The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1874-04-29
LIFE INSURANCE-A GREAT DRAIN
UPON OUR RESOURCES.

Editor Press and Banner:
It is estimated that six hundred
thousand dollars have been paid to
the various life insurance compa-
nies by citizens of Abbeville Coun-
ty since the war, and that of this
vast amount not moreshan 100000
or $4,000 have been returned to
the insured. Perhaps over one
half ofHhe original amount has al
ready been forfeited to the various
companies by a failure on the part
of the insured to pay annually the
sum agreed upon; and it is fair to
estimate that two-thirds of the bal
ance will be surrendered or forfeit
ed in the course of a few years.
We hold that the chances are all
against the insured and in favor Of
of companies. Statistics show that
IS per cent. OF all the policies is
sued are a total loss to the insured,
and that 16 per cent. receive a
small return by the surrender OF
their policies, and that only 8 per
cent. of the policies are ever paid
in full. AS alnatter of investment
we regard an ordinary lottery as
more desirable. In the lottery the
amount invested is generally small,
and an early loss soon discourages
any further investment in that way,
while in the other case the party
often makes himself a slave to the
company as long as the insurance
is kept up, unit! finally, by reason
of adverse circumstances or failing
health, unable to bear. his bur
den longer, he fails to make a pay
ment and all is lost forever. Cases
may be found where a husband and
father for years will deprive him.
self and family of the needed COM
forts of life in order that he may
annually pay his premium, while
the education of his children is
neglected, the improvements on
his farm allowed to decay, and hon
est debts accumulate, and, in some
instances, the pride and credit of
the family humiliated by a failure
to meet current obligations.
Many men have policies taken in
the name of the wife or children
with the understanding, in case of
death, that they shall receive the
sole benefit of the investment,
while the debts of the husband are
unprovided for. This is a proceed
ing which would not hold good in
law. The creditors of an insolvent
estate may sue for the money real
lied on a policy which can be prov
cd was purchased with the insolvent
debtors money. An insolvcnt
debtor can 10 more assign a policy
of insurance than he could give his
property to his heirs, and leave his
debts unpaid.
In all the principal cities, from
the profits of this business, these
corporations support their officers
in princely style, and erect elegant
stone-front structures for their oc-
cupation. while at home, we are
impoverished, our money wasted,
our resources neglected, our lands
lie idle, and our streams run un-
proftably over their granite cliffs
We contend that our people
should invest their money at home
and in some tangible property.
Suppose, for instance, we
emulate the example Of the cit
izens of Greenville County who
are now investing one hundred and
fifty thousand dollars in a magnif-
cent factory, which will pay rea-
sonable interest on the investment
give employment to many of hel
citizens, and will for ages stand as
a proud monument of the enter
prise and thrift of her people
Abbeville has since the war forfeit
Ell enough to the insurance contNa
u;cs to build two Or three such FAC
tories.
| .EITETTG POLICY.