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Your employer owns you
By Chimpplanet
Sarah Palin got it partially right when she feared “death panels”. The part she didn’t explain is that death panels already exist and they are in the boardrooms of major blue chip American companies, like Walmart.
Unbeknown to the employees, many large companies take out “dead peasant” life insurance policies on them naming the company as the beneficiary. These policies continue active even after the employee leaves.
Two points come to mind here. One is that for the company to collect, they must keep track of their ex-employees for the rest of their lives so they can know when he/she dies so they can collect.
Second, if a worker moves around a lot, it’s possible that many companies may hold peasant insurance on this one worker and then the multiple payouts may be in the tens of millions of dollars. Wonder what’s the most any employee ever made for his employers.
The companies collect tens of thousands and even millions of dollars when the employees (current or past) die.
They often use this tax-free money to pay bonuses to their executives.
The “death panels” are the actuaries in each company who project how many employees will die in a given year so they can guess on how much gravy payouts the company will get.
The company directors get very upset if there is a short-fall on deaths and they celebrate when they exceeds death expectations.
You are worth more to your employer dead than alive.
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WEHAT IS "DEAD PEASANT" INSURANCE?
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WHAT WOULD STOP THESE COMPANIES FROM HIRING ASSASSINS FOR A FEW THOUSAND DOLLARS TO MAKE MILLIONS? HAVE THEY DONE IT ALREADY?
THAT'S WHY THE LAW DOES NOT ALLOW YOU TO TAKE OUT LIFE INSURANCE ON YOUR FRIENDS. WONDER IF THAT LAST ACCIDENTAL DEATH I READ ABOUT WAS REALLY AN "ACCIDENT".
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Which employers bought “DEAD PEASANT” life insurance policies on the lives of employees?
Because a company’s purchase of insurance policies is not a public record, it is virtually impossible to know every company that invested in policies on employees’ lives.
The following companies, however, are believed to have been named as the beneficiary of life insurance policies on employees:
ADAC Laboratories
Advanced Telecommunication Corp.
Aeroquip Vickers Inc.
Alabama Power Co.
Alfa Corp.
Allegheny Technologies Inc.
Allergan Inc.
Allfirst Financial Inc.
Amegy Bank, N.A.
American Business Products, Inc.
American Electric Power
American Express Co.
American Greetings Corp.
American Management Systems Inc.
American Seafoods Group LLC
Ameritech Corp.
Amerus Group Co.
Anadarko Petroleum Corporation
Appalachian Power Co.
Arch Chemical
Aristech Chemical Corp.
AT&T Communications
Atlantic Richfield Co.
Avery Dennison Corp
Avon Products Inc.
B. F. Goodrich Company
Ball Corporation
Bank Boston
Bank Of America
Bank One Corp.
Barnett Banks Inc.
Bassett Furniture Industries Inc.
Be Aerospace Inc.
Bear Stearns Companies
Bellsouth Corporation
Boise Cascade Corp.
Boston Company
Boston Federal
Bristol-Myers Squibb Company
Camelot Music, Inc.
Carolina Power & Light Co.
Carpenter Technology Corp.
Catskill Financial Corp.
Central Power & Light Co.
Ch2m Hill Companies Ltd.
Charming Shoppes, Inc.
Checkfree Corp.
Chemical Banking Corporation
Citibank, N.A.
Citizens Bank
Clark Inc.
Clorox Company
CNF Inc.
Coca-Cola Company
Columbus Southern Power Co.
Commercial Intertech Corp.
Compass Bank (Florida & Alabama)
Computer Technology Associates Inc.
Consolidated Natural Gas Co.
Consolidated Rail Corporation
Cox Enterprises, Inc.
CTA Inc.
Cymer Inc.
Diamond Shamrock Inc.
Diebold Inc.
Dime Bancorp Inc.
Dow Chemical
Earle M. Jorgensen Co.
Eastman Kodak Company
Eaton Corp.
ECC Capital Corp.
Enserch Corp.
F&M Bancorp
FiberMark Inc.
Figgie International Inc.
Fina Oil & Chemical Company
First Bank System Inc.
First Commonwealth
First Midwest Bancorp Inc.
Fleet Bank
FleetBoston Financial Corp.
Flightsafety International Inc.
Frontier Bank
Fulton Financial Corp.
GATX Corporation
Georgia Power Co.
GNC Corp.
Great Plains Energy Inc.
GTE Corporation
Gulf Power Co.
HCR Manor Care Inc
Hechinger Company
Heritage Commerce Corp.
