Community | December 10, 2011 | 85 comments

Is Your Employer Betting on Your Death? You Bet your Ass!!!!

source: http://abcnews.go.com/GMA/dead-peasant-life-insurance-policies-fair/story?id=...

KB723
Some companies stand to profit from "Dead Peasants" life insurance policy. For more on this story go to

http://abcnews.go.com/GMA/dead-peasant-life-insurance-policies-fair/story?id=...

"I am posting this video, even though it has been 3 years since this information surfaced for one reason, I feel my employer is out to Kill me!!!"

'Yeah I know that sounds Crazy, but lets get to the bare knuckles here!!! I do the work of three people daily and have for the last 5 years!!! I also have to deal with Reverse Discrimination as well as a Company Bully!!!'

'I have Much to share but will do so in replies to comments, so lets have at it!!! Have you folks had to deal with the same??? Do you feel that your employer seeks your end to make a couple dollar$$$???'
  1. groups:
    Community,   Culture,   Current Tonight,   Progressive America,   20 more
  2. tags:
    Health,  Economy,  Death,  Jobs,  5 more
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85 comments // Is Your Employer Betting on Your Death? You Bet your Ass!!!!

  • Steamed_N_More
    • +1
      Steamed_N_More  

    • I would have left under those circumstances (and have). Of course, I could. Not everyone has that ability. It is time the employment contracts employees sign are not inposing "indentured servitude" style of relationship. I believe an employer invalidates contracts, exploiting the poor opportunities of today. Employees must develope better contract savy, and know when to stand against the bosses harmful activities.

    • 6 months ago
  • pennyharford
    • +1
      pennyharford  

    • yes, I am sure my company has "Dead peasant's insurance", but because they are based in Europe, they are not subject to US laws so they don't have to disclose this information.

    • 6 months ago
  • EdJoyProductions
    • +1
      EdJoyProductions  

    • "Nobody is clearly being hurt"?

      Um. Clearly there is an even more compelling reason for an employer to abuse the staff and to not correct dangerous working conditions. How was this story aired without that little observation?

    • 6 months ago
  • KB723
  • EdJoyProductions
  • KB723
  • freehit
    • +2
      freehit  

    • I wonder if there's an insurance policy I can take out on the company itself. The way the boss's son is running it into the dirt (think the "shrub" on steroids) its demise is assured. I haven't the stomach to look it up, but I think I'm making less now than I did 15 years ago when I started there.

    • 6 months ago
  • KB723
  • freehit
    • +2
      freehit  
    • KB723:

      I started May 01 of '95 so I went to '96 since it was a complete year. Next I went to the closest date to my current paystub which was date ending 12-02 vrs. last week's 12-04. The result: at this time of year for 1996 working for the same company I made $526 MORE than I did this year at the same time. This is even after the fact that I now "make" $5.75 more an hour than I did in 1996. How is this possible? My hours have been cut in half and he doesn't pay overtime* even if I could work the full 40 hours a week. Can you tell he's a republican? * If I went to the labor board about this, they would simply close up the buisness and we'd ALL be unemployed instead of under employed. So *thanks* for confirming my suspicions about that, merry effin christmas! (Just kidding about that last one, the disgust is solely directed at my ass hat boss.)

    • 6 months ago
  • KB723
    • 0
      KB723  
    • freehit:

      I know exactly what you are saying... My employer has been dumping more work on my than can be handled in an 8 hour period, and not allowing me to work extra time to get things done... Very Stressful, but what makes me even more Pissed is that we have three "Undocumented Workers" one of which I must post Props as she has become an American Citizen, her two cousins however are not... They get to come in at 7 in the morning a half hour break at 10 work through lunch and another half hour break at 3... When you add it up, they are getting 10 hours a week overtime... I am NEVER allowed overtime, Heh, my boss is also a Rethug...

    • 6 months ago
  • ThirdSection
  • OlBlue
  • KB723
  • OlBlue
  • KB723
  • ahonnet
    • +1
      ahonnet  

    • Most large companies like to say that "People are their greatest asset". That only holds true until financial reports are generated; we are all liabilities for that company. A means to an end, and nothing else.

    • 6 months ago
  • MotherForTruth
  • KB723
  • Forgotten_Echo
    • +2
      Forgotten_Echo  

    • Trying to think from a Corporate perspective .....

