How much are you worth dead to your company?
Wall Street Journal: "The practice is as widespread as it is little-known. Millions of current and former workers at hundreds of large companies are thus worth a great deal to their employers dead, as well as alive, yielding billions of dollars in tax breaks over the years, as well as a steady stream of tax-free death benefits."
Dead Peasant Policy: From the Washington Post Primer, April 20, 2002
• Industry slang for insurance policies taken out by corporations on the lives of thousands of their rank-and-file employees, usually without workers' knowledge or consent.
• An insurance product that allows corporations to earn tax-free investment income on money put aside for retiree health and pension benefits
• According to articles in the Houston Chronicle and Wall Street Journal last week, a questionable gambit used by at least 100 large corporations to boost profits by taking advantage of the tax-shelter features of life insurance.
• The source of an estimated $6 billion in lost tax revenue to the Treasury each year and the subject of several pending tax court cases.
• A product actively marketed by the insurance industry as an "attractive, off-balance-sheet asset."
Enron Subsidiary took out Dead Peasant Insurance
Workers lost their retirement; benefits are paid to executive's retirement fund
http://www.hereinreality.com/deadpeasant.html
Wal-Mart and MOST large companies, take out life insurance on it's employees, without their knowing. If an employee dies, ALL theinsurance moneys go to the companies. i.e. An employee making $18,000per year, dies, and the company might make as much as $1 million. Most often these moneys, coming from what is commonly referred to as "Dead Peasant Life Insurance Policies", is paid out to executives as bonuses.(A common practice, unknown by the common man)
http://hk02.hkreporter.com/talks/viewthread.php?action=printable&tid=899072
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