"Dead Peasants insurance." Is your employer betting on your existence expectancy?
From ABC News: Are 'Dead Peasant' Life Insurance Policies Fair?. The anchors were "stunned" to find that this is going on after watching Michael Moore's new movie, Capitalism a Love Story. Maybe Claire Shipman wouldn't be so surprised if they weren't using a documentary motion picture maker as their research department.
Life insurance used to be rather straightforward, set for offering security to loved ones in a tough time.
So when Irma Johnson intellectual that her husband, Daniel, who died of brain cancer, had been insured for $1.5 million, it should hold been at least a small comfort.
But she did not receive the money. His employer did.
It's one of the strangest free-market perversions that Michael Moore highlights surrounded by his latest film, "Capitalism: A Love Story."
In the corporate practice dubbed "Dead Peasants" natural life insurance, companies wager on employees' lives, expecting to make money when they die.
And it's pervasive, said Mike Myers, an attorney who has uncovered lots of these cases and helped angry relatives sue.
"Life insurance is traditionally used to guard against the death of breadwinners. This is an investment undertaking," he said.
Dozens of blue chip companies have these policies, according to Myers. But only bank are forced to reveal them, and several have billions of dollars worth of policies.
"The driving force behind it is the export tax deductions," he said.
The life insurance policies be designed to allow companies to insure a few crucial executives. Savvy companies then realized they could also procure a tax break by insuring many lower-level organization.
The financial scheme doesn't actually cost the force anything, except, some say, their trust.
Betina Tillman felt shocked and deceive when a reporter from The Wall Street Journal told her that her brother, a music store cashier, was insured by his employer for $339,000 when he died, despite the certainty that he no longer worked at the store.
"We were just surrounded by disbelief they were able to do it, and in truth cash the policy and cash contained by on the policy," Tillman said.
She sued, and won. Now, the government mandates that companies buy the consent of employees.
Answers:
Wow you're just purely a Michael Moore On.
THERE NEVER WAS A FREE MARKET SYSTEM WITH HEALTH CARE
THE GOVERNEMENT RUINED THE FREE MARKET WITH MEDICARE AND MEDICAID, THEY ACTED LIKE INSURANCE COMPANIES AND SATURATED THE MARKET.
AN INSURANCE COMPANY CAN'T SELL HEALTH INSURANCE TO PEOPLE WHEN THE GOVERNMENT IS GIVING IT OUT FOR FREE, IT CORNERS THE FREE MARKET TO A SMALLER AUDIENCE. YOU'RE AN IDIOT.
How do you even site Michael Moore, he said 9/11 was an inside errand, he was wrong, Bush never got impeach, you credit a dumbass.
to some extent a disgusting situation, isn't it?
It is truly Capitalism at it's worst and diabolically evil .
It is too bad that our command is actually forced to step in and police these big corporations .
Related Questions:
Life insurance used to be rather straightforward, set for offering security to loved ones in a tough time.
So when Irma Johnson intellectual that her husband, Daniel, who died of brain cancer, had been insured for $1.5 million, it should hold been at least a small comfort.
But she did not receive the money. His employer did.
It's one of the strangest free-market perversions that Michael Moore highlights surrounded by his latest film, "Capitalism: A Love Story."
In the corporate practice dubbed "Dead Peasants" natural life insurance, companies wager on employees' lives, expecting to make money when they die.
And it's pervasive, said Mike Myers, an attorney who has uncovered lots of these cases and helped angry relatives sue.
"Life insurance is traditionally used to guard against the death of breadwinners. This is an investment undertaking," he said.
Dozens of blue chip companies have these policies, according to Myers. But only bank are forced to reveal them, and several have billions of dollars worth of policies.
"The driving force behind it is the export tax deductions," he said.
The life insurance policies be designed to allow companies to insure a few crucial executives. Savvy companies then realized they could also procure a tax break by insuring many lower-level organization.
The financial scheme doesn't actually cost the force anything, except, some say, their trust.
Betina Tillman felt shocked and deceive when a reporter from The Wall Street Journal told her that her brother, a music store cashier, was insured by his employer for $339,000 when he died, despite the certainty that he no longer worked at the store.
"We were just surrounded by disbelief they were able to do it, and in truth cash the policy and cash contained by on the policy," Tillman said.
She sued, and won. Now, the government mandates that companies buy the consent of employees.
Answers:
Wow you're just purely a Michael Moore On.
THERE NEVER WAS A FREE MARKET SYSTEM WITH HEALTH CARE
THE GOVERNEMENT RUINED THE FREE MARKET WITH MEDICARE AND MEDICAID, THEY ACTED LIKE INSURANCE COMPANIES AND SATURATED THE MARKET.
AN INSURANCE COMPANY CAN'T SELL HEALTH INSURANCE TO PEOPLE WHEN THE GOVERNMENT IS GIVING IT OUT FOR FREE, IT CORNERS THE FREE MARKET TO A SMALLER AUDIENCE. YOU'RE AN IDIOT.
How do you even site Michael Moore, he said 9/11 was an inside errand, he was wrong, Bush never got impeach, you credit a dumbass.
to some extent a disgusting situation, isn't it?
It is truly Capitalism at it's worst and diabolically evil .
It is too bad that our command is actually forced to step in and police these big corporations .
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