Does Your Company Carry, “Dead Peasants” Life Insurance On You?
To many of the ‘Torture 500’ companies, we are worth more to them dead than alive. Currently, only banks must declare these secretive, tax-deductible policies. A few bank positions of ‘Dead Peasant’ policies…..
Bank of America: $17.5 Billion
Wells Fargo: $ 5.7 Billion
WaMu: $ 5.0 Billion
Citigroup: $ 4.2 Billion
And here I thought we are called ‘sheeple’, not ‘peasants’. Disappointed! Seem to remember a few ‘peasant revolts’ from history class??????
ABC’s, ‘Good Morning America’ 4 min. video
Unless the company purchasing the policy was doing something to increase the potential for you to die I really see no problem with it. I know that some hobby clubs and non-profits do this. Usually it is with full knowledge of the insured. They pay all premiums AND have wait until you die. Could be a very long wait in some cases. In the end, this practice is not much different that “key person” insurance.
Well there is the ‘tax deductability’ issue. Do individual citizens enjoy this feature? In a day when government is drowning in debt, a corporation can decide these insurance contracts are a far better investment that paying taxes.
And I rather feel there is a moral issue, of having someone, something, benefiting from my death without me knowing about it, but maybe that’s just me….
Oh!! That’s right John…the company will never get sufferred from any life insurance packages (except property and car insurance) because of TAX DEDUCTABILITIES are already offerred by the government.
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual’s or individuals’ death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount (at regular intervals or in lump sums). There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured’s demise.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the ‘peace of mind’ experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
Thanks for sharing this post with me.This is very important in daily activities and in doing physical task. I really appreciate your way of presenting this post with a excellent suggestion.I want some more about this article. Since I am the frequent visitor to this blog I will be back here to see more updates in future My best wishes for you.Always keep your excellency and efficiency.Chattel Mortgage