Herman Miller Inc.
Hershey Foods Corporation
Hillenbrand Industries, Inc.
Hosiery Corporation of America
Houghton Mifflin
Household Finance
Hovnanian Enterprises Inc.
Hughes Supply Inc
ICI Americas, Inc.
Idaho Power Company
IKON Office Solutions Inc.
Indiana Michigan Power Co.
Integra Bank Corp.
Intermark Inc.
Iowa First Bancshares Corp.
Iroquois Bancorp Inc.
J Jill Group Inc.
JP Morgan Chase & Co.
Kansas City Power & Light
Kansas Gas & Electric Co.
Keithley Instruments Inc.
Kentucky Power Co.
Keycorp Ohio
Kimberly Clark
Korn Ferry International
Laser Master Int’l. Inc.
Linens N Things Inc.
LKQ Corp.
Louisiana Pacific Corp.
Manor Care Inc.
Marriott International Inc.
McDonnell Douglas Corp.
Media General Inc.
Medicalcontrol Inc.
Menasha Corporation
MidAmerican Energy Co.
Miix Group Inc.
Mississippi Power Co.
MNC Financial Inc.
Mueller Industries Inc.
National City Corporation
NationsBank
Nestle Enterprises
Norfolk Southern Corp.
Norfolk Southern Railway Co.
Northern States Power Co.
Ohio Power Co.
Old National
Olin Corporation
Owens & Minor Inc.
PacifiCorp
Panera Bread Co.
Panhandle Eastern Pipe Line Company
Parker Hannifin Corp.
Penn Treaty American Corp.
Penns Woods Bancorp Inc.
Phibro Animal Health Corp.
Philipp Brothers Chemicals Inc.
Phoenix Companies Inc.
Pinnacle Financial Services Inc.
Portland General Electric
Potlatch Corporation
PPG Industries
Procter & Gamble Company
PSS World Medical Inc.
Public Service Co. of New Mexico
Public Service Co. of Oklahoma
Public Service Enterprise Group
Questech Inc.
R. R. Donnelley & Sons Company
Ruddick Corp.
Ryder System Inc.
Sallie Mae (Stud Ln Mktg Assoc.)
Savannah Electric & Power Co.
Sequa Corp.
Service Merchandise Co., Inc.
Shearson Mortgage
Sherwin-Williams
Sky Chefs
Smart & Final Inc.
Smith Barney
Sonoco Products Co.
Southwest Bank
Southwest Water Co.
Southwestern Bell Corp.
Southwestern Electric Power Co.
Southwestern Public Service Co.
Star Banc Corp.
Stauffer Management Company
Steelcase Inc.
Sturgis Bancorp Inc.
Summit Bank of N.J.
Swank, Inc.
Tellabs Inc.
Tenet Healthcare Corp.
Texas Eastern Transmission Corp.
Tompkins Trustco Inc.
TXU Corp.
TYCO International
UniFirst Corp.
Union Bank
United National Bancorp
Urocor Inc.
Vineyard National Bancorp
W. R. Grace & Company
Wachovia Corporation
Walgreen Company
Wal-Mart Stores
Walt Disney
Wang’s International, Inc.
Wells Fargo, N.A.
West Coast Bancorp
West Texas Utilities Co.
Westar Energy Inc.
Western Aire Chef Inc
Western Resources, Inc.
Westpoint Pepperell
Winn Dixie
Winnebago Industries Inc.
Woolworth Corporation
Xcel Energy Inc.
York Water Co.
Zale Corp.
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...IF YOU WORK OR WORKED FOR THEM
Life insurance policies which pay out to an employer in the event of an employee’s death.
Michael Moore’s latest film, “Capitalism: A Love Story,” has reinvigorated discussion of “dead peasant policies,” as Jonathan Kim explained on The Huffington Post:
One of the more explosive revelations in “Capitalism” is “dead peasant” insurance policies (also known as “janitors” policies).
This is when a company buys a life insurance policy on a rank-and-file, low-level employee – usually without the employee’s knowledge – and claims the company as the beneficiary should the employee die.
The company retains the policy even after the employee leaves, and if the employee dies, the company receives a large, tax-free payout, which they then refuse to share with the family of the deceased.
Dead peasant policies were spotlighted in February 2009, when the widow of a Texas bank worker sued her husband’s former employer after it received a $1.6 million life-insurance payout following his death.
(In May 2009, Ellen E. Shultz reported in The Wall Street Journal that many banks use payouts from employee life insurance policies to help pay bonuses to current employees.)
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