LIFE INSURANCE.

Waikato Times, Volume XXX, Issue 2480, 2 June 1888, Page 2

LIFE INSURANCE.

A lecture 011 the above subject was delivered by Mr Alderton, agent for the Government Lifo Insurance Department, in the Public Hall, Hamilton, 011 Thursday last. The lecturer explained that it was imperative now-a-days to lecture as competition had become so keen between the different offices, owing to the fact of the bulk of the male population of the colony being already insured, and the agents of some offices relied for new business on maligning the Government office, with the object of getting its policy holders to surrender and joining theirs. The Government office now occupied the premier position, botli as regards charging the lowest rates and paying the largest profits. But considerable misapprehension existed in the minds of those policy holders who joined the Government office previous to 18S0. They paid a very low rate of premium, and consequently got procortionately smaller bonuses than those persons who joined sinca 1880, when the rates were increased so as to enable the office to pay larger bonuses. The bonuses paid to those policy holders who joined since 1880 and paying the higher premiums, are as large, and in many cases larger, than those paid by the Australian Mutual Provident Society, while tho premiums were considerably less in the Government, than in the Australian Mutual Provident Society. Under the old rates in the Government, a man, aged 25, would only pay £17 0s 2d for £1000, while in the Australian Mutual Provident, he would pay £21 (is Bd, or £317s (id more annually. A man insured at these rates, paying £3 17s (id less, could not expect as largo a bonus as a man insured in tho A.M.P. at a higher rate, but many had been dissatisfied, because the Australian Society paid a larger bonus. To do away with this dissatisfaction, the Government office in 1880, put the rates up to £19 10s lOd, which enabled the office at the end of 1885 to pay a very large bonus, larger in some cases than any paid by the A.M l'. After the lecture, questions were invited, and Mr E. Clark, alient for the Colonial Mutual, enquired what were tho expenses of the office, —Mr Alderton said the cost of management of the oliice since establishment had been 15 per cent, on premium revenue, while it had cost the Colonial Mutual .11 per cent. (Laughter.)—ln reply to a question, he stated that the following were sample bonuses paid at the end of 1885. A policy taken out in 1882 for £200, on which £10 17s had been paid as premiums, had received a bonus of £18 ; another on which only 7s lid had boon paid for £100, got a bonus of 13s.—Mr T. G. Sandes said ho could hardly credit such bonuses having been paid, for they wera larger than any ever paid by the Australian Mutual, and larger he believed than any ever paid by any office in the world.—Mr Alderton said that was a fact, and what lie had already told the audience ; it was the finest office in the world. —Mr Sandes said nothiug would make him believe that the Government paid such large bonuses. Would Mr Alderton guarantee them as bona fide.—Mr Alderton said they were actual cases, actual boniiHes paid.—The usual vote of thanks were yunsud.