COST OF INCOME BENEFIT.
For a man aged 30 next birthday the additional premiums charged by the Atlas for each £100 per annum of " family income ' benefit are as follows :- Family income benefit payable for 15 years 20 years 25 years Additional annual Additional-annual Additional annual premium limited to premium limited to premium limited to
10 years 14 years 16 years £4 13s. 8d. £5 16s. 11d. £7 14s. 2d.
The method of the Caledonian and of the Legal and General is perhaps more convenient. These offices add the family income benefit to their principal tables and have worked out and published the combined premiums. The Legal and General, however, grants only non-profit assurances, so that in its case the family income benefit cannot be obtained in connexion4ith a policy carrying the right to participate in profits. • The Scottish Provident goes a step further by offering to extend the family income benefit, in suitable cases, to existing policies for not less than £500. For example, the holder of a life or endowment policy for £1,000, aged 30 next birthday, may secure, for an annual premium of £7 8s. ld., a quarterly annuity of £30 for the remainder of a 15 years period, with a final additional sum of £400 on the termination of the period, in the event of death during the 15 years. Payees have the option to increase the family income annuity by deferring the whole or part of the capital sum assured until the end of the income period.
For variety of options offered the Scottish Widows' Fund comes first. Its scheme comprises a whole life with- profit assurance with premiums ceasing at age 65. Should the husband die before the end of 15 years from the date of the policy the following payments will_ be made :- £250 immediately ; annuity of £12 monthly until the end of the' 15 years, when £750 becomes due. This £750 may be taken in five annual instalments, if desired, or in' the form of an annuity of £6 a month for the rest of the widow's life. Should a child be born after the issue of the policy the monthly annuity may be increased for a small addition to the premium. In the event of the husband's death occurring after the expiration of the 15 years £1,000 will be paid with bonuses calculated as from the end of the 15 years, or, alternatively, £250 and accrued bonuses and an annuity of £6 a month during the lifetime of the widow.
The minimum capital sum assured is commonly £1,000, but the Eagle Star Co. issues policies for £500 and will accept monthly premiums, which in the case of a man aged 20 are as small as 13s. 9d. Among the many schemes available anyone ought to be able to find just what he wants. The income periods range front 10 years to 30 years, which should more than cover requirements in respect of children born and unborn. The accompanying table gives the premiums charged for a man aged 30 next birthday for a whole life assurance with family income benefit for 20 years. This is merely for guidance, as no two schemes are exactly alike. F. M. TOOVEY.
Annual premium payable throughout life.
1st 20 years Nolfsl'rofit.
Thereafter. With 1st 20 years. Profit. Thereafter.
il-
ATLASS .. .. ... J
CALEEONIAN .. ..
COMMERCIAL UNION ..
EAGLE STAR .. .. ..
EQUITY AND LAW ..
FRIENDS PROVIDENT .. .
GENERAL .. .. .. ..
LAW UNION AND ROCK ..
LEGAL AND GENERAL .. .. LIVERPOOL 11c LONDON dt GLOBE LONDON ASSURANCE .. 1
LONDON LIFE. .. ..
MARINE AND GENERAL .. ..
NATIONAL MUTUAL .. ..
•
NATIONAL PROVIDENT ..
{
NORM BRITISH AND MERCANTILE
NORWICH UNION.. .. - . •
Pasitt.. .. ..••
PROEMS .. .. ... ..
PRUDENTIAL .. ..
PROVIDENT MUTUAL ..
REFUGE .. .. ... ..
ROYAL.. ..
SCOTTISHEQUITABLE .. ..
SCOTTISH LIFE ....
-
SCOTTISH PROVIDENT 6 .. ..
SCOTTISH UNION
SCOTTISH Winows a .. . .
HUN .. .. .. ..
UNITED KINGDOM PROVIDENT..
YORKSHIRE .. .. -
£ a. d.
22 13 7 (1st 14 yrs ) - 21 18 4
-
22 10 0 22 7 6 20 0 0
-
25 3 116 (for 25 yrs ) 22 5 '3 20 14 0 23 11 8 25 16 64
- 19 10 0 - -
24 11 8 (1st 15 yrs )
-
- 22 17 Oc 20 10 8
-
23 19 0 25 13 4sf 22 3 4 25 0 0 21 16 8 -
-
-
-
20 12 6 20 3 8 24 1 8 £ s.