      "But we are only doing these types of things to protect the company when a "valued employee" dies! There is the cost of hiring someone new to take that position, as well as the cost of training that "new employee" to properly fill the shoes of the former employee. When a "valued commodity (oops, I mean employee)" passes, we (corporations) loose productivity and if we are unable to cover the training cost of the new employee with death benefits of the former employee, we would be forced to pass those costs along to the consumer."

      Now, from the perspective as an employee .......

      Chances are, I did give the company for which I work the permission to take out a "Dead Peasant" policy out on me when I sign the stacks of paperwork HR required when I was hired on. Did I read everything carefully before I quite likely signed away my life? NO!!! Just like millions of others like me, I needed a job to support my family and not signing ALL of the paperwork required, I would not have gotten the job.

      CORPORATIONS OWN US AND THEY DO WHATEVER THEY WANT, WHENEVER THEY WANT!

      It has become the way of life we can now expect. Just who do you really think is going to stop them? Some puny ass fine they might have to pay if they get caught and willful wrong doing can be proven? A Government Agency that has been bought out by corporate money and influence? Yeah, right!

      Corporations own this land and for the most part, the people the live on it. ALL of our politicians come from big business and are paid handsomely to remember that when they vote on any legislative act. Try and name ONE member of Congress that is not beholden to some corporation!

      Our system of democracy is died and buried and will not be revived! If it is fairness and equality you want, you had better be ready to fight and die for it, as well as know that some employer will reap the benefits of your death, in more ways than one.

    • 6 months ago
  • KB723
  • Buckeye_Bill
    • +6
      Buckeye_Bill  
    • Image

    • Old news travels faster than the speed of light.

      Even at the time that Michael Moore's 2009 movie, "Capitalism: A Love Story", was reporting this story, laws had been put in place in 2006 to protect employees from being an unwilling "participant" in this insidious practice.

      Federal law now requires employers to obtain an employee's permission before purchasing a life insurance policy. By meeting this and other requirements, employers may purchase insurance on their employees and collect upon their deaths.

      So, if you have NOT signed a document FULLY describing your rights as an employee as to why you would be covered by an insurance policy that would pay out death benefits to a company, rest assured you are NOT an employee that an employer is hoping for your demise, as a "Dead Peasant Life Insurance" could have been an invitation to murder! But realistically, does anyone think their "boss" would make plans to "knock you off" and take a chance of being sent to prison?

      Really? This sounds like another one of those Republican fear tactics they love to use to scare their constituents so they will vote for a Republican. Which to me is the scariest thing of all!

      "...the IRS won court cases against several leveraged COLI investors, including Camelot Music, Winn-Dixie, American Electric Power, and Dow Chemical. Other similar investors settled their tax cases with the IRS on a basis mostly favorable to the IRS. Meanwhile, Congress amended the IRC several times again to both ensure that the prohibition on borrowing (on a deductible basis) to fund insurance acquisitions was clear and to deny the tax-free nature of death benefits to corporate employer in some situations (e.g., if the insured was not provided with adequate advance notice and an opportunity to block the insurance acquisition or if the insured was not an employee of the corporation within a year of his or her death).

      So long as the employer complies with the new rules (adopted in 2006 and characterized as the "COLI Best Practices Act"), however, the tax-free nature of the death benefits and the tax deferral on earnings credited to policy value remain (although the opportunity for tax arbitrage no longer exists).

      The COLI Best Practices Provision, within the Pension Protection Act of 2006, was signed into law on August 17, 2006. This provision is designed to codify industry "best practices" regarding employer-owned life insurance and amend the Internal Revenue Code of 1986 by introducing conditions that must be met in order to exclude from gross income the proceeds from company-owned life insurance. The Act amends Section 101 of the Internal Revenue Code by adding subsection (j), “treatment of Certain Employer-Owned Life insurance Contracts,” and adds Section 60391, “Returns and Records with respect to Employer-Owned Life Insurance Contracts.”

      Under Section 101(j),[4] the employer-owned death benefit proceeds will be considered eligible for exclusion from the employer's income provided all the following Notice and Consent Requirements and one of the Specified Exceptions are met.

      Notice and Consent Requirements

      The Employee must, prior to the issuance of the insurance contract:

      1.Be notified in writing that the employer intends to insure the employee’s life and the maximum face amount for which the employee could be insured at the time the contract is issued.

      2.Provide written consent to be insured under the contract during and after active employment.

      3.Be informed in writing if the employer will be a sole or partial beneficiary of any death benefits.

      Specified Exception:
      The insured was an employee at any time during the 12-month period before the insured’s death.

