LIFE INSURANCE.

Taranaki Daily News, Volume LIII, Issue 303, 17 May 1911, Page 5

LIFE INSURANCE.

PROPOSED STATE MONOPOLY CRITICISED. Cliristchiircli, May 15. Several life insurance agents have had something to say about Mr. T. E. Taylor's advocacy of a State monopoly of life insurance. One agent said that it was impossible to come to any conclusion as to the merits of the particular case quoted by Mr. Taylor, as the statement was purely an ex parte one. It was quite possible that the company concerned had a complete reply to the charge, which was implied, of having dealt harshly witli the woman. The ease dealt with an industrial policy, and policies of that kind were on an entirely different footing to the ordinary life insurance business. The companies sent their collectors out cverv week to collect the premiums due. The premium might be threepence, sixpence, a shilling, or any other sum, and frequently collectors had to call no fewer than three times at a house in order to collect small sums of that description. Every effort was made by the companies to get the insured to keep up their weekly payments, and it could only be presumed that in the case quoted by Mr. Taylor the woman had failed to pav her premiums. Industrial policies 'had practically no surrender value. \% to the proposal that the State should take over the life insurance as a monopoly he considered that it was a ridiculous one, which could only be made bv a person who had a very indifferent idea of what he was talking about. Results had proved that the Government oould not get cheaper or more economical management. In life insurance statistics showed that there were three companies at least whose returns showed a lesser percentage of expense on total receipts from premiums and interest, cxcludin." consideration for annuities, than did the Government office. The State monopo' idea was not a new one. It had been raised by the late Mr. Sed.lon, who however dropped it like a hot l.riek when the insurance companies showed how much money would be withdrawn immediately from the country, and how much would go annually in the way of premiums.