Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-09-16
INSURED BY MAIL.
Admirable System Of the British Post
Office

The British government furnishes
through the post offices, says the Chi
cagO Record, an opportunity for secur-
ing life insurance, old-age pensions
and immediate annuities to the limit
of $500 each. For example if a farmer
If a remote part of the country wishes
to insure his life with the government
for the benefit of his family to the ex-
tent of $500, he goes to the nearest
l .stoffice and fills cut blank which
is furnished him by the postmaster,
and resembles very closely those which
are used by life insurance companies
in the Ulited States. He is asked
about his health and habits, the
longevity of his family and other par
tiCulars. If he desires insurance to
the amount of $125 or less it is not
necessary for him to undergo a medi-
cal eXamir alton, but for insurance
ever that sum such an examination
is required, for which he is asked to
visit a physician in the neighborhood
to whom rates are about the same as
charged by ordinary life insurance
companies and are calculated upon the
same theory of risks and average NOR
tally.
Having complied with the conditions
the application and the surgeons GER
| tificate are sent with a postOffice order
tor the first premium to headquarters
| il London, where the chief of the life
| insurance bureau issues policy and
returns it through the postmaster to
the insured. If the insured person
dies within one year his heirs are not
entitled to any benefit from his policy
| except his death is the result of ac-
cident, but his premium is returned to
| them. If he dies within two years his
heirs receive but one half of the
amount Of his policy These condi-
lions are based upon the theory that
| the medical examination was not
| thorough. This system of insurance
has been adopted by the government
more for the convenience of the far
mers who are not within convenient
reach of the ordinary insurance com
| panies. There is also a plan of i'm
| mediate annuities for life. Any per-
son so years of age who has S75 in
cash, can by depositing that money
with the government, receive pen
sion of S. a year as long as he lives
| By paying $50 to any postmaster ?
person "a years of age may receive q
similar pension. By paying S35 a per-
son 73 years of age can have the priv
iiege of S. year. These rates apply
to multiples of the amounts named
Thus a person so years Of age deposit
ing $500 will receive an annuity Of
$500 year. But the amount is limited
to $1,000.
1t is also possible to obtain what WE
call a tontine or endowment policy
from the government through the
postofice department. By filing out &
blank and making an annual deposit
with the nearest postmaster a person
may make provision for his old age
The money deposited by him with the
government, however small the
amount draws compound interest and
therefore accumulates more rapidly
than if left in the savings banks Fol
example workingman who deposits
Fl month, or even 1 shilling month
with the postmaster on the deferred
annuity plan" until his credit amounts
to f200, or any other given sum, p1ay
have the interest returned to him an