The Sun.
London, England, 1838-05-31 00:00:00

NATIONAL LOAN FUND LIFE ASSUR-
ANCE SOCIETY.
26, CORNHILL, LONDON,
36, 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. L AMIE MURRAY, Esq., Chairman.
John-01 Sir Burges Camac, K.C.S. George Lungley, Esq.
C. Elliotson, M.D. F.R.S. Kenneth Mackenzie, Esq.
C' Farebrother Es Ald John Rawson, Esq.
H. Gordon, Esq. q"
Robert Holland, Esq., ':1I. P. ijoseph Thompson, Esq.
- PHYSICIAN—J, Elliotson, M.D., F. R. S., 37, Conduit- street.
ShacEox—E. S. Symes, Esq., 38, Hill-street, Berkeley-square.
ACTUARY—W. S. B. Woolhouse, Esq., F.R.A.S.
other the new principles of Life Assurance in this Society, amongst
r advantages the assured in this Society will enjoy the folloss-
g!--.
1
Moderate Rates of Premium consistent with security.
of the
.payments
Cash Credit on his Assurance to the extent of two-thirds
Payments on his Policy or Deferred Annuity.
deat.h.h°
-thirds of the payments on elapsed Policies returnable at

"I ri4.led Two-thirlly.d of the entire Profits and of the Guarantee Fund
annuas
the Special Bonus on each Policy becoming a claim in favour of
v'idow of the assured.
Females
in assure
cting d at one year less than their actual Pages.
acility effe assurances.
or any of
thlailed
th p
pros ecentstu of this Society may be had at the Offices,
e aa-

F. FERGUSON CAMROUX, Sec.

DEFERRED ANNUITIES.
NATIONAL LOAN FUND LIFE ASSUIt
ANCE SOCIETY.
l Capital, 500,000/.
'ATRox.—Tlis Grace the DUKE of SOMERSET, F.R.S.
AIRF.CTORS.
T. LAME MURRAY, Esq., Chairman.
C(4. ziir Rureres Camae KC S George Lungley, Esq.
John K.C.S.
Kenneth Mackenzie,- Esq.
II ta.rebrother, Esq., Aid. John Rawson Esq.
.tiordon, Esq. Joseph Thompson, Esq.
liontl, Esq., M. P.

Ali DITO R.. —Professor Wheatstone, F. R. S.
PIT
NPIT —J. Elliotson, NI. D., P.R. S., 37 Conduit-street.
t
UR
A S. Synes, Esq., 38, Hill-street, Berkeley-square.
.aCT "AR}—W. S. B. Woolhowe, Esq., F. R. A.S., 26, Cornhill.
ANl''.''''s.—Messrs. Wright and Co., 5, Henrietta-street, Co-

ST "ent-garden.
1"No. CoCt] NSF.L. —W. Milbourne James, Esq., Stone-build.
ings, Lincoln's Inn.
SoLieureits.—Wessrs. Webber and Bland, 43, Bedford-row.
SECRETARY.—F. Ferguson Camroux, Esq.

DEFERRED ANNUITIES.
I, Amongst the several remedies proposed to mitigate or dimi-
i"'" the burthon of poor-laws, none has hitherto been brought
4ward or adopted that would either induce or afford facilities to
the
able-bodied members of society to be responsible for their own
3aPPort. ,
ll In a State of employment and health every one may be
uruled capable of self-support ; competition has, no doubt, re-
41'(1,tile reward% of labour to the standard of existence, ren-
- nig it the more neeessary that the smallest surplus, over exi-
ties, should be carefully husbanded, in order that, by the best
4.4--iiieg given to economy and the application of means to ends,
4,1 may be rendered capable of supplying the dcfieiencies, caused by
cunt of employment sickness, the several casualties of life, and by
plc "P. Over the frequent fluctuations in the quantity of ere-
ci:34lent, the employed have no contrail ; and, as the cause is not
w/"."!clent on fixed laws, but most frequently on the contingencies
tie I} affect the quantity of money, their duration or occurrence
ye De submitted to calculation—at any rate the remedy is be-
4x.rnttlitheir reach. The laws of sickness have been sufficiently as-
a
Nit 'di for fixing a provision apportioned to the value of a given
it is ''butMn ; but although such a provision is not to be overlooked,
of trifling importance compared to the hardships resulting from
meat °f employment, and unprovided old age. Want of employ-
vize sickness, and old age, may fairly be classed under one head,
u)lel.-4 state of non-productiveness. To those, therefore, who
rat, Y depend on their labour, which is seldom too highly remune-
Ivt,"l' it must be a matter of importance, out of their earnings
irom„ Dmhi Pinyed, to provide for every period of non-productiveness,
Ill'w of the foregoing eauses it may arise.
The two institutions open to the productive classes, are Sa-
ex 11"1" and Benefit Societies, whose nature and scope, canon
theaMMed, will be foend to offer but a very imperfect remedy against
eldl, being institutinus wherein the limited means of this class arc
;hest made applicable to their several ends.
!vinp,s Banks are of unquestionable utility, but they afford no
°"tmgent future advantage, and, besides, the sum that can be
afd ed is incommensurate with the wants of the middle pro-
ductive classes.
"enefit Societies propose to offer provision in sickness and old
„
but their construction will be found imperfect, and their plan
the least profitable application of the means of economy.
Because sickness itself is not a calamity of equal probable
duration to the fluctuations in the quantity of employment
and other casualties, and misfortune, against which they offer
„ no protection.
4. Because, out of a given means, the sum laid aside for sickness
must diminish the provision for old age.
Ileeause many must contribute to the sick fund who never
become chargeable upon it, and the value of such contribu-
4. Be
is lost to themselves and families.
eause sickness, being a state of non-productiveness, must
necessarily be included in any protection against such an oc-
currence.
iV, Various observations have been made on the duration of
li:tk it:t:ssi amongst the industrious classes, from an early period of life
)IE, "8 close. Those most in use are,—the sickness amongst the
ebefit Societies in Scotland, given byethe Highland Society ;—the
14i ien", amongst the labourers in the East India Company's Ser-
e ;--the sickness amongst persons employed in Cotton, Silk,
°I, Flax, and in the Potteries, by the Factory Commissioners ;
and the sickness ainormst the English Benefit Societies, from re-
turns made to the Society for the Diffusion of Useful Knowledge.
These results,
though varied, show how inconsieerame is ine
44,0u!1t of sickness during that period of life, between the ages of
20 and 65, when each individual is more immediately thrown on his
tvu resour • are as follows
Class of P•erions.

