Is it true that they don't have to tell you about this evil, greedy, despicable act unless you ask them?
No, it's not true. The COLI Best Practices Provision, within The Pension Protection Act of 2006, was signed into law on August 17, 2006. The provision has notice and consent requirements that must be followed.
The Employee must :
Be notified in writing that the employer intends to insure the employee’s life and the maximum face amount for which the employee could be insured at the time the contract is issued.
Provide written consent to be insured under the contract during and after active employment.
Be informed in writing that the employer will be the beneficiary of any death benefits...