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SCOTTISH PROVIDENT INSTITUTION (MUTUAL) Established 1837.
1081
premiums cease at a given age can at any time after the miums, either a surrender value in cash or a paid-up policy second year be exchanged for a free paid-up policy for the for a part of the sum assured, and bonuses in exact proporproportion of the total sum assured, represented by the pro- tion to the premiums paid. The following table shows portion of total premiums paid : thus, five premiums paid approximately the results as at last division of profits on out of twenty payable entitle to a free policy for five- Dec. 31st, 1887, under policies for £1000 effected at the age twentieths of the sum assured ; the bonuses previously of thirty and payable at the age of sixty or earlier death. Annual premium f36 8s. 4d. declared are not forfeited by the exchange. The Company has liberal general policy conditions and a non-forfeiture clause in its policies. In addition, and as its distinguishing features there are: (1) A section for abstainers at specially reduced rates, and (2) an arrangement by which the benefits of both life and accident assurance are combined in one policy at an addition of 4s. per cent. to the usual life rates.
SCOTTISH PROVIDENT INSTITUTION (MUTUAL) Established 1837. Head Office: 6, St. Andrew-square, Edinburgh. London Office: 17, King William-street, E. C. The Scottish Widows’ fund presents every advantage Its system is distinctive, and is specially suited for the which life assurance conducted under the most favourable family provisions of medical men and others whose income is dependent on continuance of health. Instead of the conditions is capable of affording : a large, select, prousual alternative of a high premium entitling to share in gressive, and therefore profitable business; investment of profits, and of a lower premium excluding from any share, funds in the safest and most remunerative securities obtainit offers a rate generally as low as the non-profit rates of other offices, and returns the whole profits to those (forming able, and the mutual principle, under which the whole profits realised are divided among the assured themselves. a full half of the members) who prove good lives-that is, The Society’s prospectus contains full explanations reto those whose premiums, with 4 per cent. compound interest, amount to the sums originally assured under their garding all other features and forms of life assurance. individual policies, no share being given to those by whose earlier death there is loss to the common fund. The usual premium for £1000 (with profits) in the older STANDARD LIFE ASSURANCE COMPANY, mutual offices will at early and middle ages secure from the 3, George-street, Edinburgh. first in this institution £1200 or £1250, the difference being In to reply your circular letter of 28th ult., inquiring in effect an immediate bonus as large as can be looked for what the Standard Company is doing or is prepared to do in good offices only after many years. The system thus in the way of facilitating life assurance for medical men, secures the largest assurance during the period when a I have to inform you that we do not see our way to give family is most dependent; while the equitable principle on any special facilities to medical men which are not accorded which the surplus is divided yields large additions to the to members of the other professions. At last division (1887), policies sharing a first time (with a few unimportant exceptions) received additions ranging, according to age and class, from 18 to 34 per cent. Policies, say, of £1000 which had shared before were raised to £1500, fl600, and even to 91800. The scales by which the premiums are limited to a specified number are specially suited to medical and professional men. The premiums limited to twenty-one payments are usually only a few shillings higher than those charged elsewhere during whole of life. Endowment The new assurances are also effected at moderate rates. assurances effected have for sixteen years exceeded a million
participators.
annually. The funds, accumulated entirely from premiums, amount to £7,250,000. Their increase during last septennium was greater than in any other British office, due in large measure to systematic economy of management. The ratio of expenses to premiums over same period was under 10 per cent., an unusually low ratio even among offices transacting a
moderate
or
small
new
business.
SCOTTISH WIDOWS’ FUND, St. 9, Andrew-square, Edinburgh, and 28, Cornhill, London. In the experience of the Scottish Widows’ Fund the form of life assurance which best meets the requirements of members of the medical profession is that which limits payment of premiums to the period during which the assured may be supposed to remain fit for the active work of life, and provides for the payment of the sum assured and bonuses to himself at the end of that period, or to his family in the event of death taking place within the period. Such policies, as granted by the Society, also secure, in the event of inability at any time to continue payment of the pre-
Our prospectus, however, offers several systems which, other of them, meet very sufficiently the requirements of medical men, the assurances being at option of the assured, either with or without participation in profits. The principal of these are :1. Policies payable at death: (1) Premiums payable for life; or (2) premiums for any given number of years, and then to cease; (3) a small premium for the first five years and doubling thereafter during the rest of life, called the halfone or
premium system. 2. Policies payable at a given age, or at death if earlier. (The premiums on these policies are payable either for the whole duration of the policy, or for a shorter given number of years. ) at the first death of two lives. In connexion with whole of life policies by uniform limited payments and endowment assurances, particular attention is directed to the Company’s Secured Payment System, by which each payment from the commencement after three have been made secures a paid-up policy for a proportionate part of the whole sum assured, in the evcnt of the assured being unable to meet further payments. This system is fully explained in the Company’s prospectus. But your reference to medical men and their requirements has suggested to us an additional table which seems adapted to meet their ’wants, and those of most other professional men, very specially. These wants are described by your correspondents as being: (a) a small premium in the early years of assurance; (b) relief from the burden of premiums in declining years. The following table, which, so far as known to us, has not hitherto been adopted by any other life office, and is
3.
