LIFE ASSURANCE V. FRIENDLY SOCIETIES.

Poverty Bay Herald, Volume VI, Issue 809, 14 June 1879, Page 2

LIFE ASSURANCE V. FRIENDLY SOCIETIES.

[To the Editor of the Herald. ] Sir, — In a sensible and thoughtful letter on the above subject, your correspondeut "Odd Fellow" falls into a few errors, that I should be glad if you will permit me to correet. It is perfectly true that Friendly Societies make provision for contingencies such as Life' Assurance Societies do nob provide for ; but I much question if it dn be maintained to be more im por tant for the breadwinner to make arrangements, through a Friendly Society, for the support of himself and family during a temporary loss of income by illness, than it is for him to provide bj^ Life Assurance for those who, at hie death, will otherwise be left permanently dependant upon charity. In the one case he may reasonably hope, by his own after industry, to pay off debts inevitably incurred, though I would Btrongly urge him to avoid so hard a necessity, by joining a good Friendly Society : but surely, duty to those dependant upon him demands that he shall, if possible, by any exercise of present economy, guard against their being left penniless in the hour of their greatest sorrow. '' The argument against Life Assurance, because of hard times, in which it will be difficult to pay the premium, is .completely met by the liberal regulations of the best Life Assurance Societies, which, during such a period of depression, a policy is kept in force by the office out of its surrender value, or money is advanced at a low rate, and without expense to the member who borrows. In the statement that " Friendly Societies extend their funeral benefits to £100, if the members wish to pay for so large a sum," "Odd Fellow'' recognises the necessity for provision greater than is usually secured by the members of these societies.; The qnestion then arises, whether by payment of the large sum to one of these societies, a member secures as much ftt So low a co3t, or in other words obtained as large rfits on so good a security as' he would assuring in one of the best Colonial Life Assurancs offices. To this, I unhesitatingly reply ' ' ' no. "—I &m, &c. , F. Whitmore Isitt.