Foreign Press Foundation
''DEAD PEASANT'' LIFE INSURANCES: YOU TOO ?
Thu Jan 6, 2005 11:37
213.93.189.198
How much are you really worth to your employer?
The answer to that question may depend on whether you're alive or dead.
Some news reports have revealed that still many large companies purchase so-called "Dead Peasant" life insurance policies on low wage employees, without their consent or knowledge. When the employees die, their families receive nothing. Instead, the companies reap the benefits, and in some cases use the money to fund compensation packages for high level executives.
''DEAD PEASANT'' LIFE INSURANCES*
by Henk Ruyssenaars
FPF-update - Jan-06-2005 - Imagine yourself being informed via the media that your whole pension is gone, your savings and most of your health too.
You're tired of working, and now it shows you too have been 'Enronned'.
You find out the multinational you have been slaving for, all your not too happy life, still makes more money profiting from your death. They collect the so called "Dead Peasant insurance'' on your life, which they - unknown to you - had taken.
While you finish your days in a cheap cardboard coffin - or nowadays more likely in a body bag - your former employer is benefiting from the money of the life insurance you didn't know about.
"Dead Peasant" insurance is such a deal that Wal-Mart and lots of big companies do it. See, a company like Wal-Mart takes out life insurance on low-wage employees - then it gets to deduct the premiums from its taxes.
AND WHEN THE EMPLOYEE DIES, THE COMPANY GETS A BENEFIT BETWEEN $64,000 TO MORE THAN $250,000.
They call this fraud with so-called 'corporate owned life insurance', or 'COLI'. The whole scheme is as bad as ''Coli bacteria'': Researchers are unlocking the secrets of Escherichia coli bacteria, or E. coli, and like many corporate directors killing you - there are more than 150 strains.
On 04-19-2002 already [even] The Wall Street Journal, in a series of amazing articles, revealed that hundreds of leading American companies - among them Walt Disney, Procter & Gamble, Nestle USA and AT&T - have bought life insurance on millions of their current and former employees.
These employees are neither asked their permission nor informed, and when they die, the companies quietly collect. The company YOU work for could collect tens of thousands of dollars from insurance companies when you die, with your family not seeing a penny of that money!
This modern perversion of corporate owned life insurance, or COLI, has apparently been going on since the 1980s. Corporations privately call it "janitors insurance," or in some cases "dead peasants insurance."
History: Manhattan Life, for instance, reported that it insured a cargo of 700 Chinese workers on an 1854 trip, valuing their lives at $120 apiece.
Three of the workers jumped overboard during the journey, while 11others died of disease.
"Manhattan Life paid $408, one-fourth of the total loss, and consequently made $432 on this transaction," the company reported in 1961.
The Wall Street Journal* quoted a memo from the insurance consultants for the grocery store chain Winn-Dixie, who referred to the insurance: "I want a summary sheet that has ... the 'Dead Peasants' in the third column,".
As with most things in Corporate America, greed is what drives a company to take out life insurance policies on low-level workers to avoid taxes and
generate income.
What this amounts to is speculating on death.
Or is it just another symptom of the 'Enron economy' in America ?
Henk Ruyssenaars
* And when the employee dies, the company gets a benefit, Full Story - Url.: http://tinyurl.com/6jh8v
*How much are you worth dead to your company? Url.:
http://www.hereinreality.com/deadpeasant.html
''DEAD PEASANT'' LIFE INSURANCES: YOU TOO ?
Thu Jan 6, 2005 11:37
213.93.189.198
How much are you really worth to your employer?
The answer to that question may depend on whether you're alive or dead.
Some news reports have revealed that still many large companies purchase so-called "Dead Peasant" life insurance policies on low wage employees, without their consent or knowledge. When the employees die, their families receive nothing. Instead, the companies reap the benefits, and in some cases use the money to fund compensation packages for high level executives.
''DEAD PEASANT'' LIFE INSURANCES*
by Henk Ruyssenaars
FPF-update - Jan-06-2005 - Imagine yourself being informed via the media that your whole pension is gone, your savings and most of your health too.
You're tired of working, and now it shows you too have been 'Enronned'.
You find out the multinational you have been slaving for, all your not too happy life, still makes more money profiting from your death. They collect the so called "Dead Peasant insurance'' on your life, which they - unknown to you - had taken.
While you finish your days in a cheap cardboard coffin - or nowadays more likely in a body bag - your former employer is benefiting from the money of the life insurance you didn't know about.
"Dead Peasant" insurance is such a deal that Wal-Mart and lots of big companies do it. See, a company like Wal-Mart takes out life insurance on low-wage employees - then it gets to deduct the premiums from its taxes.
AND WHEN THE EMPLOYEE DIES, THE COMPANY GETS A BENEFIT BETWEEN $64,000 TO MORE THAN $250,000.
They call this fraud with so-called 'corporate owned life insurance', or 'COLI'. The whole scheme is as bad as ''Coli bacteria'': Researchers are unlocking the secrets of Escherichia coli bacteria, or E. coli, and like many corporate directors killing you - there are more than 150 strains.
On 04-19-2002 already [even] The Wall Street Journal, in a series of amazing articles, revealed that hundreds of leading American companies - among them Walt Disney, Procter & Gamble, Nestle USA and AT&T - have bought life insurance on millions of their current and former employees.
These employees are neither asked their permission nor informed, and when they die, the companies quietly collect. The company YOU work for could collect tens of thousands of dollars from insurance companies when you die, with your family not seeing a penny of that money!
This modern perversion of corporate owned life insurance, or COLI, has apparently been going on since the 1980s. Corporations privately call it "janitors insurance," or in some cases "dead peasants insurance."
History: Manhattan Life, for instance, reported that it insured a cargo of 700 Chinese workers on an 1854 trip, valuing their lives at $120 apiece.
Three of the workers jumped overboard during the journey, while 11others died of disease.
"Manhattan Life paid $408, one-fourth of the total loss, and consequently made $432 on this transaction," the company reported in 1961.
The Wall Street Journal* quoted a memo from the insurance consultants for the grocery store chain Winn-Dixie, who referred to the insurance: "I want a summary sheet that has ... the 'Dead Peasants' in the third column,".
As with most things in Corporate America, greed is what drives a company to take out life insurance policies on low-level workers to avoid taxes and
generate income.
What this amounts to is speculating on death.
Or is it just another symptom of the 'Enron economy' in America ?
Henk Ruyssenaars
* And when the employee dies, the company gets a benefit, Full Story - Url.: http://tinyurl.com/6jh8v
*How much are you worth dead to your company? Url.:
http://www.hereinreality.com/deadpeasant.html