"Peasant Insurance" in the US - NEED TO KNOW ABOUT THIS

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Have you ever heard about "Peasant insurance" if you are in the US?

I was absolutely shocked and disgusted when my employer sent us a consent form to fill out for "company owned life insurance." When I saw the e mail I assumed it was the life insurance policy they pay for us that benefits us (and we get taxed on the premium they pay.)

NO!! Here is a sortof OK explainer but snopes was wrong to list it as "half true:" https://www.snopes.com/fact-check/dead-peasant-insurance/

Basically, the company takes a life insurance policy out on employees and RETAINS IT AFTER YOU LEAVE OR RETIRE and THEY GET THE BENEFIT when you die.

When I was talking to my coworkers, ALMOST ALL ASSUMED IT WAS OUR OWN POLICY THEY CONSENTED TO. THEY DID NOT KNOW. The language in the consent form was VERY unclear and it only said the whole thing once you read into it.

THIS SHOULD BE BANNED. I get that a living current employee dying could cause a cost to a company (like if they have to hire a consultant to replace). But they do it for life. That doesn't hedge against anything, that's just the free market trying to extract the last bit of residual value out of workers when they die.