Partnership policies payable
or more
premiums cease at a given age can at any time after the miums, either a surrender value in cash or a paid-up policy second year be exchanged for a free paid-up policy for the for a part of the sum assured, and bonuses in exact proporproportion of the total sum assured, represented by the pro- tion to the premiums paid. The following table shows portion of total premiums paid : thus, five premiums paid approximately the results as at last division of profits on out of twenty payable entitle to a free policy for five- Dec. 31st, 1887, under policies for £1000 effected at the age twentieths of the sum assured ; the bonuses previously of thirty and payable at the age of sixty or earlier death. Annual premium f36 8s. 4d. declared are not forfeited by the exchange. The Company has liberal general policy conditions and a non-forfeiture clause in its policies. In addition, and as its distinguishing features there are: (1) A section for abstainers at specially reduced rates, and (2) an arrangement by which the benefits of both life and accident assurance are combined in one policy at an addition of 4s. per cent. to the usual life rates.
SCOTTISH PROVIDENT INSTITUTION (MUTUAL) Established 1837. Head Office: 6, St. Andrew-square, Edinburgh. London Office: 17, King William-street, E. C. The Scottish Widows’ fund presents every advantage Its system is distinctive, and is specially suited for the which life assurance conducted under the most favourable family provisions of medical men and others whose income is dependent on continuance of health. Instead of the conditions is capable of affording : a large, select, prousual alternative of a high premium entitling to share in gressive, and therefore profitable business; investment of profits, and of a lower premium excluding from any share, funds in the safest and most remunerative securities obtainit offers a rate generally as low as the non-profit rates of other offices, and returns the whole profits to those (forming able, and the mutual principle, under which the whole profits realised are divided among the assured themselves. a full half of the members) who prove good lives-that is, The Society’s prospectus contains full explanations reto those whose premiums, with 4 per cent. compound interest, amount to the sums originally assured under their garding all other features and forms of life assurance. individual policies, no share being given to those by whose earlier death there is loss to the common fund. The usual premium for £1000 (with profits) in the older STANDARD LIFE ASSURANCE COMPANY, mutual offices will at early and middle ages secure from the 3, George-street, Edinburgh. first in this institution £1200 or £1250, the difference being In to reply your circular letter of 28th ult., inquiring in effect an immediate bonus as large as can be looked for what the Standard Company is doing or is prepared to do in good offices only after many years. The system thus in the way of facilitating life assurance for medical men, secures the largest assurance during the period when a I have to inform you that we do not see our way to give family is most dependent; while the equitable principle on any special facilities to medical men which are not accorded which the surplus is divided yields large additions to the to members of the other professions. At last division (1887), policies sharing a first time (with a few unimportant exceptions) received additions ranging, according to age and class, from 18 to 34 per cent. Policies, say, of £1000 which had shared before were raised to £1500, fl600, and even to 91800. The scales by which the premiums are limited to a specified number are specially suited to medical and professional men. The premiums limited to twenty-one payments are usually only a few shillings higher than those charged elsewhere during whole of life. Endowment The new assurances are also effected at moderate rates. assurances effected have for sixteen years exceeded a million
participators.
annually. The funds, accumulated entirely from premiums, amount to £7,250,000. Their increase during last septennium was greater than in any other British office, due in large measure to systematic economy of management. The ratio of expenses to premiums over same period was under 10 per cent., an unusually low ratio even among offices transacting a
moderate
or
small
new
business.
SCOTTISH WIDOWS’ FUND, St. 9, Andrew-square, Edinburgh, and 28, Cornhill, London. In the experience of the Scottish Widows’ Fund the form of life assurance which best meets the requirements of members of the medical profession is that which limits payment of premiums to the period during which the assured may be supposed to remain fit for the active work of life, and provides for the payment of the sum assured and bonuses to himself at the end of that period, or to his family in the event of death taking place within the period. Such policies, as granted by the Society, also secure, in the event of inability at any time to continue payment of the pre-
Our prospectus, however, offers several systems which, other of them, meet very sufficiently the requirements of medical men, the assurances being at option of the assured, either with or without participation in profits. The principal of these are :1. Policies payable at death: (1) Premiums payable for life; or (2) premiums for any given number of years, and then to cease; (3) a small premium for the first five years and doubling thereafter during the rest of life, called the halfone or
premium system. 2. Policies payable at a given age, or at death if earlier. (The premiums on these policies are payable either for the whole duration of the policy, or for a shorter given number of years. ) at the first death of two lives. In connexion with whole of life policies by uniform limited payments and endowment assurances, particular attention is directed to the Company’s Secured Payment System, by which each payment from the commencement after three have been made secures a paid-up policy for a proportionate part of the whole sum assured, in the evcnt of the assured being unable to meet further payments. This system is fully explained in the Company’s prospectus. But your reference to medical men and their requirements has suggested to us an additional table which seems adapted to meet their ’wants, and those of most other professional men, very specially. These wants are described by your correspondents as being: (a) a small premium in the early years of assurance; (b) relief from the burden of premiums in declining years. The following table, which, so far as known to us, has not hitherto been adopted by any other life office, and is
3.
Partnership policies payable
or more