SOLDIERS’ LIFE INSURANCE

Wanganui Chronicle, Volume 84, Issue 86, 13 April 1940, Page 6

SOLDIERS’ LIFE INSURANCE

ATTEMPTED PURCHASE NO WANGANUI CASES KNOWN GF Representatives of life insurance oilices in Wanganui state that there have been no cases in this area of attempts to purchase soldiers’ life insurance policies. According to a Press Association message it was slated at a meeting of the Waipawa Returned Soldiers’ Association that men going into camp had i been offered double the surrender value of their policies, The meeting passed a resolution warning all recruits against assigning policies without good reason and without taking reliable advice. It also asked the New Zealand Returned Soldiers’ Association to refer the matter to the Government and the military authorities. "Only speculators m searen of a gamble would attempt anything so dishonourable.” stated one insurance man. “The offices themselves arcdoing everything possible to encourage men who go on active service to maintain their policies.” Since the outbreak of the present

conflict restrictions relating to the Army, Navy and Air Force had been waived for the duration of /hostilities in favour of men in the' fighting forces, contingent of course upon requirements as regards the payment of premiums being fulfilled. Payment of Premiums The Government had co-operated to the fullest extent in this by providing machinery enabling soldiers to make a daily allotment from their pay for the purpose of the payment of premiums to the various insurance companies. As an insurance man said recently: ‘‘lf soldiers’ policies were coming in in large assignments we would most certainly investigate. Unfortunately, as long as there is a pecuniary interest in the transactions, we are not empowered to prevent them. “Doubtless, however,” he said, “if evidence should be forthcoming of a definite practice of trafficking in these policies, the Government would probably pass legislation making such claims invalid.” The life insurance offices regarded it as a duty to assist service policyholders in every way possible, and they had done so in the last war, although they suffered heavy losses. Those on new policies were not nearly met by the war loading of £5 per cent. The loading in the present war was in the neighbourhood of £7 10s per cent., but a uniform rate had nor been agreed upon by all the offices. Experience in Last War If experience in this war is the same as in the last, buying young soldiers’ non-loaded policies would be a decidedly good speculation, but one that could only be undertaken by a person callous enough to gamble in a fellowman’s chances of being killed before his time. Of approximately 100,000 New Zealanders who went overseas, nearly 17,000 died from various cause-, and statistical records show that the expectation of life o* those who returned was very greatly reduced. The importance of soldiers’ insurance policies is shown by the fact that in the last war the Soldiers’ Financial Assistance Board paid out £59,262 in premiums on all kinds of insurance. A similar board was set up last January, and is empowered to grant the same kind of assistance, at its discretion, in regard to both existing and new life policies.