      Specified Exception:
      Directors and Highly Compensated Employees: At time of contract issue, the insured employee was a director, or a 5% or greater owner of the business at any time during the preceding year, or received compensation in excess of $95,000, adjusted for future inflation, in the preceding year, or was one of the five highest-paid officers, or was among the highest-paid 35% of all employees.
      Soiurce: http://en.wikipedia.org/wiki/Corporate-owned_life_insurance

      So....you can go back to work and be secure in the fact that your boss "ain't gonna" shoot you!

      Have a nice day!

    • 6 months ago
  • Wyley_Wombat
  • KB723
    • 0
      KB723  
    • Wyley_Wombat:

      Yes this is old news but always needs to be shared, as I mentioned this video was from 2009 and posted here by Kennymotown... I did a search prior to posting and even asked Kenny if I could respectfully repost...

    • 6 months ago
  • squarethecircle
  • Buckeye_Bill
    • +2
      Buckeye_Bill  
    • Image
    • squarethecircle:

      I don't know about others, but I was a VERY VALUABLE employee to the company with whom I was employed!

      LOL

      But, now that I'm one of them thar "entrepreneurs" Rethuglicans keep talking about, I have to pay my own way...and if I die, my "business" dies with me!

      Oh, the horror!

      LOL

    • 6 months ago
  • KB723
  • Imzadi
    • +2
      Imzadi  

    • KB, so glad to see you back from your "time out". Keep on doing your awesome thing. You are an influential force here.

      :-)

    • 6 months ago
  • KB723
  • alexandrek
  • KB723
  • alexandrek
  • KB723
  • rhythmstick
    • +2
      rhythmstick  

    • Welcome back KB. Thank you for posting the truth. I have known about this practice my entire working life. Let us say that betting on someones life is disgusting and ethically reprehensible.It is possible to take bets on your own family members and friends. You may insure any one that you like or dislike. The insurance companies don't realy give a rats ass if you know the insured or not,as long as you pay the premium. So that is what this country has come to. the greed in this country has taken on a new low.By the way banks offer free life insurance as well.

    • 6 months ago
  • KB723
    • 0
      KB723  
    • rhythmstick:

      By the way banks offer free life insurance as well.

      I did not know that, ironic how my employers brother is the President of a local
      bank... Thanks, it's Nice to be back... =)

    • 6 months ago
  • Lisayou
    • +1
      Lisayou  

    • KB! Welcome Back, you have been missed.

      I would not doubt when I was working for the school district the district would have made a profit from my death. There was a "Free" life policy available to me if i signed away.

      Hummmm...

    • 6 months ago
  • KB723
    • 0
      KB723  
    • Lisayou:

      I missed all you wonderful folks as well, Hmmm, I am very curious if state and federal employees also have this to worry about or if it's just folks that work for large corporations???

    • 6 months ago
  • totally_dilapidated
  • CollegiateMind
  • totally_dilapidated
  • CollegiateMind
    • +2
      CollegiateMind  

    • "I feel my employer is out to Kill me!!!"
      "Yeah I know that sounds Crazy, but lets get to the bare knuckles here!!! I do the work of three people daily and have for the last 5 years!!! I also have to deal with Reverse Discrimination as well as a Company Bully!!!"

      Take a deep breath.
      To save your life, you might consider working for someone else.

    • 6 months ago
  • Berniefan
    • +1
      Berniefan  
    • CollegiateMind:

      Go work for someone else. Now that's a damn good idea! I can't believe that something so obvious hasn't crossed the minds of millions of unemployed, underemployed and exploited workers. Out of all those people not a single one thought of simply going to work for someone else. How could that happen? Oh wait. Maybe it's because we're in the middle of the worst economic downturn this country has experienced since the great depression .Consequently there is no someone else to go work for. The only realistic choice for many workers is to take the abuse and remain employed. Otherwise, they can either take a stand against their boss or just quit their job. Either way they would end up working for no one else.And the mythical somone else would be nowhere to be found. It's tough out there man. And I can't believe that something so obvious didn't cross your mind.

    • 6 months ago
  • CollegiateMind
    • +2
      CollegiateMind  
    • Berniefan:

      Well yes, this is all true. I'm just saying, if you feel Certain you Will get Killed at Work!!!, (paraphrasing poor KB here) and that your employer is Planning your Death!!!, then, it might be an alternate option: to Death? Might be good to at least try to work elsewhere or then again..ah, you're probably right.

