The Sun.
London, England, 1844-06-24 00:00:00

THE TRADESMAN'S AND GENERAL
MUTUAL LIFE ASSURANCE,

AND NATIONAL BENEFIT SOCIETY.

Enrolled and Empowered under the Acts of Parliament of the
10th George IV., and the 4th and sth William IV., commonly

known as Tidd Pratt's Act.

There are multitudes of Life Assurance Companies, but all are
directed to meet the wants of classes superior to those contem-
plated by this office. This establishment is peculiarly adapted to
the great middle class of society. The professional man, the man
of limited income, the tradesman, the working man, all have
hitherto looked in vain for an establishment adapted to their
means, their desires, and their necessities. Societies with high
sounding titles, large nominal capitals, and long lists of noble,
honourable, and right honourable directors, have been established,
or attempted to be so ; but if the veil were withdrawn, it would be
found that the capital was in a great measure ideal, and the direc-
tors gentlemen who never could take an active part in working the
society, and never intended to do so. Morever, when those esta-
blishments have real capital and proper responsibility attached to
them, they are found to be merely " Proprietary Companies"
(i. e.) Companies of Shareholders who have to be paid a large per
centage upon the proceeds before such proceeds can be appropriated
to the benefit of those who advance them.

The working classes have been greatly assisted in sickness and
misfortune by the operation of Benefit Societies; why, therefore,
should not the middle classes apply to that principle to remedy
their own peculiar wants and necessities ? It is true that some
evils have attended ill-regulated Assurance Companies, but the
misery entailed upon the lower class by corrupt and ill-conducted
Benefit Clean has been infinitely greater. In a large majority of
Benefit S ,cieties, the treasurer, or influential person, is a publican,
at whose house the meetings of the club are continually held. The
effect of such a state of things is highly prejudicial to the well-
being of a Society formed expressly to provide against the contin-
gencies of accident, sickness, or other misfortune, by inducing a
waste of its means in the purchase of intoxicating liquors thus
prejudicing the health and morals of the members, while the very
funds to meet the necessary calls upon its benevolence are dissi-
pated. This Society is formed to embrace, if possible, all the
excellencies of the Life Assurance Establishment and the Benefit
Club.

The Tradesman's Institution has been formed on the principle
of mutual assurance, the only mode by which, it is now generally
acknowledged, the full advantages of life assurance can be realised,
and its legitimate benefits made available to the assured. All the
surplus premiums not required to meet the actual claims of the
Society being returned to the policy-holders, instead of a large
portion being divided among the shareholders, as in Proprietary
Companies.
In reference to Societies founded on this plan, Professor De
Morgan remarks, that the risk at the commencement is not graat
in character, and is small in amount; and the quantity of risk
diminishes so much faster than the amount increases, that it may
safety be said, there is nothing in the commercial world which
approaches even remotely to the security of a well-established and
prudently managed Mutual Insurance Office.
When it is considered, that out of the vast population of the
United Kingdom scarcely 150,000 persons have yet availed them.
selves of the incalculable benefits derivable from life assurance, it is evi-
dent that there is a wide field yet open for the operations of another
society, established on sound working principles, and embodying
advantages of a nature calculated to arouse the attention of the
middle classes to the system, and still further to extend its
blessings.

On these grounds it is that the Tradesman's Life Assurance, and
National Benefit Society, has been brought before the public; and
when its principles and objects are fully understood, and it is made
clear that the pima adopted are not only novel in their application,
but hold out benefits to a numerous and influential class of the
community, such as cannot be secured from any other existing so.
ciety, the Directors feel assured that the Society must necessarily
be extensively supported, and consequently be attended with signal
success.

