Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-11-01
new TYPE OF
LIFE INSURANCE
MASSACHUSETTS WILL PUT IN
OPERATION SAVINGS INSUR-
ANCE PLAN DESIGNED TO BE
OF SPECIAL BENEFIT TO WAGE
FARMERS.

pCo LIN NOV, w TN the design
of benettting wage earners, an act be-
lieved by many of it's advocates to be
the most important single measure
passed by the Legislature of any state
this year becomes effective today. BY
the enactment of this measure. which
has been taken advantage of by many
savings banks the Massachusetts, leg
islature has accomplished novel
thing, at least so far as the Western
world is concerned, in permitting the
establishment of a new type of life in
surance.
On and after today, the wage Garner
of the Bay state who wants protection
for his family through one of the poll
cies of the type known as "industrial'
that is, whose premiums are payable
at frequent intervals-will be able to
exercise a choice. Henceforth there
will be competition between two diff
ferent life insurance Asystems. The
workingman may, on the Vne hand
yield to the Establishments of an agent
to take out a policy in one of the in
surance companies which do an indus
trial business and which will keep a
collector perpetually on his heels, to
gather the premiums as they fall due.
Saving Insurance Plan.
He may, on the other hand, go to a
savings and insurance bank-a new
title in Massachusetts, as it is in the
entire country-and tarrange to take
out life insurance not exceeding $500,
with the understanding that he is VOL
unfairly to pay his premiums once a
tor. He may also buy there an an
nuity of a value not to exceed 800.
If he has an account at the savings de-
partment of the bank he may arrange
to have his premiums paid from that
automatically, as they fall due.
One of the greatest advantages
claimed for the new system of savings
insurance is, of course, its cheapness.
The expense of sandbagging people
into insuring their lives and of col
lecting the premiums by a house to
house canvass causes thir form of
from two to eight times as much as his
Weather neighbor has to pay for or
binary life insurance. There is, assur-
edly a familiar argument to the effect
that the average individual will not
buy life insurance policy unless he Is
talked into it by an agent. Some peo-
pie, however believe that a large
enough proportion of American labor
ing men are Industrious, thrifty and
far seeing enough to do the thing they
ought without being eternally nagged
about it.
II Massachusetts, Good Field.
It is generally admitted that Massa-
chusetts is particularly good state to
thy out" this scheme of savings in
surance, since there are few, if any,
states which place as many safeguards
about savings banks. The savings bank
is, particularly adapted to handling life
hummelshine, insurance is only a
specialized form of savings. The first
sayings bank in the United States was
opened in the city of Boston 80 years
o5C. doSSciShuSCIlS has ltuB ldu Tic
best saving 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 bear
ing debt of the United States, and ex-
ceeds the total assessed valuation of
Maryland, Kentucky or Connecticut.
This is probably due to the fact that
the legislators of Massachusetts have
been wise enough to understand that
the savings of wage earners are NOR
important than the millions of capital
lists, and have sought to protect them
in every possible way.
If the insurance plan adopted to-
day in the Bay state proves successful,
it will probably mark the beginning of
a movement that will extend over the
entire country 1t has been condemn
ed IN certain high financial circles as
being "socialistic," but its adherents
believe that it is better for working
men to be "socialstic" than to leave
their families in poverty and want,