The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1889-12-19
Plan NO. ].

are these:
Plan NO. ].
BY this plan the farmer inshres his
life, pays one years premium in adj
vance, Tor the lrst premium may be
deducted from the amount bOrrowed) |
the remaining premiums are paid in |
nine annual payments. He also pays |
interest once year on the amount OF
money borrowed at the rate of per
cent. per almum. BY this plan at the
end OF ten years his mortgage will be
satisfied, without any further pay.
ments, and in the event of his death,
any time before ten years (even
should he die the day after executing
papers) his mortgage will be satisfied.
His insurance policy pays off the
mortgage, thereby his family have
home. If the policy should be a
greater amount than that of the lOan,
the difference will be paid to his fam.
lily. The notes given for the pre-
of the loan contains condition in
substance as above. No note is re-.
Iuired for the principal of the loan.
We give q few figures illustrating thes
superior advantages of this plan over
all others. The following figures are
made on a basis 81 900 loan for 10
years, and 81 200 insurance for a man
of IS years old, the insurance policy
being Il straight 10 years policy.
THE OLD WAY.
Interest on 81, 900 at 9 per cent. for
10 years, 5000 The principal being
due to be paid, $1,000. The original
expense, agents commission, record
ing, abstrActing ETC.. say $40. Total
| paid in 10 years, 81, $40. There being
$94O paid tor interest, expenses etc.
| If the borrower should die before the
loan is paid off, the chances are 10 to
that his family will lose their
home. Now compare the above fig.
ureS with OUR NEW PLAN, the bor-
rover being IS years old takes out a
$1,000, 10 years endowment policy.
The annual premium is $89.O4 a year.
wonld amount to $s9O.4O. Tie inter
est on his loan at per cent. would be
$40 IA year, in 10 years would be 500.
The expense of making the loan,
agents commissions etc., would not
exceed 30. The total cost to pay
off mortgage, $l,62O.40. This illus
tration shows a net saving to the Dor.
rover of $4,000. Quite an item.
Besides this, if the borrower should
die before the maturity of the loan
his life being insured-hiS insurance
policy pays off the loan, thereby his
family have no mortgage to pay. This
is another advantage IN FAVOR OF
OUR NEW PLAN that farmers should
look into. by this plan the borrow
has LIST, the advantage of a low rate
of interest; End, the privilege of pay
ing off his loan in small annual in
stallments; 3rd, he has to pay his in
terest only once year; 4th insurance
on his life so that in case of his dealt
his family is relieved of tn
burdens of the mortgage on thei
homes. The home is paid for. Al
: for lower rate of interest and on bet
ter terms than has been ever befOr
offered.
PLAN NO. 2.
This plan Is also new one to tn
farmers of Minnesota. It has the lif,
insurance features of plan No. l, bu
, on an entirely different plan. Lik
E plan No. !, in the event of the deaf
, of the borrower, the family has n
mortgage to pay. By this plan tn
! loan may run from one to FIVE years
/. or 10 years if desired. Or the Dor
r rover may pay off the loan on install
+ ments as he may desire, or be in
= position to make payment on tn
: principal. The rate of interest is
n per cent. and is payable only once
+ year. We give the following figure
: to illustrate the plan and show its az
K vantages, using as a basis a $1,OC
!, loan and 81 900 life insurance for
It man IS years of age, the endowmer
:, life rate plan. The premium on tn
8 insurance policy for five years
= $ll3.75; amount of loan, 81 900; NOR
). cages would be given for $1,1l3.7
L interest at 7 per cent. on $l1l3.75
$77.96 per year, for years, amount
to $500 30. To this add expenses etc
for making the loan, $50; total amour
): to pay, $l,533.55. At the end of
# years the borrower may surrendt
d his policy and receive pail up polio
10 for 1925; leaving the actualcost of IL
# loan at 81 ,307.55. Or he may continl
+. his insurance in force for the flu
a amount upon the payment of 500
t per year.
t. Under the old plans now in vogue
$1,000, 5 years loan wonld cost tt
borrower, provided he paid off h
loan when due, about 81. 400, and
would not have the protection of tt
g insurance In the event of death,=t
3: would receive no return as he will j
= our plan No. 2. The. rates of insu
70 ance will always depend on the age
10 the insured.
Is We are the exclusive agents of IL
IS company introducing these plans, fl
10 the counties: of Stevens, Pope, b
IS Stone and Traverse.
10 We can also lean money on sever
l. other plans, at low rates of interes
and on very liberal terms, which
II tending borrowers will find il To the