Apr 22 2010

Does Your Boss Want You Dead?

Published by admin at 8:47 am under Uncategorized

Frighteningly enough, these days it’s reasonably probably that they might.

Thanks to insurance industry reform that happened in the 1980′s, your boss can take out a (tax free) life insurance policy on you and keep 100% of the benefits from that policy without sharing any of it with your surviving family members. And many companies are doing just that. Hundreds of companies, like Dow Chemical, Procter & Gamble, Wal-Mart, Walt Disney and Winn-Dixie are doing just that. Often times using the proceeds to cover the retirement benefits of the employee and, in addition, make a little profit. And this is not a rare situation. A full 20% of the life insurance policies sold in the US are sold for this purpose. That’s $8 billion a year in premiums, which also was estimated to cost us taxpayers $9 billion in tax breaks over a 5 year period. Not to mention that it weakens a company’s incentive to provide a safe work setting.

Less safe? You might ask yourself if it would seem like somewhat of a conflict of interest with an employee’s desire to have their employer maintain a safe working environment for them, wouldn’t you? But as with anything in the corporate arena, it depends on the bottom line. OSHA fines for not providing proper safety equipment? Do they equal less than the amount of the insurance policy? Yes? Don’t worry about it then.

There recently was an attempt to reform this practice out of existence, but the insurance industry was able to lobby congress and derail reform. Does this sort of power of the insurance lobby seem a bit familiar as of late? Maybe in relation to health care reform?

In any case, this all is a bit too creepy by my standards, but my standards aren’t that of Corporate America.

If you’re interested in finding out more, MSN’s Money Central did a good job covering this Dead Peasant/Dead Janitor concept and Michael Moore included it in Sicko. And if you find it as distasteful as I do, you might want to this about contacting your representative.

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2 Responses to “Does Your Boss Want You Dead?”

  1. [...] This post was mentioned on Twitter by Dirty Hippie. Dirty Hippie said: Does Your Boss Want You Dead?: Frighteningly enough, these days it’s reasonably probably that they might. Thanks t… http://bit.ly/bcFpQT [...]

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