The Sun.
London, England, 1838-06-07 00:00:00

NATIONAL LOAN FUND LIFE ASSUR-
ANCE SOCIETY.
26, CORNHILL, LONDON,
35, WESTMORELAND-STREET. DUBLIN ; 45, SOUTH
CASTLE-STREET, LIVERPOOL ;
And 26, CORN-STREET, BRISTOL.
Capital, 500,0001.
PATRON.—His Grace the DUKE of SOMERSET, F. R. S.
DIRECTORS.
T. LAMIE MURRAY, Esq., Chairman.
Col. Sir Burges Camac, K.C.S. George Lungley, Esq.
John Elliotson, M.D. F. R. S. Kenneth Mackenzie, Esq.
C. Farehrother, Esq., Ald. John Rawson, Esq.
R. Gordon, Esq. Joseph Thompson, Esq.
Robert Holland, Esq., M.P.
PHYSICIAN—J. Elliotson, M.D. ,F. R. S., 37, Conduit• street.
SuacEox—E. S. Symes, Esq., 35, Hill-street, Berkeley-square.
ACTUARY—W. S. B. Woolhouse, Esq., F.R.A.S.
By the now principles of Life Assurance in this Society, amongst
other advantages the assured in this Society will enjoy the follow-
ing::_

1.
Moderate Rates of Premium consistent with security.
2. A Cash Credit on his Assurance to the extent of two-thirds
of the, payments on his Policy or Deferred Annuity.
3. Two-thirds of the payments on elapsed Policies returnable at
death.

4. Two-thirds of the entire Profits and of the Guarantee Fund
divided annually.
til
e . Special Bonus on each Policy becoming a claim in favour of
widow of the assured.
6. Females assured at one year less than their actual ages.
7. Facility in effecting assurances.
Detailed prospectuses of this Society may be had at the Offices,
or any of the agents.

F. FERGUSON CAIIIROUX, Sec.

DEFERRED ANNUITIES.
NATIONAL LOAN FUND LIFE ASSUR
AN( SOCIETY.
Capital, 500,0001.
PAruoN.—His Grace the DUKE of SOMERSET, F.R.S.
DIRECTORS.
I'. LAAHE MURRAY, Esq., Chairman.
Col. Sir Burges Camac, K.C.S. George Lungley, Esq.
John Elliotson, M.D. F. R. S. Kenneth Mackenzie, Esq.
C. Farebrother Esq., Ald. John Rawson Esq.
11. Gordon, Esq. Joseph Thompson, Esq.
Robert Hollond, Esq., M.P.

AUDlTOR.—Professor Wheatstone, F.R. S.
I)IIYSICIAN—J. Elliotson, M.D., F.R. S., 37 Conduit-street.
tireoEoll—E. S. Svmes, Esq., 38, Hill-street, Berkeley-square.
ACTTIARY—W. S. B. Woolhouse, Esq., F. R. A. S., 26, Cornhill.
IttioncEßs.--Illessrs. Wright and Co., 5, Henrietta-street, Co-
vent-garden.
STANDING COUNSEL.—W. Mi'bourne James, Esq., Stone-build-
_ _

ings, Lincoln's Inn.
Sosterrons.—Wessrs. Webber and Bland, 43, Bedford-row.
SEMIETARY.—F. Ferguson Camroux, Esq.
DEFERRED ANNUITIES.

1. Amongst the several remedies proposed to mitigate or dimi-
nish the burthen of poor-laws, none has hitherto been brought
forward or adopted that would either induce or afford facilities to
the able-bodied members of society, to be responsible for their own
"tiPert,

n. In a state of employment and health every one may be
ta'sumed capable of self-support ; competition has, no doubt, re-
itteed the rewards of labour to the standard of existence, ren.
tiering it the more necessary that the smallest surplus, over exi-
geecies, should be carefully husbanded, in order that, by the best
"acilities given to economy and the application of means to ends,
it 'nay be readered capable of supplying the deficiencies, caused by
hunt of employment, sickness, the several casualties of life, and by
014 age. Over the frequent fluctuations in the qusiitity of em-
PloS"ment, the employed have no contra:oil ; and, as the cause is not
dependent on fixed laws, but most frequently on the contingencies
'whieh affect the quantity of money, their duration or occurrence
Minot be submitted to calculation-1t any rate the remedy is be-
loud their reach. The laws of sickness have been sufficiently as-
certained, for fixing a provision apportioned to the value of a given
7"tribution ; but although such a provision is not to be overlooked,
It is of trifling importance compared to the hardships resulting from
Rant of employment, and unprovided old age. Want of employ-
ment, sickness, and old age, may fairly be classed under one head,
:—a state of non-productiveness. To those, therefore, who
4°lelY depend on their labour, which is seldom too highly remune-
l'lttd, it must be a matter of importance, out of their earnings
ell,
on employed, to provide for every period of non-productiveness,
in whichever of the foregoing causes it may arise.
In. The two institutions open to the productive classes, are Sa-
vings Banks and Benefit Societies, whose nature and scope, wnen
"xamined, will be found to offer but a very imperfect remedy against
the evil, being institutions wherein the limitedmeans of this class are
11°1 btstmade applicable to their several ends.
Savings Banks are of unquestionable utility, but they afford no
'contingent future advantage, and, besides, the sum that can be
I,eardeci is incommensurate with the wants of the middle pro-
ductive classes.
Benefit Societies propose to offer provision in sickness and old
age, but their construction will be found imperfect, and their plan
the least profitable application of the means of economy.
1. Pecans° sickness itself is not tk: calamity of equal probable
duration to the fluctuations in the quantity of employment
anal other casualties, and misfortune, against which they offer
no protection.
2. Because, out of a given means, the sum laid aside for sickness
must diminish the provision for old age.
Because many must contribute to the sick fund who never
become chargeable upon it, and the value of such contribu-
tions is lost to themselves and families.
Bevause sickness, being a state, of non-productiveness, must
'necessarily be included in any protection against such an oc-
currence.
17.• Various observations have been made on the duration of
t.'4.ness, amongst the industrious classes, from an early period of life
ntil its close. Those most in use are,—the sickness amongst the
40nefit Societies in Scotland, given by the Higblond Society ;—the
Sickness amongst the labourers in the East India Company's Ser-
once ;—the sickness amongst persons employed in Cotton, Silk,
Wool, Flax, and in the Potteries, by the Factory Commissioners ;
--and the sickness amongst the English Benefit Societies, from re-
turns made to the Society for the Diffusion of Useful Knowledge.
These results, though varied, show how inconsineraoto is ins
amount of sickness during that period of life, between the ages of
20 and 65, when each individual is more immediately thrown on his
°wn resources ;—they are as follows