The Tradesman's Mutual Life Assurance, and National Benefit
Society, in addition to the usual advantages offered by Life Assur-
ance Societies, secures the long-desired desideratum of a liberal
provision in sickness and accident, as well as in old age ; thus
combining all the benefits derivable from Sick Clubs, on an ex-
tended and respectable scale, while at the same time, it carefully
and entirely avoids their universally acknowledged evils.
To the tradesman, professional man, and middle classes gene.
rally, an Institution of this comprehensive nature must obviously
be of the greatest importance, as it places them in a position to
reap advantages far beyond those which have been held out by
Benefit or any other Societies, and to a much greater extent. It
in fact opens to them an entirely new field for the application of
prudence and forethought, not only realising benefits to their fa..
miles, but providing for their own personal comforts, against the
contingent calamities of disease and accident, and against want,
destitution, and distress in old age.
The poorer classes subscribe largely to Sick Clubs for the purpose
of securing a protection against the contingencies of accident and
disease, but the middle classes have no approximating Institution
to which they can resort. There is no fund in existence to which
the respectable tradesman, the professional man, or others of mo-
derate incomes, mainly dependent en their own personal exertions,
can apply for adequate provision in times of sickness or accident ;
nor is there any extensive Association in which they can accumu-
late their savings with security and profit, and at the same time
make them beneficially available in sickness, old age, and death.
This great desideratum is now offered by the Tradesman's Mutual
Life Assurance, and National Benefit Society ;--By the payment
of moderate premiums, the sum of 1/. to 51. per week may be se-
cured in sickness or accident, an annuity for life after a certain
age, and a provision for a family at death—combined advantages of
so important a nature, as to justify the Directors in anticipating
an extraordinary measure of success.

The rates of premiums adopted by this Society are calculated
on a scale somewhat lower than those of many Assurance-offices,
but at the same time they are sufficiently high to afford perfect se.
curity even under the most adverse circumstances. Indeed the
law of mortality is now understood as admitting of so little fluctua.
tion when applied to a considerable number of persons, especially
those constituting the members of a Mutual Assurance Society,
that the general application of that law in framing scales of pay-
ments must necessarily be comparatively easy; and a Society for
Mutual Assurance at given rates of premium, can ascertain the
extent of its ability to meet all its engagements, with nearly the
same arithmetical accuracy as a trader who purchases a commodity
at a certain price and sells it at a certain profit
Assurers for the whole term of life on the participating scale on
their own lives, or on the lives of others, will alone be considered
members, and the bonuses arising from the surplus funds will be
applied to the reduction of the future premiums, or in addition to
he sums assured.

To each policy, as it becomes a claim, will be added its full pro-
portionate share of the accumulated profits.
DEBTS —For assurances effected by way of security for loans
of money, and in many cases where the least possible present out-
lay is desirable, the premiums of this Society, as detailed in the
Table for Short Terms, will be found peculiarly favourable. In
assuring the lives of debtors, however, for the whole term of their
lives, it is often an important consideration to the creditor, that
not only the amount of debt should be secured, but that some
means should be adopted for the return of the premiums when
the life drops. In many cases the policy is kept on foot by the
creditor, who pays the premiums, and thus entails upon himself a
certain eventual loss, whenever the life fails, without any hope of
remedy. In this Office, however, this contingency is provided
against by tables calculated for the purpose; and creditors who
assure the lives of their debtors for the whole term of life, may not
only secure the debt, but also the return of all the premiums paid,
with a participation in the profits whenever the life fails; and
should the claims be paid off previous to the death of the assured,
and the assurer wish to surrender the policy, two-thirds of all the
premiums paid will be returned.
LOANS.—Two-thirds of the gross amount of the Premiums
paid, will, after the third years' payment, be at any time lent to
the assured, on the deposit of his policy alone, at the rate of 5
per cent. interest, per annum, payable in advance, to be paid off
at the convenience of the borrower, or deducted from the amount
of assurance at death. But non-payment of interest and premiums
will entail the forfeiture of the policy.
PURCHASE OF POLICIES. —" Institutions," says Mr.
Watt, " have to apprehend most danger from their rivals adopting
equitable principles in the purchase of policies. Hitherto Life
Offices have taken a gross advantage of misfortune; that is, a
party who is under the necessity of surrendering a life policy, is
never allowed from the office a fair consideration for the surrender.
The principle of returning the amount of premiums received, im-
proved with their annual interest, under deduction of the amount
of annual risk and a proportion of the expense of management, has
never hitherto been conceded by Life Offices, as a right the
assured have to expect from an Assurance Company. Various
Offices have been in the habit of making advances to the amount
of the office value of the policy, but this does not meet the principle
nor the equity of the accommodation. We want the concession
of the principle, that a policy-holder may safely be made banker
to the Association to the amount his computed premiums exceed
in amount the risk run by the Office from year to year."
The Directors of this Society now make this concession, and
admit the principle. They give the full value, merely deducting
the proportion of office expenses, for the surrender of any policies
of three years' standing that may be offered to them, thus obviating
the fear of serious loss, in the event of the assured not being able
to keep up the payments.

