Weekly Trinity journal. [volume] (Weaverville, Calif.) 1857-1972, 1868-05-09

LIFE INsURANcE-A Coop Laval the late
session of the California Legislature ar Act was
passed and approved, exempting certain property
from execution, by which Act life insurance in
company incorporated under the laws of this
State, and the profits and benefits accruing
theref-om exempted from levy under at
tachment execution-placed, in fact, in the
exact position of homestead, but additional
thereto. But this is not all. By section l2l of
the Probate Practice Act, the Probate Court is
required g to set apart for the use of the family
of the deceased, all personal property, which is
by law exempt from execution" The result Is
that all life insurance made in California in
corporated company is absolutely beyond the
reach of creditors go to the wife and chill
dren. The amount thus exempt shall not, how
ever exceed the sum, or interest that an annual
premium of FIVE hundred dollars will purchase.
In some cases it will not be more than five thou
sand dollars, in other cases it may be ten thou
sand dollars, even more. That will depend upon
the age of the insured and the kind of policy be
or she may accept.
1t will readily be understood that this law is
a most beneficent one, nasmuch as its object is
to provide, so far the State can, for the sup
port of the family after it shall have been de-
prived of its head and natural protector 1T
looks forward to the interests of the Borrowing
wife and helpless children. 1t holds out to the
father this grand promise, never to be broken ;
" III you ny your lHuuStIy anu iIuShilty S"h al
ford to pay yearly stipend for an insurance on
your life, and thus lay up needful provision
for your family against the day OF your death,
we pledge to you the faith of the State that no
creditors however numerous or influential, shall
deprive them of it p This will be great en-
enlargement to husbands and fathers, and will
be no less inducement to wives and mothers,
to do whatever in them lies TO lay up by this
means few thousand dollars against that sad
day when death shall bring sorrow into the
household. There is no man in business, no
mechanic or laboring man in health, having
steady employment, no farmer or professional
man, who, if he strives, cannot in this State pay
fifty or one hundred more dollars year, or
even more, premium on his life; and who
ever does so will have the great comfort of
knowing that his little ones will not be left at
his death without some means of support. 1t IS
the duty of every husband, and more especially
of every parent, to provide thus against that ia
tai day and this wise law holds out to him the
highest encouragement to do so. Heretofore the
homestead only was considered exempt, provided
it did not exceed in value the sum of 50 1000,
and provided also that it was recorded as such,
but now the sum that may be secured by insur-
ance in a California company is added thereto
and the fact needs no recording. 1t is the law
of the land, contract between the State and
those who INSURE and cannot be broken.
1t will, of course, be the means of causing
many who otherwise might not to insure their
lives, and will give some advantage to local over
foreign companies for most insurers will take
advantage of the law that secures to their heirs
beyond peradventure, the benefits to be derived
from their premium. In fact the law provides a
security that was needed. 1t is in concord with
the spirit of the age, and is but part of that
wise plan so we'll begun in State constitu-
ton, and which is SO justly being carried into
effect by the lawmakers, of exempting the prop
erty of the family from levy under attachment
or observation-disclosures Bee.