Chambers's Journal of Popular Literature, Science, and Art, Fifth Series, No. 7, Vol. I, February 16, 1884 / Volume 18

No. 7.—Vol. I.
Price 1½ d.
SATURDAY, FEBRUARY 16, 1884.
The difficulty and delay in obtaining payment of the sum assured, when death occurred, was at one time urged as an objection against the system of life-assurance; but of late years the percentage of cases in which this objection could hold good has been reduced to a mere fraction, and offices now vie with each other in facilitating prompt and satisfactory settlement. This and other material improvements in the practice of life-assurance which have been recently introduced, have tended to obviate many popular objections, and greatly to increase the number of the assured. While it is sadly true that there are thousands of homes in our country without adequate protection against the suffering and distress which the death of the bread-winner would entail, it is gratifying to find that by means of existing policies a provision has been made to the extent of four hundred and thirty-five millions sterling, for the maintenance and comfort of the widows and orphans of the future, and this amount does not include what is known as industrial business. It is difficult to realise without a strong effort of the imagination what a vast alleviation of the sum of human misery is shadowed forth in the fact just stated. The humble cottage of the artisan, and the stately hall rich with heraldic emblazonry, are alike destined to draw comfort and solace from this beneficent treasury.
We do not propose to give the history of life-assurance, or, at this time of day, to demonstrate the great advantages of the system, but to give some information which may be useful and interesting to the vast brotherhood of persons who have already availed themselves, or who intend to avail themselves, of its benefits. Notwithstanding the vigorous efforts put forth by more than a hundred competing offices to give their terms publicity, there are still men to be found who have very crude ideas of what life-assurance is and does. One man in all seriousness proposed to join one of our Scottish offices, thinking he could draw half the sum at once, and the other half later on; quaintly remarking: ‘What use is the money to me after I am dead?’ Another proposer for a policy suggested that in lieu of his annual premiums being paid as they fell due, the office should allow them to remain unpaid, and at his death deduct the sum of the unpaid premiums as a debt from the policy! Life-offices, like men, must, in order to live, find the means of living; and we are afraid that, under present conditions, no means of escape can be afforded to the public from satisfying the necessity under which all assurance offices exist—namely, that of requiring the payment of premiums, and these payments to be made punctually as they fall due.