Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-06-06
Wisdom OF Life Insurance.

The sad failure which has lately come to
so many life insurance companies in the
country has by no means had the effect to
destroy confidence in the system. Singular
as it may seem, the opposite result has been
produced, and there was never time when
the public mind was so favorably turned to
the consideration of the subject as now.
And with good reason. The terrible appre-
hension and even actual distress brought
home to so many by the loss of their sole re-
lance in old age, for themselves and their
dependent ones, has most forcibly demon
strated the wisdom of the general system,
while the collapse of so many bogus com
panies has, as a natural consequence, brought
into corresponding favor those resting upon
sure foundations.
The recent discussion of the general sub
ect has developed some new features of the
system not generally known to the public.
1t seems that the best and most respectable
business men of the great cities make it
regular practice to take out life insurance
every time they incur business liability, to
the exact amount of the liability. That is,
if they buy piece of property, on which
| they owe ten thousand dollars, they take out
a policy of insurance for just that amount,
so that in the event of death while the debt
remains their administrators may have the
means to pay it off, without sacrifice, loss or
costs, leaving the estate intact. The late
A. T. Stewart, as wealthy as he was, and as
little as he needed assistance, rigidly OBJ.
served this rule, and there are few great
merchants in New York who do not. These
men do not have to be solicited to take in
surance-it is regular part of their bust
ness, and is as promptly attended to as in
surance against fire. The Tribune Associa-
ton, knowing that the death of Mr.. Greeley
would embarrass the concern and make such
changes in their business as would require
an extra amount of capital, kept one hundred
thousand dollars on his life for the fifteen
years prior to his death. Events demon
strated the wisdom of their course. When
he finally died it was found that his estate
was to some extent embarrassed. and to re-
arrange the working of the establishment
required large amount of money, which
this policy furnished, and which they could
have got in no other way. 1t really saved
the concern.
A young man just commencing business
has no right to neglect making this provis-
ion. If he has a farm on which he owes a
portion of the purchase money, he never
ought to sleep till he has policy large
enough not only to pay off the encumbrance
but to give his widow an additional sum
with which to pay the expenses incident to
sickness, and to support her until she has
got into the way of running the business.
1t is duty to make this provision, that she
may not lose the place on which she has
toiled and labored, and which should be for
ever the home of herself and her children
So the young mechanic or merchant ought
to provide, for this money, unlike any other
comes when it is most needed, and will do the
most good. When farmer or mechanic i:
out of debt, and properly situated in life
he may have some excuse for not insuring
but so long as he has chance against hin
he has no right to neglect it. What sucl
men as Stewart, Greeley and Clahin do il
the way of business can be very safely i'm
itated by lesser men.