On the advantages of policies of insurance terminable at the age of 63 or at death, instead of at death only

Abstract

The common mode of life assurance is subject to one defect. If the insured should happen to attain a considerable age, he changes, as time advances, from being a productive member of society, to a state of inability for laborious exertion. His duties generally change too; the relatives whom he was at first bound to support have either died already, or have become themselves productive members of society, or have passed by marriage to the care and protection of others. Thus, men of advanced life often require assistance instead of being bound to give it; and the longer they live, the more they require to be supported and the fewer claims have others upon them. Now, by the common mode of insurance, the same premium continues payable every year until death, and the sum assured cannot be realized until that event.