POST-OFFICE INSURANCE is a valuable addition to the many useful services which our postal establishment has been enabled to render within the last few years. Book-post, sample-post, money-orders, and postal savings-banks, all additions to the original letter post and newspaper-post, have been found to work so satisfactorily, that the legislature has been encouraged to intrust to the same organization a new system of lives and granting annuities—specially intended to foster provident habits among persons whose savings can be but small.
In 1853 an act of parliament made an improvement in the. then existing state of insur ance law, by facilitating the purchase of government annuities through the medium of the saViugs-banks; and in 1864 another statute gave a great extension to those portions of the system Which had been found to work well, effecting at the same time alterations in those which had exhibited certain defects during eleven years' working. Great facili ties are introduced by this act for securing annuities by small payments. Not only way the national debt commissioners employ the trustees of saving-banks to receive and pay the moneys, at a certain rate of remuneration; but the postmaster-general joins in the arrangement, acting as a medium between the public on tile one hand and the commis sioners on the other. Ample tables and regulations have been printed, for the guidance of the commissioners, the postmaster-general, and the local postmasters throughout the kingdom. On the completion of these tables and regulations in 1865, the practical work ing of the system began. The tables of the premiums to be charged for life-insurances, for immediate annuities, for deferred annuities, and for deferred monthly allowances, are sold by Messrs. Eyre and Spottiswoode, the government printers, for 50. (the cost of the paper and printing); but similar tables are kept for inspection at the local post-offices without charge.
In regard to insurance, distinct from annuities, persons of either sex may insure through the medium of the post-office. The limited ages are from 16 to 60, and the limited sums from £20 to £100. In order to afford every possible facility in the payment of the premium, minute calculations have been made of the exact sum to be paid at each installment, by yearly, quarterly, monthly, or fortnightly payments, and terminable or not at a particular age. In order that there may be some limit to the labor thus placed
on the postal authorities, no periodical installment is made smaller than two shillings. No one life can be insured for less than £20 in the whole; but when a life has been insured fot £20, further insurances may be effected on the same life from time to time, until the whole sum for which it is insured amounts to £100. The following is a tabu lated example of nine different modes of paying the premium on one particular insur ance, to snit the convenience of the insurer. A man in his 30th year may insure £100 to his survivors at his death: s. d.
1. By a single payment of .. 43 3 7 2. By an annual payment for life of.... 2 6 7 3. By a quarterly " 0 13 0 4. By a monthly " 0 4 4 5. By a fortnightly " 0 2 2 6. By an annual payment, until the insurer reaches 60 years, of 2 13 10 7. By a quarterly payment, until the insurer reaches GO years, of . 0 15 0 8. By a monthly payment, until the insurer reaches 60 years, of 0 5 0 9. By a fortnightly pay ment,u ntil the insurer reaches 60 years, of 0 2 6 If an insurer who has duly paid all installments for five years, should desire, or be com pelled by circumstances to withdraw from the engagement, a portion of the past premiums will be repaid to him—never less than one-third of the total amount.
In regard to immediate annuities, persons of either sex may purchase annuities M not more than £50, and for lives from 10 years. old and upward. The premiums necessarily vary with sex, age, and amount. Thus, a man aged 65 can purchase an immediate annuity of £10, paid half-yearly, for £88 18s. 4d.; whereas, a woman of the same age would have to pay £103 16s. 8d. Two or more small annuities may be purchased for the same life, provided the total amount does not exceed £50. Any two persons may purchase an annuity on their joint lives, with or without continuance of the annuity to the survivor.