Companies taking out life insurance policies on employees

[Jiro]

You prefer to let company to take money after you died?

TAKE money? uh.... they're taking nothing from me.

they will collect insurance on me. anyway I don't see why not. after all - it will pay for my funeral anyway I can only hope that the extra profit they made off from my death will go into job expansion rather than CEO's bonus pay

 

[Secretblend]

You prefer to let company to take money after you died?

Yea, better than before I die and I am in need of that money. :P

 

[Mewtilation]

Exactly, as I said previous and Jiro stated. It isn't like companies are insuring every employee. Companies are only going to take out life insurance on employees that are worth significant amounts of money to them or in for long hauls.

 

[Jiro]

Exactly, as I said previous and Jiro stated. It isn't like companies are insuring every employee. Companies are only going to take out life insurance on employees that are worth significant amounts of money to them or in for long hauls.

and plus - the employers need their permissions to put out life insurance on them.

which makes it completely and virtually pointless to demand to make it illegal when you have the power to say "NO" to an employer wanting to put out a life insurance on you. utterly and stupidly pointless.

 

[Foxrac]

TAKE money? uh.... they're taking nothing from me.

they will collect insurance on me. anyway I don't see why not. after all - it will pay for my funeral anyway I can only hope that the extra profit they made off from my death will go into job expansion rather than CEO's bonus pay

Oh I see, for me, it will depending on how worth is company - if I see company as most valued to me so they will have my permission.

Yes, life insurance pay for funeral too, but any leftover could go to your future wife or future son/daughter.

My parent have a great life insurance so that why my mother will be not in financial crisis after my father dies, also my father has a lot of health problems.

 

[Secretblend]

Oh I see, for me, it will depending on how worth is company - if I see company as most valued to me so they will have my permission.

Yes, life insurance pay for funeral too, but any leftover could go to your future wife or future son/daughter.

My parent have a great life insurance so that why my mother will be not in financial crisis after my father dies, also my father has a lot of health problems.

Who's paying for that and who should collect?



Now what op was talking about, who's paying for that and who should collect?


Now still think it's wrong?

 

[CrazyPaul]

because this article is stupid like this - http://www.alldeaf.com/current-events/119355-walmart-crushed-new-york-times.html.



did you know when you deposit your money in your bank... your bank is also using your money for whatever they can to increase their profits - such as life insurance policies? since you want to make it illegal - you better not whine about your pension payout being so little.

What has a life insurance do with retirement benefits? When I retire, I will get retirement benefits that I pay for. How can I be greedy like that? I pay for it!!! Jesus Christ!

NOW this... Nonsense!

everybody is forgetting that companies ASKED for their permissions first. again - there's nothing wrong with companies seeing many ways to make profits to pay out for... for example.... your pension and retirement package.

If I die before I retire, where will money from the life insurance they buy ON me go?????

 

[Secretblend]

What has a life insurance do with retirement benefits? When I retire, I will get retirement benefits that I pay for. How can I be greedy like that? I pay for it!!! Jesus Christ!

NOW this... Nonsense!


If I die before I retire, where will money from the life insurance they buy ON me go?????

What does retirement and life insurance have to do with each other?

 

[Jiro]

Oh I see, for me, it will depending on how worth is company - if I see company as most valued to me so they will have my permission.

sure! your choice! your decision! no problem at all! now you understand why I don't see anything wrong with this? the OP is just making a mountain out of molehill with intended misinformation to raise a pointless ruckus.

Yes, life insurance pay for funeral too, but any leftover could go to your future wife or future son/daughter.

nope! it goes to your company. if you opt in for a life insurance as offered by your company which is part of your benefit package... then yes it goes to your family.

My parent have a great life insurance so that why my mother will be not in financial crisis after my father dies, also my father has a lot of health problems.

excellent. good to hear.

 

[Foxrac]

Who's paying for that and who should collect?

Now what op was talking about, who's paying for that and who should collect?

Now still think it's wrong?

Your question is confusing me.

At first, when I read article from OP and I don't like company to take money from life insurance that I paid every payroll. I just want life insurance for my family, not company that where give money to CEO.

