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Dead Peasant Insurance
also known as "Dead Janitors Insurance"
Dead Peasant Insurance

How much are you worth dead to your company?

Wall Street Journal:  "The practice is as widespread as it is little-known.  Millions of current and former workers at hundreds of large companies are thus worth a great deal to their employers dead, as well as alive, yielding billions of dollars in tax breaks over the years, as well as a steady stream of tax-free death benefits."
Does yours?

Dead Peasant Policy:  From the Washington Post Primer, April 20, 2002

Industry slang for insurance policies taken out by corporations on the lives of thousands of their rank-and-file employees, usually without workers' knowledge or consent.
An insurance product that allows corporations to earn tax-free investment income on money put aside for retiree health and pension benefits
According to articles in the Houston Chronicle and Wall Street Journal last week, a questionable gambit used by at least 100 large corporations to boost profits by taking advantage of the tax-shelter features of life insurance.
The source of an estimated $6 billion in lost tax revenue to the Treasury each year and the subject of several pending tax court cases.
A product actively marketed by the insurance industry as an "attractive, off-balance-sheet asset."
 
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