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"During the past 20 years, companies [...] have been secretly taking out life insurance policies on their low- and mid-level employees and then naming themselve
by zo1 12y ago
"During the past 20 years, companies [...] have been secretly taking out life insurance policies on their low- and mid-level employees and then naming themselves – the corporation – as the beneficiary!"
Wow, that's an interesting thing. Never heard of that.
Though, what exactly is wrong with this? Or why would people (and Moore) be upset about it? He makes it seem like they're taking something from the individuals, something that their family should get after their death. To me, it sounds like the company is not taking out "life insurance" but rather, some sort of "loss-of-employee" insurance in the case that they lose a valued, productive member of their workforce.
- cwbrandsma 12y agoThere is nothing wrong with it, and yes it is common. And no, it doesn't change anything about the employee's personal life insurance. The insurance is to cover their cost of replacing you. Finding and training a new employee costs money, sometimes a lot of money. From a developer's standpoint, it often take 3-6 months for a developer to be productive in a new environment...sometimes longer (and from what I've seen, knowing the language ahead of time doesn't really change anything, it is time spent learning the business problem).
- bribri 12y agoIt's unsettling that in some cases it may be in the best interest of the company for you to die