafe work environment is in the best interests of your employer, you die, they get paid.

Answering OP: Yes, my Boss want me dead.

It's not even about COLI. I could die from the sheer amount of daily duties. My Boss requires me to be an Account Executive/Tech Support/Customer Service/Warehouse staff/Secretary/Chauffeur/Butler and tag whatever else you think is suitable.

This is what annoys me:

It's called Corporate-owned life insurance (COLI). It was getting pushed through legislation slowly in the states as far back as the early 80's. I really don't know why its getting so much attention recently.

That is ridiculous, but I think this happens very often.

I live in SoCal. The last I heard, it is "ILLEGAL" for me, to mount a GPS unit ANYWHERE near my dashboard, windows, etc. Yes you heard me right, even near the dashboard is a no no. What's funny is, the LEGAL way to own a GPS unit, is to have the car manufacturers include Navi in.

The Navi systems cost anywhere between 1000 to 3000 bucks installed by car manufacturers. You can buy a real good Garmin GPS for $200, but you're not allowed to mount or use it. The insane part is, the Navi system installed by the dealer, ...:drum rolls:... is located at your dashboard -_-;

So you're telling me, it's illegal for me to put a GPS unit on my dashboard, but it's legal for someone else to do it for me but at 100 times the cost?

Also, another ridiculous thing I heard, or maybe it's already enforced I'm not sure. In SoCal, I think it's illegal to use a "Bluetooth Headset" while driving. Again, it is "legal" if you have Bluetooth connection in your car and you link it to your cell phone so you can use your car speakers.

I think it was the big 3 and all the major car companies that "PUSHED" these laws through.

Well im self employed and I hate life and want to die so YES my boss does want me dead.