The British Press; or, Morning Literary Advertiser.
London, England, 1824-07-13 00:00:00

Price 7d

LIFE ASsI7I.INCES Fon THE LA fIuURING,
(I..issEs.

A pamphlet, ent:th.:4!
Jnehl hd.,, has lan iv bswii 114..
author appears to have a practical knowhilge of his sub:
p.ject, and treats it with considerable ability. Afttr
cussing the inherent evils of llem tit Sikeietics, proceeet
to suggest a plan of Assurance. by which the loner claws:
might be snablei! to provide for the uteessities of ohl age.
I this part of his subject li t.:bwiLs th, following re..
marks and calculations:—
.

The individuals who have. in general, the managetner.t of lkne.
fit soc;etle.:, arc tot (mai:tied, in point of rank and substance, to
inspire sufficient confidence in a So..ietv of which the obit," 'mold
be so prospective; art an .Issuranee tOmpwily meat have their re-
gular profits. It therefore appears. that a scheme of this nature
might be most beneficially carried ie•u elftil through the Matto.
mentality of thebaving flanks ; and it is to fe obtenad, that it is
an Assurance in ihich any imposition is next to an impossibility.
In the event of such an institution being established, some particu-
lar period of life must. of course, be named, at •hid the payment
of the deferred contingent annuity is to commence. The age of
sixty may be considered as a proper one. The folMaing adcuL.
bents may rot be accurate. but they will be sufbciein to detr.o,-
strate, that it is in the power of the generality of mankind, who
have enjoyed tht'blesaing of haiku, to make a provision f,:r
Obi age :
J:. s, d.

6
16 1 paid when a person is ten vests of age, 14111 ri..1.1 an an
Luny of 151. Its. for that lite, after hitt:. of age.
11 S gpaid at - . 20 year, - Ditto.
19 10 9 Ditto . . 30
St 0 0 Ditto - . 10
96 9 Ditto . - 45
In some instances persons a enabled to gain theirliveliThjhoijitt7;:
6 arcby
labour, after they have attained sixty years of age. It would be
'desirable that such persons should have the power. if they chose, to
run the risk of declining a present positive advantage, ls.r the
chance of a greater future. but uncerfign benefit. In that if
the annuity of IW. 12s. wilt deterred for the space cg five years
after the person terived at the age or sixty, it would entitle the an..
nuitant to receive 'lit If for five y. •.s longer, the ann.:icy
then he 571. 7s.
As it mie.it not be in the power of every person who may be de.
sirous of making a provision for old age, to pay the entire Ent et
money at once, it would be expedient to allow the amount to be
made up by instalments at staved periods. The permiss,ion to
make the payments annually up to the age of sixty, would appear
to be objectionable, inasmuch as a man might, from the occurrence
of various untoward circumstances. be obliged to discontinue the
payments in the latter part of his life, and would connesuently lose
his claim. A penny, to persons in the decline of lite, is often of
greater importance than a shilltn.; had runner', been. The prin.e
of life being the proper time to make a provision for advanced age,
the most eligible arrangement would seem to be to divide the turn
into fourteen annual payments. l'pon that pLio,
s. d.

17 -0
paid by a person, from the age of ten years, for the re_
clod of foirteen years, will give an annuity of Lif. 12n
when he arrives at the age of ..xty.
I 4 oby a person Aged 10 for 14 year. Ditto.
210 4 . . 30 Ditto
42 0 . - 40 Ditto Ditto.
It would be proper to allow the lower classes to buy deferred an.
nuities as low as 4i2s. per annum, and as many multiples of tf.at
sum as they may think proper, as they must be the best judges of
the sum which will suit them best. Another opportunity u. .Is-
' surance, which ought to be extended to them, it is perhais almost
needless to point out, a.s it would necessarily tollow the adoption
of the preceding suggestions. This consists in allowing a married
couple, only one of shoal may have had the prudence to make a
provision for old age, to secure the payment of the annuity to the
survivor during life; an advantage alueh tuig':t to obutLaal by
sacrifice, which many would willingly make.
It will be proper, in conclusion, to point out some of the advan-
tages which would result to society, if facilities were afforded to the
lower claases of providing for their old age. In the first place, a
beneficial moral effect would be produced, by removing from their
minds the impression that they must, if they outlive the capacity of
labour, necessarily be separated from their children. and end thttr
days in a poor-house. It will be admitted, that although Sas is g
Banks present to the lower classes the same advantage as the higher
ranks pusses', of having a place of safe custody for their loon ey. of
receiving their Interest when it becomes due, and their principc,
when they think proper to call it in; yet they can never arswer the
purpose of societies for providing against old age. Foe even if a
person in the lower classes were to save the sum of thirty. pounes,
which is a large amount for an individual in that swum,
an accumulation would go but a short way to support a r:
tracted old age.
In the second place, it must be observed, that those persons who
expect a provision during old age, would be more likely to bear op
against difficulties, and to dispense with parish aid, than those who
have no such prospect : that it we old, in some instances, afore a
criterion by which an opinion might be formed of the character et
the individual : that it would exercise the qualities of prudence
and forethought ; for, indeed, the increased rate of Assurance with
increasing years, would be a standing lesson of those virtues ; a: e:,
lastly, that, Ly this means, there would be crested many thous:ad
expectant' of a benefit depending in Great Britain upon soc'si
order, and in Ireland, upon the (continuance of the) %mica. o**
t—o islands.

The remainder of this pamphlet is rather miscellaneous,
but it is all well worth reading, and contains a great num-
ber of original observations and useful suggestions.. We
should be glad to see the proposed plan of assurance for tlw
poor put in some train for practical operation. A men.
important question car. hardly occupy the public attention,
than that of raising the labouring classes above the degra-
dation of dependance on the poor-rates. No prosl•ect cat:
be more depressing than that of the working man, whose
sole chance of not ending his days in the parish work-
house, rests on the delusive expectations of his benttit-
club ; and it is obvious that the means of accumulation .:re
not within his reach. A systan of assurance for life-an-
nuities in old age would give an opportunity to all who
were desirous of avoiding the contamination of karocltial
relief, to save their feelings and maintain their in..lepen-
deuce. The advantages that would ultimately accrue
from the comfortable subsistence of the aged poor on their
own property, would not be wore gratifying and beneficial
to the annuitants themselves, than in the influenee the
spectacle would exercise over the generation of labourers
who would witness it, and themselves look forward to the
enjoyment of similar comforts--the produce of their ono
honest industry, regulated by prudence, and arplled with
forethought to their future wants. The amendment of
character that would follow the introduction of this systeri
of moral reward cannot be calculated. It would be found,
we verily believe, a thousand dines more et:Retold in sup-
pressing vice and crime than all the punishments in if.:
statute book.