16 16 - 16 10
-
22 10 22 7 16 18
-
17 3 16 9 20 14 16 16 25 16
- 19 10 - -
17 18
- - -
- 16 0 20 10
-
16 6 25 13 15 16 12 10 16 3 -
-
-
-
20 12 20 3 18 / d.
8 0 Oa 64 8 45 2 0 8 64
0
4 Oc 8 8 4d 8 0 4 6 8 8a £ a. d.
- 29 17 9
(1st 14 yrs
- 28 16 8 - -- - 28 0 8 - - - - - 32 18 2a
-
33 1 3 24 0 10 ' - 31 15 0 (1st 15 yrs ) 32 2 10 • 31 0 10 32 15 0 - -
26 11 0
- -- - - - 29 7 8 25 13 11d
39 13 4a 28 5 0, If
-- - £ 5.
- 24 0 - 23 9 - --- --- 24 0 - - - -- 32 18
-
22 0 10 7 - 25 1 24 18 25 17 24 10 - -
26 11
- - - - - 23 14 18 5 30 18 28 5 - - - d.
10 2 0 24 10 8 8 4 6 0
4)
2 104 9a oadj. U death occurs during first 20 years. Runt payable at death, If it occurs after 20 years. At once. Burn payable End of 20 years. Aunt ity payable from date of death to end of 20 years.
Mthly. Qtrly. k-Yrly. Yearly.
£ 1,000
1,000 & bonuses Nil With cpt'n Bonuses With opt'n. 1,000 -i. or Nil 1,000 1,000 Bonuses
Nil With option Nil Nil 1,000 500 500 & bonuses
100
Bonuses 1.000
d: bonuses
1,000 & bonuses 150 & bonuses Bonusci or 1,000 di bonuses 1,000 & bonuses Nil 130 139 & 10% of bonuses 500 150d Nil Nil 1,000 or Nil 1,000 & bonus or bonuses only 1,000d or Nild 200 & bonuses 250d 2871 2871 2871 With option £ Nil Nil 1,000 1,000 Nil 1,000 Nil Nil 1,000 1,0006 1,000 1,000 Nil 500 500
1.000
1,000 Nil NI, Nil 1,000 1,000 Nil Nil 1,000 900 900 & 90% of bonuses 500 1,000d 1,000 1.000 Nil 1.000 Nil 1.000 4004 1,400d 800 750d With option 750 750 750 £ - - - - - - - - - 13 - - -
-
- - -- -- - 13 10 - 121 - -- --- - - - -- - - - - I.
- - £ 25 25 371 371 30 40 30 25 30 405 371 - 30 37i 371 40 - 30 - -- 97) -- -- - - 39 39 39 - 371 - 30 40 30 40 30 39 - - 371
371
37} £ - - - - - - - - -- 75 -
50
50
75
-- - -- --
- £ - -
-
- - 200 - - -
100
- 106 -- -- £ 1,000 1,000 & bonuses 1,000 1,000 &.bormsos
1,000
1,000 1,000 1,000 1,000 & bonuses 3,0005
1,000
1,000 1,000 1,000 1,000 & bonuses 1,000 • 1,000 & bonuses 1,000 & bonuses
1,000
1,000 & bonuses 1,000 & bonuses 1,000 bonuses & 1,000 & bonuses 1,000 & bonuses 1,000 1,000 1,000 di bonuses 1,00(1 1,000.1 & bonuses from slid of 15 years 1,000 1,000 1,000 1,000 IMOD & bon u ses 1,000 & bonuses 1,000d 1,00 bonusts 0d & bonuses 1,000 & bonuses
1.0 )08
& bonuses from end of 15 years with option 1,001 1,000 L000 • Gresham's and Wesleyan and General's schemes apply to endowments only.
o Premiums cease at age 63. b 23 years should be substitute/ for 20 years. c Payable by monthly instalments. d 15 yens should be a lbs'ituted for 20 years, e Sec reference in introduction. f Husband and wife both aged 30 neat birthday-wife's age as Well as husband's age afft.xti tars Premium.
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