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There are a few ethical issues with dead peasant life insurance.
1. Often it is more profitable for the company if the employee dies, rather than stays alive.
2. The money goes to the company as opposed to the family of the 'dead peasant.' None of the money is used to pay for funeral expenses, living expenses for the family of the dead person.
3. Often in medical cases, the money that the company receives could have been used to pay for medical care that would have kept the person alive!
4. It provides dubious 'tax shelters' for major companies.
5. The insurance is sometimes bought without the employees' knowledge or consent. (Some states now required employees' knowledge in order to purchase this insurance).
6. If you get sick, it is in the company's interest that you die quickly, rather than be a burden on the company's short term disability payout.
Summary: The company is profiting off the death of their employees, and has a vested interest in their deaths.
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Can a Canadian company purchase dead peasant Life insurance on their employees in Canada?
I believe that any American company operating in Canada can purchase such a policy in the United States for its Canadian employees.
Can someone buy life insurance on someone else for profit?
You're talking about a 'dead peasant' policy. Yes, they do exist. Wal Mart was one of the bigger known names doing that with their employees.
What is dead peasants' insurance?
Dead Peasants insurance is a nickname for life insurance bought by a company on its workers, payable to itself, as opposed to the worker's family. The rationale behind dead peasants insurance is that if one of the corporation's workers unexpectedly dies, there is a large business cost in terms of handling the work left over from the deceased, the cost of hiring and training a new employee to take the person's place, etc. Dead Peasants insurance has been the subject of much legislative, ethical and moral debate. There are legislative restrictions on it in many countries and states, due to some abusive practices used with it.
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If the policy bond of your dead husband is not in your possession,you can contact any insurance advisor,visit the insurance co's website,or personally visit the branch office of the insurance company for necessary assistance.
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