Class of Perons.

Average
amount of
Sickness.

Average yearly
Sickness in the
period.

111,1ghland Societies' return to 65
fa's, t is
Company's labourers'2o to 65
Commissioners—
Cotton /21 to 61
Wool, Yorkshire '2l to 61
Ditto, Westof England '2l to GI
Flax, Yorkshire '2l to 61
Silk
d

Months. Da}•s.
16 4
9 0

Days
11
6 1-15

7 27
10 "29
13
9 1
11 4

1
J

18 2

Th •
us: it appears that the highest expectation of sickness, amongst
.4'es, is twelve and a half days, and the lowest six days, in each
eJiear from the age of twenty to sixty-five; its mean duration, in-
,d t"ive of accidents of all kinds, would be nine and a quarter days,
ttzt:_e,g Which, from these causes, an individual may expect to be ab-
4"ted from productive employment throughout a period of forty-
the Years: while, it may be observed, his religious observation of
1,6- seventh day, in which he " shall do no work," has diminished
productiveness, by its recurrence in the same period, six years
lt'd 156 days, '
• v.
-romthe foregoing facts it must be obvious that provision in
sickee_
tioe, or a Health Assurance by means of a separate contribu-
tie is unnecessary, more particularly as such separate contribu-
el:: lutist tend to waste the resources out of which the industrious
ars," have to provide for the future. It also in effect throws the
„et, aen of the permanently sick on one class exclusively, instead of
~..,hitieetYtLat large; who are thus called. on for an act of benevolence,
"eY are scarce able to do justice to the claims of their own
bet. es. Besides this, no compensation is given out of the contri-
thls" far a provision in sickness and old age to the families of
irer: '''ho never reach the age of 65, though death should happen
that ethately preceding it ; and, if an assumed hypothesis is correct,
1; sickness before death is not more than five weeks, and taking
"I/ et
—eg-nly at 103. per week, it will not unfrequently happen the
kenPurn a man may obtain as a long and steady contributor to a
„ 't Society, will not exceed 505., a sum scarcely equal to one
his Payment at a shilling per week, while by his death Ise loaves
viatnily entirely unprovided for.
e I. It is to remedy these defects, inherent in the constitution of
Il
SnZfit Societies, that the National Loan Fund Life Assurance
Prinee.tY, Proposes to submit a plan of Deferred Annuiti.es on a new
age, iPte, which will not only afford a more ample provision. for old
tioih n,ata,_ci protection against sickness and misfortune—but. !ri
he means, at all times, of putting his energies in motion,. and
The event of premature death, a better protection t.o his family.
Plan proposed will embody several essential objects :
'0 secure an increased provision for old age out of a given
saving, by applying it exclusively to the purchase of a De-
Jerred Annuity.
To render the purchase of a protection in sickness unneces-
sary, by enabling the purchaser of a Deferred Annuity to
twishdraw or borrow two-thirds of his previous payments. d
Y the use of two-thirds of all his payments when require ,
to limit misfortune and want of employment, and extend
the power of productiveness by an increasing command, in
each year, of capital, so that, while providing for old age,
each succesive contribution renders him more secure against
4. aresentaffo misfortune.
[o rd, at the age at which the Deferred Annuity would
commence, without reference to his then state of health, the
coney,
of receiving, instead of his Annuity, its value in
r°rieY, according to the value fixed on the contract, or a
b. ger sum payable at his death.
t" event of death before the age at which he would
Lie entitled to his Deferred Annuity, to return two-thirds of
his payments to his family [or such fixed Life Assurance as
6.
,stay
suchbe settcasesled on
where the conthe trac
pot].
In a ll wer of productiveness fails,
either from disease or accident, to enable the assured on
equal terms to convert his Deferred Annuity into a present
Annuity,
vp.
this
s!, Nothwithstanding the obvious and manifold advantages of
tad fZin over every other hitherto proposed, for securing present
IP-rikinr, re competence to the industrious population, still more
Ibrurisi! advantages will be exhibited by contrasting its prospective
drj,es furti for old age with that offered by Benefit Societies. This
fit
.°,lll the non-abstraction of a given sum for a separate Isene-
'Puna osnle'ness, which protection, by the operation of the Loan
irii3fothe Deferred Annuity, is not only more ample, but other
rate e_ are provided against, which calculated, and a sepa-
ticktleosntribution made for each, whose duration equals that of
Preridis, the purchase of them would entirely absorb the means of
Prredzeiliiig.. for old age, while such a system must tend to discourage
e
eries;, and afford no protection to a family in the event of
ities death. The object this plan embraces is toopen faei-
one oas a e effort •; of stlf-tnaport, stimulate tiii; indep,nidet:cr:: of
.! above the forced benevolence of another, while it recom-
`q itself to the tatter by diminishing the burthen of Poor-laws,