Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1907-11-01
INDUSTRIAL SAVINGS
INSURANCE PLAN


Boston. Nov. i.---With thc design
or benefltfBg wage carners, an act
believed by many OF its advocates 10
b. the most important single meas
nra passed by the legislature OF any
s.Ge tbis yclr becomes effective to-
ASy, ~ the enactment OF this
q; ssure. which has been taken ad-
vantage OF by many savings bank.
tie Massachusetts Legislature has ac-
C3inplishei a novel thing. at least
20 far a. the western world is Goa
oerned In permitting the sEtabllsh-
mem OF new type OF life Insurance.
On AMI after today. the IiaSe
Garner OF the Bay STATE who wan.s
protection for his family through enc
OF the policies of the type known as
Industrial IS. whose rreml-
ums are payable at frequent intervals
will be able TO exercise a choice.
Henceforth there will be compcti-
ton between two different lie H.
surance systems. The workingm
may, on the ohe hand. yield 20 the
establishments OF an agent 10 take
out 4 policy In one OF the Insurance
business and which will keep a col
loetor perpetually on his heols. 20
gather the premiums as they fall
due. He may. on the other hand, so
TO a savings and insurance bank
new title I'm Massachusetts,. as Il IL ju
the entire country--and arrange TO
take out life insurance not exceed
ing $500. with the understanding
that he is voluntarily 10 pay his pre-
miums once a month withou. the
nrgins Of coi,ctor. lie may also
buy there an annuity OF va:ae not
to exceed 500. II he has al aC-
count at the savings department OF
tho bank he may arrange =, have his
premiums paid from that automatic
ally. as they fall due.
One of the greatest Advantages
claimed for the new system OF saw
ings insurance is, OF course, its
glng people into insunng their lives
and OF collecting the primums by
house 10 house canvass causes this
form OF protection to the wage earE-
or to cost from two 70 eight times
as much as his wealthicr nelghbor
has TO pay for ordinary life insur-
ance. There Is. assuredly, q familiar
argument TO the effect that the aver
age individual will not buy life in
surance policy unless he Is talked
into II by an agent. Some people,
however. believe that a large enough
proportion of American laboring men
are Industrious, thrifty and far-see-
ing enough TO do the thing they
ought without being eternally nag
ged about IT,
II is generally admitted that Mas
sachuetts Is 4 particularly good state
70 try out" this scheme OF savings
insurance. since there are few, II any,
states which place as many safe
guards about savings banks. The
savings bank Is particularly adapted
to handling life insurance-slncc in
surance is only a specialized form of
savings. The first savings bank in
the United States was opened In the
city OF Boston ninety years ago. Mas
sachuetts has dong had the best saw
ings communities, in proportion to
population. of any OF the states OF
the Union. The total OF deposits to
the credit OF wage earners In this
state Is nearly equal to the interest
bearing debt OF the United States,
and exceeds the total assessed vaiua-
tiOn of Maryland. Kentucky or Con-
necticut. This IS probably due "
the fact that the legislators OF Mas
sachuetts have been wise enough to
understand that the savings OF wage
earners are more important than the
millions OF capitalists. and have
sought to protect them in every pos-
sitge way.
If the insurance plan adIpted to-
day in tho Bay state proves success
full, 1t will probably mark the be-
ginning of a movement that will ex-
tend over the entire country. II
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