CREDIT SYSTEM.—In addition to the advantages enumerated
above, the Society will give credit for one half the annual pre.
miums during the first five years, the assured having the option of
then paying up the remaining half-premiums, or of leaving the
amount as a eharge on the policy, to be eventually deducted from
the assurance at death; thus enabling parties to effect assurances
on their lives, and to secure a provision for their families, who
might otherwise be compelled to wait till a remote period, when
declining health would render them altogether ineligible.
POLICIES after five years standing, on being deposited with
the Directors, may also be kept in force by the annual payment of
half the premium and interest on all arrears, in which case, the
remaining portion of the premiums may be deducted from the sum
assured, when the policy shall become a claim.
DEFERRED ANNUITIES, or PROVISION for OLD AGE.
The arrangements made by this Society with regard to Deferred
Annuities, or Provision for Old Age, and the combined benefits
which they offer, will be found, on reference to the tables, of the
very greatest importance to all classes of society. According to
Tables XI., XII., and XIII., it will be seen that Annuities may
be secured at 50, 55, 60, or 65, with the option of receiving an
equivalent in Cash on arriving at the age stipulated ; that two-
thirds of all Premiums may be borrowed after the Third Annual
Payment ; and that in case of death before the stipulated age,
three.fourths of all money that has been paid will be returned to the
Representatives of the Assured.
A Provision of 1/. per week in Sickness and Accident up to any
age, will be granted out of the moneys contributed by each Mem-
ber, after the Third Annual Premium, excepting always 5 per cent.
paid into the guarantee fund; an Annuity of-251. after 65 years of
age until death ; and 1001. at death ; or larger amounts in propor.
tion i thus combining all the most important advantages to which
Life Assurance is applicable.
ENDOWMENTS.—Sums of Money, or Endowments, may be
secured for Children, at the ages of 14 or 21 ; or by Adults at the
ages of 40, 45, 50, 55, 60, 65, or at death, if that event happen
before the age specified. By this plan, parties may themselves
reap the fruits of their savings, and realise a provision for after-
life, at an age when they may wish to retire from active duties,
or may be incapacitated from continuing their usual avocations;
or should death occur previous to the age specified, the fill amount
will be paid to the representatives.
Assurances may also be effected on Joint Lives or Survivorships.

From the foregoing remarks it will be seen, that the advan.
tages held out by the Tradesman's Life Assurance and National
Benefit Society are of paramount importance to the Middle Classes,
and to alt such as depend on health and industry for the mainte-
nance and comfort of their families, as providing a Fund against
Sickness and Accident; a protection for Old Age; and a remedy
against numerous frightful contingencies, for which a moderate un-
certain income affords no adequate provision.
Applications for Prospectuses, and other information, may be
made to Messrs. Badham and Houghton, Solicitors to the Institu.
Oen, 4, Verulam.buildings, Gray's