In mutual (cash) companies, when the premium has been paid in full for about sixteen years, judging from past experience, the policy-holder may expect that his annual dividend on policy and additions will exceed the annual premium, thus obviating the necessity of further payments to the company, while his policy annually increases in amount for the remainder of life. But, on the contrary, when the dividends have been anticipated, as in the note system, by giving a note for part of the premium, the policy-holder insuring in this way, although he may at first receive a larger policy than he has the ability to pay for in cash, may lose the chief benefit of life insurance. For should he become unable, either by age, disease, or loss of property, to continue the payment of his premiums, his policy must lapse, because there is no accumulation of profits to his credit on which it can be continued. In other forms of life policies, called "Non-forfeitable," premiums are made payable in "one," "five," or "ten" annual payments. In all cash companies, and in some of the note companies, after the specified number of premiums have been paid, the policy-holder draws an annual dividend in cash. A further advantage arising from this plan is, that the policy-holder, at any time after two annual payments have been made, is always entitled to a "paid-up" policy for as many "fifths" or "tenths" of the sum assured as he shall have paid annual premiums. For example: a "five-annual-payment policy" for $10,000, on which three premiums had been paid, would entitle the holder to a "paid-up policy" for $6,000; a "ten-annual-payment policy" for $10,000, on which three payments had been made, would entitle the holder to $3,000; and so on for any number of payments and for any amount, in accordance with the face of the policy. Another form is denominated the Endowment Policy, in which the amount assured is payable when the party attains a certain age, or at death, should he die before reaching that age. This policy is rapidly gaining favor, as it provides for the man himself in old age, or for his family in case of his death. It is also fast becoming a favorite form of investment. We can show instances where the policy-holders have received a _surplus_ above all they have paid to the company, with compound interest at six per cent, and no charge whatever for expenses or cost of insurance meanwhile. The Term Policy, as its name implies, is issued for a term of one or more years. Policies are also issued on joint lives, payable at the death of the first of two or more parties named in the policy; and on survivorship, payable to a party named in case he survives another. Some companies require all premiums to be paid in cash, while others take the note of the assured in part payment. These are denominated cash and note companies, and much difference of opinion exists as to their comparative merits.