Madison County Democrat. (London, Ohio) 19??-1958, 1950-05-19

thrift in this country. 1he time
has long passed when life insur-
ance policies were in amounts in
tended merely to pay funeral ex-
penses of the insured or, perhaps,
in addition, the expenses of his ill
ness. Group insurance which most
employers now carry for their en-
ployees marks the minimum of
modern protection by continuing
the "pay envelope for a year
after the insured's death. Indiv;-
dual policyholders very generally
increase that protection by making
provision for their families Tor
many more years.
The result is not merely that
widows and children are protect
ed after the death of the family
income provider, but in addition
great econimic benefits flow to
the community in which such
benefits flow to the community in
which such beneficiaries live. If
it were not for the proceeds of
life insurance policies, many a
family would either be on the
public relief or would be very
poor customers of the trades
people of their communities. On
the other hand, when they have
assured income from life insur-
ance policies, such beneficiaries
continue to be good customers and
make their contribution to pro-
sperous and stable business COM
munity. These benefits to the in
sured's family and the community
made possible by the thoughtful
policyholder who practiced thrift
and provided for those who were
dependent upon him must be re-
cognized as being real contribut-
ions to the public welfare.
However, these are only part
of the contributions to the public
welfare made by life insurance
policyholders. Many men and
women now carry life insurance
to provide college education for
their sons and daughters or other
means of preparation for healthy
and useful lives in the future. This
is real contribution to the pub
lie welfare of the next generation.
All of these benefits to individuals
and to the community are the re-
suit of the self-sacrifice, thought
fulness aand thrift of the life in
surance policyholders who pay
the premiums to provide these
benefits.
The insurance company to which
such premiums are entrusted
must keep them safely, invest
them prudently, accumulate the
interest earnings and be ready at
all times to meet the obligations
which an insurer against death
undertakes. The risk insured
against is sure to happen. It is
only question of when. The in
surer, therefore, has to be ready,
and in these days of low yields
on investments it is not easy for
the management of insurance
companies to pay the increasing
costs of their operation and still
accumulate the financial means
which they require to meet their
obligations.
Under all these circumstances,
might reasonably be expected that
an intelligent government, recog-
nizing the public benefits confer
red by the life insurance policy
holder and his company, would
feel that the funds provided by
the millions of policyholders and
administered by 584 companies
should be regarded as having such
public service qualities as not to
be subject to taxation. However,
the hungry tax collectors of both
the Federal Government and the
states take substantial portion of
these funds to meet their own fin
ancial needs.
Last year the life insurance
companies paid premiums and