Perio:l,

Average Average yearly
amount of Sickness in the
Sickness. period.

Societies' return 2O to 65
i,r, ut
ir Indiao Company's labourers '2O to 65'
"cY Cmmissioners—
Cotton
121 to 61
Wool, Yorkshire 121 to 61
I.)itto %Vest of England._ 21 to 61
Flax, Yorkshire to lil
,21 to GI
N
Silk^,jety for Dinsion of Usefull
nowledge 20 to 65

Months. Days.
16 4
9 0

Days
11
6 1-15

7 27
10 29
8 13
9 1
11 4

1

IS 21

Ile._ •
le*, '4., it appears that the highest expectation of sickness, amongst
year is twelve and a half days, and the lowest six days, in each
elierilrorn the age of twenty to sixty-five; its mean duration, in-
skiri Of accidents of all kinds, would be nine and a quarter days,
ler, nig Which, from those causes, an individual may expect to be ab-
tieeed from productive employment throughout a period of forty-
the 'ears, whilo, it may be observed, his religious observation of
h seventh day, in which he " shall do no work," has d fished
Is Productivenese its recurrence in the same period, six years
ahe 16, , by
e days.
sickr From the foregoing facts it must be obvious that provision in
tioe,r', or a Health Assurance by means of a separate contribu-
ti 1, unnecessary, more particularly as such separate eontribu-
i-n must tend to waste the resources out of which the industrious
hilrtiles have to provide for the future. It also in effect throws the
kei'll of the permanently sick on one class exclusively, instead of
'tY at lar
vihile ge; wbo are thus called on for an act of benevolence,
they are scarce able to do justice to the claims of their own
• Besides this, no compensation is given out of the contri-
buii
tiles" 10, a provision in sickness and old age to the families of
who never reach the age of 65, though death should happen
thatediately preceding it ; and, if an assumed hypothesis is correct,
lite_is,lcklaesf; before death is not more than five weeks, and taking
ischly„42g-Pay at 10s. per week, it will not 'infrequently happen the
lieee-e'itrii a man may obtain as a long and steady contributor to a
Fear:, Society, will not exceed 505., a sum scarcely equal to one
L 1 fej.3lnent at a shilling per week, while by his death leaves
ily entirely unprovided for.
Benefit Its to remedy these defects, inherent in the constitution of
Drill
,` Societies, that the National Loan Fund Life Assurance
1 Proposes to submit a plan of Deferred Annuities on a new
atelple,which will not only afford a more ample provision for old
tioe'iairil,d Protection against sickness and misfortune—but addi-
le the'Lle means, at air times, of putting his energies in motion, and
"ent of premature death, a better protection to his family.
1, Y)1111 proposed will embdy several essential objects :
°, secure an increased provision for old age out of a given
saving, by applying it exclusively to the purchase of a De-
-rred Annuity.
0 render the purchase of a protection in sickness unneces-
sary, by enabling the purchaser of a Deferred Annuity to
a. Withdraw or borrow two-thirds of his previous payments.
/3Y the use of two-thirds of all his payments when required,
to limit misfortune and want of employment, and extend
the Power of productiveness by an increasing command, in
°ach year, of capital, so that, while providing for old age,
each succesive contribution renders him more secure against
4, TPresent misfortune.
° afford, at the age at which the Deferred Annuity would
commence, without reference to his then state of health, the
°Ption of receiving, instead of his Annuity, its value in
money, according to the value fixed on the contract, or a
5. / -r-qer sum payable at his death.
1;.• toe event of death before the age at which he would
be entitled to his Deferred Annuity, to return two-thirds of
his payments to his family [or such fixed Life Assurance as
6. I eeay be settled on the contract].
11:•l such eases where the power of productiveness fails,
either' from disease or accident, to enable the assured on
equal teems to convert his Deferred Annuity into a present
vii .Annuity.
this Nothwithstanding the obvious and manifold advantages of
tthe (titan OVer every other hitherto proposed, for securing present
ure, competence to the industrious population, still more
alvantages will be exhibited by contrasting its prospective
arises r '°r old age with that offered by Benefit Societies. This
Et in r,mll the non-abstraction of a given sum for a separate Ilene-
!tied osilie;Tese, which protection, by the operation of the Loan
'qisforte "le Deferred Annuity, is not only more ample, but other
rate ne.S ate provided against, which if calculated, and a sepa-
siekr,
sutribution made for each, whose duration equals that of
pr4vie.,.s, the purchase of them would entirely abeerb the means of
Prude"..,utg for old age, while such a system must tend to discourage
preie,7iveness, and afford no protection to a family in the event of
litiest'tre death. The object this plan embraces is to open fact-
°rie cis efforts of self-support, to stimulate the indeper,idence of
ll4ends ;,s above the forged benevolence of another, while it reeorn-
"self to the latter by diminishing the burthen of Poor-laws,