was treated so callously by an organization that was to support & look after her. Your story is a clear example of greedy union leaders serving their own interests & not the interests of union members. Sadly, I think these types of stories come to mind for many people when they think of unions. Senator Dorgan is right when he says we are locked in a continual struggle to balance labor & management. It will be interesting to see if he addresses powerful & corrupt unions in his book. Actions like those by your fathers union have done serious damage to the image of unions in this country.
These days, however, the company may very well have taken a life insurance policy out on your father to collect at his death. It's called peasants insurance or corporate owned life insurance (COLI).
Does your boss want you dead?http://moneycentral.msn.com/content/Insurance/P64954.aspsnip...
Right now, your company could have a life insurance policy on you that you know nothing about. When you die -- perhaps years after you leave your employer -- the tax-free proceeds from this policy wouldn’t go to your family. The money would go to the company.
What’s more, the company might use this policy to pay for retirement benefits and other perks not for you or your fellow workers, but for your company’s top executives.
Sound outrageous? Such corporate-owned life insurance is also big business:
Companies pay a whopping $8 billion in premiums each year for such coverage, according to the American Council of Life Insurers, a trade group.
The policies make up more than 20% of the all the life insurance sold each year.
Companies expect to reap more than $9 billion in tax breaks from these policies over the next five years. The policies are treated as whole life policies. So, companies can borrow against the policies (though the IRS won't let them write off the interest). And the death benefits are tax-free.
Hundreds of companies -- including Dow Chemical, Procter & Gamble, Wal-Mart, Walt Disney and Winn-Dixie -- have purchased this insurance on more than 6 million rank-and-file workers.
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I could not believe when I first read this story. I was under the impression that one could not take out a life policy on someone else without their consent & knowledge. ???
Sigh. I am fortunate that I have lived most of my life during one of the more balanced times & have enjoyed the prosperity that that balance brought to our country.
:hi: