Wal-Mart (buys secret life ins policies on employees)
04-11-2011, 11:45 AM
#1
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Join Date: Feb 2011
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I saw a program on TV this morning that was really disturbing to me. I can't believe that Wal-Mart could do this. I for one will NEVER EVER shop there again!! They will not get one single penny from me ever again!! I don't think Sam Walton approved of this when he started his company. I feel this was a crime against the employees and don't see how this can be legal for anyone who is not related to you to do this.
Ok I will get down off my soap box now and go be quiet.
http://www.digitaljournal.com/article/202421
Ok I will get down off my soap box now and go be quiet.
http://www.digitaljournal.com/article/202421
04-11-2011, 11:50 AM
#2
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Location: Waterloo, IL
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Thank you for this. Another reason to not shop there.
04-11-2011, 11:58 AM
#3
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Location: North Texas
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from the article:
Apparently, the policies were for $50,000 - $80,0000 and were taken out on any employee from 18-70 who participated in Walmart's health plan. They stopped doing this in 1995, but continued collecting the money on employees and ex-employees who died. Walmart canceled the policies altogether in 2000.
**
I don't really shop there anyway, but I'm glad they stopped. This will NOT improve their reputation. This chain has gone downhill considerably since Mr. Walton died.
Apparently, the policies were for $50,000 - $80,0000 and were taken out on any employee from 18-70 who participated in Walmart's health plan. They stopped doing this in 1995, but continued collecting the money on employees and ex-employees who died. Walmart canceled the policies altogether in 2000.
**
I don't really shop there anyway, but I'm glad they stopped. This will NOT improve their reputation. This chain has gone downhill considerably since Mr. Walton died.
04-11-2011, 12:00 PM
#4
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Location: Pennsylvania
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This practice was done away with in 2000 - it was NOT ethical but it is over.
04-11-2011, 12:02 PM
#5
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Originally Posted by Suzi
This practice was done away with in 2000 - it was NOT ethical but it is over.
04-11-2011, 12:03 PM
#6
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Makes me wonder how many other companies do this (or have done it).
04-11-2011, 01:49 PM
#7
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Join Date: Mar 2010
Location: Pittsburgh, PA
Posts: 768
I think anyone can buy life insurance on anyone else. You don't have to be a relative. I don't agree with what Walmart did or any other company that would do that, but I don't think it's illegal, either.
Of course, I'm not lawyer, I'm just sayin'.
Of course, I'm not lawyer, I'm just sayin'.
04-11-2011, 01:58 PM
#8
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Location: Warrenville SC
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The construction company that layed me off had an insurance policy on me and all its empolyees. And the owner of the company is the benifi on it.. Short story the company got paid for three lives that were lost on a job, they were in a ditch that was for a footing 5 feet down..the side gave away the were crushed...
04-11-2011, 02:02 PM
#9
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that is just wrong. i dont understand how someone can take life insurance out that is not related to you in any way.
04-11-2011, 02:08 PM
#10
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Join Date: Oct 2010
Location: Oklahoma
Posts: 1,272
Since Sam and Harold died, I VERY rarely set foot in the door, and only if I cannot find it elsewhere. They would be appalled at what has happened to the company Sam was so PROUD of. He wanted ONLY American made in the store and look at it now. He was a TRUE gentleman--and yes, I knew him!
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