Your company could have a life insurance policy on you that you know nothing about.

 Which employers bought policies on the lives of employees?

 

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. Whats 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 companys top executives. This policy is being paid for by a tax break given to employers! http://www.youtube.com/watch?v=-cLrXYmUurE
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. http://www.youtube.com/watch?v=t4ZdgIk8f_o&feature=player_em...

Because a company’s purchase of insurance policies is not a public record, it is virtually impossible to know every company that invested in policies on employees’ lives. The following companies, however, are believed to have been named as the beneficiary of life insurance policies on employees:

• ADAC Laboratories
• Advanced Telecommunication Corp.
• Aeroquip Vickers Inc.
• Alabama Power Co.
• Alfa Corp.
• Allegheny Technologies Inc.
• Allergan Inc.
• Allfirst Financial Inc.
• American Business Products, Inc.
• American Electric Power
• American Express Co.
• American Greetings Corp.
• American Management Systems Inc.
• American Seafoods Group LLC
• Ameritech Corp.
• Amerus Group Co.
• Anadarko Petroleum Corporation
• Appalachian Power Co.
• Arch Chemical
• Aristech Chemical Corp.
• AT&T Communications
• Atlantic Richfield Co.
• Avery Dennison Corp
• Avon Products Inc.
• B. F. Goodrich Company
• Ball Corporation
• Bank Boston
• Bank Of America
• Bank One Corp.
• Barnett Banks Inc.
• Bassett Furniture Industries Inc.
• Be Aerospace Inc.
• Bear Stearns Companies
• Bellsouth Corporation
• Boise Cascade Corp.
• Boston Company
• Boston Federal
• Bristol-Myers Squibb Company
• Camelot Music, Inc.
• Carolina Power & Light Co.
• Carpenter Technology Corp.
• Catskill Financial Corp.
• Central Power & Light Co.
• Ch2m Hill Companies Ltd.
• Charming Shoppes, Inc.
• Checkfree Corp.
• Chemical Banking Corporation
• Citibank, N.A.
• Citizens Bank
• Clark Inc.
• Clorox Company
• CNF Inc.
• Coca-Cola Company
• Columbus Southern Power Co.
• Commercial Intertech Corp.
• Compass Bank (Florida & Alabama)
• Computer Technology Associates Inc.
• Consolidated Natural Gas Co.
• Consolidated Rail Corporation
• Cox Enterprises, Inc.
• CTA Inc.
• Cymer Inc.
• Diamond Shamrock Inc.
• Diebold Inc.
• Dime Bancorp Inc.
• Dow Chemical
• Earle M. Jorgensen Co.
• Eastman Kodak Company
• Eaton Corp.
• ECC Capital Corp.
• Enserch Corp.
• F&M Bancorp
• FiberMark Inc.
• Figgie International Inc.
• Fina Oil & Chemical Company
• First Bank System Inc.
• First Commonwealth
• First Midwest Bancorp Inc.
• Fleet Bank
• FleetBoston Financial Corp.
• Flightsafety International Inc.
• Frontier Bank
• Fulton Financial Corp.
• GATX Corporation
• Georgia Power Co.
• GNC Corp.
• Great Plains Energy Inc.
• GTE Corporation
• Gulf Power Co.
• HCR Manor Care Inc
• Hechinger Company
• Heritage Commerce Corp.
• Herman Miller Inc.
• Hershey Foods Corporation
• Hillenbrand Industries, Inc.
• Hosiery Corporation of America
• Houghton Mifflin
• Household Finance
• Hovnanian Enterprises Inc.
• Hughes Supply Inc
• ICI Americas, Inc.
• Idaho Power Company
• IKON Office Solutions Inc.
• Indiana Michigan Power Co.
• Integra Bank Corp.
• Intermark Inc.
• Iowa First Bancshares Corp.
• Iroquois Bancorp Inc.
• J Jill Group Inc.
• JP Morgan Chase & Co.
• Kansas City Power & Light
• Kansas Gas & Electric Co.
• Keithley Instruments Inc.
• Kentucky Power Co.
• Keycorp Ohio
• Kimberly Clark
• Korn Ferry International
• Laser Master Int’l. Inc.
• Linens N Things Inc.
• LKQ Corp.
• Louisiana Pacific Corp.
• Manor Care Inc.
• Marriott International Inc.
• McDonnell Douglas Corp.
• Media General Inc.
• Medicalcontrol Inc.
• Menasha Corporation
• MidAmerican Energy Co.
• Miix Group Inc.
• Mississippi Power Co.
• MNC Financial Inc.
• Mueller Industries Inc.
• National City Corporation
• NationsBank
• Nestle Enterprises
• Norfolk Southern Corp.
• Norfolk Southern Railway Co.
• Northern States Power Co.
• Ohio Power Co.
• Old National
• Olin Corporation
• Owens & Minor Inc.
• PacifiCorp
• Panera Bread Co.
• Panhandle Eastern Pipe Line Company
• Parker Hannifin Corp.
• Penn Treaty American Corp.
• Penns Woods Bancorp Inc.
• Phibro Animal Health Corp.
• Philipp Brothers Chemicals Inc.
• Phoenix Companies Inc.
• Pinnacle Financial Services Inc.
• Portland General Electric
• Potlatch Corporation
• PPG Industries
• Procter & Gamble Company
• PSS World Medical Inc.
• Public Service Co. of New Mexico
• Public Service Co. of Oklahoma
• Public Service Enterprise Group
• Questech Inc.
• R. R. Donnelley & Sons Company
• Ruddick Corp.
• Ryder System Inc.
• Sallie Mae (Stud Ln Mktg Assoc.)
• Savannah Electric & Power Co.
• Sequa Corp.
• Service Merchandise Co., Inc.
• Shearson Mortgage
• Sherwin-Williams
• Sky Chefs
• Smart & Final Inc.
• Smith Barney
• Sonoco Products Co.
• Southwest Bank
• Southwest Water Co.
• Southwestern Bell Corp.
• Southwestern Electric Power Co.
• Southwestern Public Service Co.
• Star Banc Corp.
• Stauffer Management Company
• Steelcase Inc.
• Sturgis Bancorp Inc.
• Summit Bank of N.J.
• Swank, Inc.
• Tellabs Inc.
• Tenet Healthcare Corp.
• Texas Eastern Transmission Corp.
• Tompkins Trustco Inc.
• TXU Corp.
• TYCO International
• UniFirst Corp.
• Union Bank
• United National Bancorp
• Urocor Inc.
• Vineyard National Bancorp
• W. R. Grace & Company
• Wachovia Corporation
• Walgreen Company
• Wal-Mart Stores
• Walt Disney
• Wang’s International, Inc.
• Wells Fargo, N.A.
• West Coast Bancorp
• West Texas Utilities Co.
• Westar Energy Inc.
• Western Aire Chef Inc
• Western Resources, Inc.
• Westpoint Pepperell
• Winn Dixie
• Winnebago Industries Inc.
• Woolworth Corporation
• Xcel Energy Inc.
• York Water Co.
• Zale Corp.

Which employers bought policies on the lives of employees? – Dead Peasants Insurance FAQ