A History of Banks for Savings in Great Britain and IrelandLewins, William
History
A History of Banks for Savings in Great Britain and Ireland
Lewins, William
Postal savings banks -- Great Britain; Savings banks -- Great Britain
The principal features of the new measures taken together may be
stated, simply, to consist in a person now being able to insure his
life for any sum between 20_l._ and 100_l._; that he does this on
Government security; that he may do it without buying an annuity; that
he may pay his premiums of insurance in almost any amount, and at
almost any period that will best suit his convenience; and lastly,
that, attended with the same facilities and advantages which only an
institution like the Post Office can offer, a person may now purchase
a Government Annuity, either immediate or deferred, of not more than
50_l._ a year, either with or without the proviso of "money being
returnable" in the event of death before the annuity falls due.
* * * * *
It only remains for us to seek to draw the attention of our readers to
the special inducements which the Government now holds out to the
practice of a wise economy and frugality, prefacing our account with
the remark that a careful study of the "Regulations" from which we
glean it, will well repay any time or thought which the masters of
workmen, as well as working men themselves, may give to them.
And first as to _Insurances_. In the course of a short period,--for
the offices for the transaction of both kinds of business are being
opened rapidly,--every one of the three thousand and odd money-order
offices of the United Kingdom, embracing, as is well known, every
large village as well as the numerous receiving offices of our large
towns, will be formed into an Insurance Agency. When this is the
case,--and to a great extent it is so already,--any person, whether
male or female, and _both_ if man and wife, of not less than sixteen
years of age and not more than sixty, will be able to propose for an
insurance on his or her life in a sum of not less than 20_l._ and not
more than 100_l._ The steps which a person proposing to insure must
take in those places already on the list, and the steps which must
universally be taken when the whole of the agencies are arranged, may
be easily comprehended, and need but few words. If he wants to insure
on the security of Government, he must go to the nearest Post Office
and apply for the proper printed form. With this form, to which is
attached every necessary instruction for his guidance, almost all his
trouble begins and ends. It is true that the questions propounded are
many, and that they are most minute, and may be thought by the poorer
classes who are unused to this sort of thing unnecessarily precise and
tantalizing. Any one, however, familiar with the routine of the
ordinary Insurance Societies, will not fail to see that the Government
are scarcely more rigid than they are, and that, if there are more
questions to be answered, it is simply because of the varied modes and
unique facilities now first offered to the choice of the insurer. The
insurer must fill up this form, and must further produce certificates
Public-domain text, read in full here on John Shaqi.
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