Wal-Mart Took Secret Life Insurance Policies Out On Employees, Collected After Death

According to CourtTV and the Tampa Tribune, Wal-Mart has been secretly taking out life insurance policies on its employees and cashing them in when said employees pass away....

That's what happened to Karen Armatrout and her family, according to a lawsuit filed in U.S. District Court.
She was one of about 350,000 employees secretly insured by walmart. They estimate that the company collected on 75 to 100 policies involving Florida employees who died.
They are trying to make the Armatrout lawsuit a class-action case on behalf of the estates of all the Florida employees who died.
"Creepy's a good word for it," Myers said. "If you ask the executives that decided to buy these policies and the insurance companies that sold them, they would say this was designed to create tax benefits for the company, which would use the benefits for benevolent purposes such as buying employee medical benefits.
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.
Only six states, Delaware, Georgia, New Jersey, North Carolina, Pennsylvania, Vermont, allow companies to take out life insurance policies on their employees without notifying them.
That is indeed creepy. What the hell Walmart...Like we don't have enough reasons to hate you? Thanks for yet another one.
What we need is insurance for those who eat Walmart food. We've all seen those stories.