Annals, Anecdotes and Legends: A Chronicle of Life AssuranceFrancis, John, of the Bank of England
History
Annals, Anecdotes and Legends: A Chronicle of Life Assurance
Francis, John, of the Bank of England
Life insurance
Emblems were placed in windows indicating the allurements of the
“Golden Globe.” Tempting advertisements were inserted in the journals
to show the especial advantages of a new Tontine. Infant or adult,
married or single, were addressed in, “The Lucky Seventy, or the
Longest Liver takes all;” while, paraded in promising forms, and
painted in bright colours, arose societies to keep the subscribers when
they married, and pay for their burials when they died.
There is something very painful in the recollection that the sufferers
were those who could least afford it. It was not the grasping Hebrew
who invested from his full store. It was not the wealthy East Indian
director, the rich alderman, the over-fed citizen, or the “new-fangled
banker” who lost a small portion of his gold. It was the poor and
thrifty man, who, denying himself to secure his children a provision,
was involved in loss.
Policies and premiums were in the mouths of all. It was the El-dorado
of the London craftsman, the alchymy of the needy tradesman. The
philosopher’s stone seemed placed before the class that least dreamed
of grasping it: but it was the realisation of the legend in which the
dreamer awakes and finds his golden pieces are turned to slate; it was
the arousing of Analschar from his gorgeous vision.
The jobbers of Change Alley were not behind; the members of Lloyd’s
entered keenly into competition, usurers trembled with delight at
the prospect of increasing their store, and annuity-mongers threw
themselves with ravenous rapacity on the unwary. Under the name of
Africanus, Steele selects a well-known character of the day to satirise
the “bites and bubble-mongers” of 1710, in “one who has long been
conversant in bartering; who, knowing when Stocks are lowest it is the
time to buy, therefore, with much prudence and tranquillity, thinks it
the time to purchase an annuity for life.” “Sir Thomas told me it was
an entertainment more surprising and pleasant than can be imagined, to
see an inhabitant of neither world, without hand to lift, or leg to
move, scarce tongue to utter his meaning, so keen in biting the whole
world and making bubbles at his exit. Sir Thomas added, he would have
bought twelve shillings a year of him, but that he feared there was
some trick in it, and believed him already dead.”
There is some confusion between annuities and assurances; it is an
evidence, however, that the public attention was pointed to the
tricks which were current. During this period, there is no trace of
any life-office; but it would appear that the Bills of Mortality were
regarded with interest, from a paper in the “Guardian” being founded on
them, and that they were so regarded is most probably to be traced to
their connection with assurance. The following is an extract from a
quizzical paper bearing on the mortuary registers. Died
Public-domain text, read in full here on John Shaqi.
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