    • 6 months ago
  • Berniefan
    • +2
      Berniefan  
    • CollegiateMind:

      OK. I gotcha. I would definitely agree that if death is certain it would be wise to go somewhere else. Even if it meant working for no one else! Sorry, I didn't catch that you were only referring to certain death.

    • 6 months ago
  • CollegiateMind
    • +2
      CollegiateMind  
    • Berniefan:

      Not a problem. I still agree that the 'intention' behind these companies getting insurance (as a rule) is likely not to commit murder, (only the 'Very Very Nervous' would think That), but to save their own asses in case of..(see jim_b's comment).

    • 6 months ago
  • Anonmaly
  • KB723
  • jim_b
    • +3
      jim_b  

    • I think most corporations' motivation for this insurance is a bit less nefarious than a "cash cow." I think they wish to shield themselves from losses due to deaths from their own negligence. It takes the wrongful death lawsuit out of play so they only have to worry about measly government fines that are about 5% of what they make by ignoring safety regulations. That is bad enough. If your boss has the morgue on speed dial however, I would be sprucing up my resume!

    • 6 months ago
  • KB723
    • 0
      KB723  
    • jim_b:

      My resume??? I decided to use my last 24 years of knowledge to start my own business... That still has nothing to do with past or present employer... =(

    • 6 months ago
  • Conniepae
  • KB723
  • Conniepae
    • +1
      Conniepae  
    • KB723:

      I hope if they do, it's for the want of a dollar. Not because they don't like me. People will do a lot of things for money. For many, good judgment goes out the window, when money is involved.

    • 6 months ago
  • KB723
  • GRC54
    • +2
      GRC54  

    • Hey KB. Is there any way that anyone can find out if a past or present employeer has a life insurance policy on you even though you did not sign anything? Maybe you signed an insurance policy without knowing you did? If you or anyone can find out let everyone know.

    • 6 months ago
  • KB723
  • ThirdSection
  • KB723
  • nardo1224
  • KB723
  • ThirdSection
    • +2
      ThirdSection  
    • KB723:

      In 19th century France, factory workers commonly wore wooden shoes called sabots. Sometimes, when they would go on strike, they would hurl their sabots into the gears of the machinery, causing it to grind to a halt and necessitating expensive repairs. It is from this we get the word 'sabotage'.

      This story may or may not be on topic, you decide.

    • 6 months ago
  • KB723
    • 0
      KB723  
    • ThirdSection:

      Hmmm, I do not moderate but I will share that this is something I never knew, and think it does fit in with the whole post of employment, so yes I would agree this is on Topic... =)

    • 6 months ago
  • kennymotown
  • KB723
  • bailey78
  • KB723
  • Leen61
    • +3
      Leen61  

    • This is absolutely astonishing! I first learned about this in Michael Moore's movie "Capitalism: A Love Story." I was just stunned in the theater that night. My husband and I have not had to deal with this but this is as low as it gets. A company making money off of your death. We are nothing but "Dead Peasants."
      Bullshit! Occupy everywhere!!!

    • 6 months ago
  • KB723
    • +1
      KB723  
    • Leen61:

      I am sure my employer is out to Kill me since I have threatened to Sue him and he has no other way of getting rid of me... Not a company in town will match my wage or my health insurance, so either way I am F***ed!!!

    • 6 months ago
  • Leen61
  • KB723
  • Leen61
  • KB723
  • Leen61
  • KB723
  • cabinettags
    • +3
      cabinettags  

    • I'd not heard of this before, but it getting where little surprises me. I thought insurance companies watched out for this kind of stuff; ex: husbands taking big policies out on the wife before they do her in. How can a company show they should benefit from the death of an employee?

    • 6 months ago
  • KB723
    • 0
      KB723  
    • cabinettags:

      I don't know, but I do wonder if I would be able to do the same against my employer... Hmmm Maybe his wife and family as well??? Shit I would do the same for his cats and dogs were I able, since they can, why can't we???

    • 6 months ago
  • WakeUpPeople
  • KB723
  • WakeUpPeople
  • KB723
  • Wyley_Wombat
  • KB723
  • UhOhSpaghettiO
  • KB723
  • Scott_Pert
  • KB723
  • KB723
    • 0
      KB723  

    • Is Your Employer Betting on Your Death? You Bet your Ass!!!!

      'Yeah I know that sounds Crazy, but lets get to the bare knuckles here!!! I do the work of three people daily and have for the last 5 years!!! I also have to deal with Reverse Discrimination as well as a Company Bully!!!'

    • 6 months ago
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