Jiro clarified most of part so I understand now.

 

[Foxrac]

sure! your choice! your decision! no problem at all! now you understand why I don't see anything wrong with this? the OP is just making a mountain out of molehill with intended misinformation to raise a pointless ruckus.

nope! it goes to your company. if you opt in for a life insurance as offered by your company which is part of your benefit package... then yes it goes to your family.

excellent. good to hear.

Oh, I got it now - two different life insurance... one for company and one for me under benefit package.

Damn, Mark brainwashed me so beer can't clean my brain.

 

[Jiro]

What has a life insurance do with retirement benefits? When I retire, I will get retirement benefits that I pay for. How can I be greedy like that? I pay for it!!! Jesus Christ!

so exactly how is it greedy to company if they're PAYING for a life insurance on you?

NOW this... Nonsense!

If I die before I retire, where will money from the life insurance they buy ON me go?????

I'm assuming that you opted in for a life insurance for yourself so the money will go to a beneficiary(ies) that you chose.

did your employer ask you if they can put out another life insurance on you for themselves?

 

[Secretblend]

Your question is confusing me.

At first, when I read article from OP and I don't like company to take money from life insurance that I paid every payroll. I just want life insurance for my family, not company that where give money to CEO.

Jiro clarified most of part so I understand now.

In that case, Ignore my questions.

 

[Foxrac]

In that case, Ignore my questions.

No problem - I understand about two different life insurance now.

 

[Jiro]

Oh, I got it now - two different life insurance... one for company and one for me under benefit package.

Damn, Mark brainwashed me so beer can't clean my brain.

THERE YOU GO!!!!!!

plus - you can have as many life insurances as you want for yourself! just remember - a life insurance on you for company MUST be obtained by your permission first. that's required by law.

the reasons why companies do this and have been doing this for a long time because it's one of the many ways to keep companies afloat financially in order to pay out pensions, retirement packages, job expansion, expenses involved due to sudden loss of valuable employee, etc.

by making entire thing illegal (which is pointless since you have the power to say yes or no).... there's absolutely no way for company to survive long-term and I can't see any viable job growth/expansion without it.

 

[CrazyPaul]

Oh I see, for me, it will depending on how worth is company - if I see company as most valued to me so they will have my permission.

Yes, life insurance pay for funeral too, but any leftover could go to your future wife or future son/daughter.

My parent have a great life insurance so that why my mother will be not in financial crisis after my father dies, also my father has a lot of health problems.

No, no, no... life insurance doesn't pay for funeral. For example, your mother gets life ins money as a beneficiary when you die, she pays out of it. The life insurance company don't pay directly to your funeral.

 

[CrazyPaul]

What does retirement and life insurance have to do with each other?

Ask Jiro! Re-read his posts!

 

[Jiro]

No, no, no... life insurance doesn't pay for funeral. For example, your mother gets life ins money as a beneficiary when you die, she pays out of it. The life insurance company don't pay directly to your funeral.

quibbling, aren't we?

bottom line - the mother is not paying with her own dime for the funeral because it came from life insurance money.

 

[Foxrac]

THERE YOU GO!!!!!!

plus - you can have as many life insurances as you want for yourself! just remember - a life insurance on you for company MUST be obtained by your permission first. that's required by law.

the reasons why companies do this and have been doing this for a long time because it's one of the many ways to keep companies afloat financially in order to pay out pensions, retirement packages, job expansion, expenses involved due to sudden loss of valuable employee, etc.

by making entire thing illegal (which is pointless since you have the power to say yes or no).... there's absolutely no way for company to survive long-term and I can't see any viable job growth/expansion without it.

Yes, finally I understand... Funny, life insurance for company isn't covered under business course that I took at college, so that why I was confused.

Now, I have answer for Secretblend's last question (Is it wrong?) - my answer is NO, it isn't wrong for company to use life insurance on me for job expansion and other best interest forcompanies.

 

[Foxrac]

I don't like NYT article... UGH!!!!!

I rather to read Fox News over NYT.