How can I find out if my employer has a "Dead Peasant" insurance policy on me?
I hear many employers are taking life insurance policies out on their employees with the hope that they'll die within a certain timeframe. Is it true that they don't have to tell you about this evil, greedy, despicable act unless you ask them?
- Tom ZLv 78 years agoFavorite Answer
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...Source(s): ...
- StephenWeinsteinLv 78 years ago
You look at the date of birth on your driver's license. If it says that you were born after "dead peasant" insurance became illegal, or that you were born less than 15 years before "dead peasant" insurance became illegal, then your employer does not have a dead peasant insurance policy on you. If it says that you were born more than 20 years before dead peasant insurance became illegal, then it is theoretically possible, but still very unlikely.
There are probably more questions about dead peasant insurance posted on Yahoo Answers every year than there are dead peasant insurance policies left in the entire country.
No companies are taking out dead peasant insurance on regular employees. It has been illegal for many years.
A few companies are taking out insurance policies on senior executives to protect themselves from financial losses caused by the death of an executive. And those senior executives definitely know about it, because they are so high up in the company that they would know everything the company does, even if it did not involve them personally. And most companies are not even doing that.
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- RobLv 78 years ago
simple is ask them.
under many countries laws
they can do this and no
need to tell u.
NOR is it evil greedy etc.
u aren't being hurt or any thing
else by it.
them are actually protecting them self
against a business loss. legal.
no the hope isn't u die in time frame
most DP are just for when u work there.
IF u want term life insurance u can
buy it. no law against it.
if it bothers u, become a business owner
see how the shoes fit.Source(s): been all sides of coin
You mean to say you hear the WERE many years ago? Because they don't and they aren't. Regardless, why would you care? If I buy a life insurance policy on you then it's my premium going into the policy, so I get the death benefit if you die. It's only evil and greedy if I encourage you to smoke, push you down the stairs, slip anti-freeze in your Kool-Aid, etc...
- cornetteLv 43 years ago
Wow you're in simple terms in basic terms a Michael Moore On. THERE under no circumstances replaced into A loose industry gadget WITH well-being CARE THE GOVERNEMENT RUINED THE loose industry WITH MEDICARE AND MEDICAID, THEY ACTED LIKE coverage companies AND SATURATED THE industry. AN coverage company won't be able to sell scientific coverage TO people while the government IS GIVING IT OUT for loose, IT CORNERS THE loose industry TO A SMALLER objective industry. you're AN fool. How do you even web page Michael Moore, he stated 9/11 replaced into an interior job, he replaced into incorrect, Bush under no circumstances have been given impeached, you credit a dumbass.
You check which country you live in, and stop watching Michael Moore movies.
Dead Peasant policies were outlawed in the USA about 30 years ago.
- 6 years ago
Many company's give you a FREE life insurance policy of 10,000 for your family, the small print in the form you sign says that they can take out a policy of 50,000 for them that is tax free because they were so kind to give you the "free" 10,000. This is how they get around the law.
- falsi fiableLv 78 years ago
It is true and very legal. Unfortunately Republicans have blocked every legislative attempt to ban the practice.