It has been profitable for commercial banks and insurance companies have been able to conduct business by collecting the premiums under more lenient group insurance policies.

I first found out about it decades ago in the 1980s working at a bank when I read in the small print that I would get a free $10,000 life insurance policy but I was also allowing the company to get a $50,000 life insurance policy on me.  I asked about it at a Human Resources meeting for our annual sign up for 401K, medical, etc and she was not aware of anything and she freaked.  Word got out through the company and I think that bank may have initially not allowed the process to continue.

The benefit for big banks and companies is that the insurance proceeds paid by them help fund the retirement programs that they set up for employees or at least that is the theory behind it.  I hear about widows finding out that their late husband’s insurance was only $25000 and yet the company is making $100,000 on them and legally I don’t think they have a case to stand on.

Ethically, it is a bunch of crap, of course, and depending on what is doing and working, you may want to inquire if upon your quitting the company that they no longer have an insurable interest in you.

I am not certain how to do that but at the very least you may want to draft a polite letter and send it over certified mail and leave a copy for your husband or wife or beneficiary so that they can check to see that you aren’t going to die for the benefit of a company you haven’t worked for (or gotten benefits from) for years.

I also am always puzzled what keeps companies from bumping off their elder employees to collect their insurance proceeds.  Pundits have said that is a reason that stores hire elderly greeters.  They don’t have to wait too long to collect their proceeds mu-ha ha.

In other news, today is the day for hitting your quarterly tax payments and I hope you have your tax returns completed if you have filed for an extension.  I have seen people at this time of the year not able to afford doing their tax returns and I understand and sympathize.

I also think that if you are at a deadline it isn’t a great idea to split hairs especially if potential penalties and aggrevation look to be over several hundred dollars.  Sometimes it is a lot easier to pay the money and just get it done.

Also for those of you e-mailing me about investing in gold, this is the time if you want to try and play for the “pop” where the price has a shot at going and staying up.  There are holidays and celebrations in Asia (especially in India) and gold is the gift of choice.  I would say another safe place to invest in is not guns, but ammunition seeing how there is an alleged “shortage” at least here in California.  The truth is that people are hoarding it in fear of legislation to limit the purchase of ammo.  The reality is that I think there are more important worries for government right now and money is tight everywhere.  Just my thoughts on the subject.

A good play may be the raw materials that are used in ammunition since internationally they are being hoarded by nations as well in these uncertain times.  Do your own research on this though, okay?

Hope you all have a great day and don’t take out any insurance on yourselves that you don’t need or you may be driving to work one day and see a laser target on your forehead!

Sep 15 2009

Also, please  don’t quite go anywhere yet.  Having some tax issues or tax questions?  Any problems with trying to make it through the financial Depression we are in that is making you depressed?  Please read on.

I am expanding  my practice and taking on new tax clients.  If you are interested in having somebody who is a successful businessman and tax professional with integrity review your returns discretely and see if your tax guy or gal is doing a good or goofy job, please drop me an email or post a comment with your contact information and time.

I have experience in international business, small businesses, partnerships, multi-state tax returns (they can get complicated) and anything else you can probably think of.

I also do business consulting and have ran several businesses (still running a few) myself so you are in good hands.  Did I also mention that I have authored over a dozen books that are still in print?  I invite you to please check them out.

If you are looking for a day job, part time work, suggestions for saving money or investing, please check out my book, Practical Money Making, that is listed right after his paragraph in this very post. There are some great suggestions and ways to survive the Depression we are in.

Practical Money Making-Surviving Recession, Layoffs, Credit Problems, Generating Passive Income Streams, Working Full Time or Part Time and Retirement

Interested in any of my books? You may want to make a stop over here. Please click through to purchase my books and some other interesting items that actually ARE on sale.

Have you read my book, “Bad Tax Idea, Good Tax Idea“? Please order it today. The tips inside can save you hundreds if not thousands of dollars! Tax planning should be done year round and not just two weeks into January or later.

Part of all the proceeds from the sales of that book go to Rett Syndrome research. One girl is born with Rett Syndrome worldwide every fifteen minutes. My daughter Arianna has Rett.  Thanks for your support.

Kim Isaac Greenblatt

Dead Peasant Dead Janitor Insurance

Spoiler Warning – PLEASE DON’T READ ANY FURTHER IF YOU HAVEN’T SEEN THE MOVIE YET!

Based on real life figures to build things, here is what I come up with (so far) for rebuilding Gotham City in terms of money. 

Helicopter crash and building damage from Joker and subsequent side building damage and vehicle replacement for damaged vehicles in car chases for Harvey Dent-$28,000,000.  

Lawsuit claims by victim’s relatives – $13,000,000.

Remember, the Joker covered a lot of ground and did a lot of damage.

Rebuilding Gotham Hospital – $23,000,000.

Paying off insurance claims, lawsuits for victims of the Joker – $43,000,000.

Paying off families of the police officers who may or may not have been killed by Batman or the Joker or Two-Face – $18,000,000.

Bruce Wayne’s insurance was cancelled from the last movie so he has to repair his own car – cost $190,000

Repairing Batmobile cost $13,000,000 – it is all custom work, remember.

Hush money to people who know his secret identity and cause him grief – one time lump payment of $3,000,000 for the people to keep their mouths shut.

At what point does the city find itself unable to get insurance?  I seriously doubt that there is enough FEMA money to rebuild Gotham especially after repairing all the damage from the previous movie!

Did I miss anything?  Post it in comments below so I can add it!

Kim Greenblatt