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Any sum of £50, £100, £150, and so on up to £500, may be assured on account of a clergyman's child, at proportionate rates.
An uncle or aunt, a godfather or godmother, or any relation, or any friend may make the above assurance for a child.
The endowment must not exceed £500 E., £500 U., £500 F., and £500 V., for the same child. If the endowment be double, treble, &c. the amount stated above, the annual premium will be double, treble, &c.
Illustration. What annual premium is to be paid for Thomas Wilson, son of the Rev. John Wilson, aged 3 years next birthday, to provide £250 for him at 14 ?
Answer, £17. 12s. 64. If Thomas Wilson should die, at 12 years old, and ten premiums should have been paid as above, how will the assurance then stand ?
Answer, £176. 58. will be returned to the Rev. John Wilson, or any other relation who may have paid the premiums.
General Endowment at all Ages. (W.) Endowments having been largely applied for, and this mode of providing capital presenting many advantages to persons at the later as well as the earlier periods of life, it has been considered advisable to adopt the plan of an assurance to be made for a sum of money to be due at the end of any stipulated number of years, not less than seven nor more than twenty-five. Thus CLERGYMEN, and the WIVES, WIDOWS, Sons, and DAUGHTERS of clergymen may now make useful assurances for accumulation of capital at a small annual expense during seven, eight, nine, ten, &c. years, to repay a loan of money; or to repair the glebe house occasionally; or for the purchase of new furniture, when it may be wanted, &c. &c. &c.
Table, W. Annual premium (or single present sum in lieu thereof) to be paid for assuring £100, to be received at the end of any given number of years,
14 15 16 17 18 19 20 21 22 23 24 25
£ s. d. £ 8. d.
Any person, as above, let his age be what it may, may make the assurance on his or her own account; and any person may make it on account of a clergyman, &c. as above. Not less than £50 nor more than £1,000 may be assured at proportionate rates ; and the assurance may be made for part to be due at the end of one term, and part at the end of another.
Observe.- Whatever monies may have been paid, whether in annual premiums or in single present payments in lieu thereof, are to be returned if the person for whom the assurance is made should die before it is due.
Examples. 1. The Rev. William Gladstone pays £31. 13s. 7d. annually during seven years for £250, to be due to him at the end of seven years.
2. George Thompson, Esq., son of a clergyman, and fellow of Trinity College, Cambridge, pays £42. 7s. ld. annually during ten years for £500 to be due to him when being in holy orders, he expects to take a living at the end of ten years.
3. The Rev John Atkinson having borrowed £300, to pay expenses of furnishing, &c. upon appointment to a living, has to pay annually for fourteen years £17. 1s. in order to be able to repay the loan at the end of fourteen years.
4. William Pearson, Esq., godfather of Frederick Wilkins, a clergyman's son, pays £6. 16s. 10d. during twelve years, and £5. 16s. during nineteen years, for which Frederick Wilkins is to have £100 at the end of twelve years,
and £150 at tbe end of nineteen years. 5. Mrs. Jane Wilcox, a friend of the Rev. Edward Cookson, pays down £58. 14s. 9d. at the birth of Susannah Cookson, his daughter, and at the end of eighteen years, S. C. will be entitled to £100.
I. Sickness and Old Age. Attention is requested to the following statements :—The sum of £5. 2s. 2d. paid annually from 24 to 70; or £100. 8s. 10d. paid at once in lieu thereof; or £6. 9s. from 30 until 70; or £118. 10s. 11d. paid at once in lieu thereof, will assure an annuity at the rate of £104 per annum in any sickness or sicknesses until 70, together with an annuity at the rate of £52 per annum in any sickness or SICKNESSES after 70; and an annuity of £52 per annum in health and sickness after 70.
II. Assurances Q. R. S. in Support of Assurances (E. U. V.)
(G. H. I.) and (K.) Suppose the Rev. Arthur Cox, aged 32 next birthday, assures for his son Edward Cox, aged 1 next birthday, the sum of £300 (E) to be paid to him at the age of 14, the premium payable yearly for such assurance until E. C. attains the age of 14, is £2. 188. 6.1. multiplied by 6, i.e. £17. 11s. Od. Now A. C. may die before E. C. is 14, and as the greater part of his income will then fall with him, it would be very inconvenient for his widow to continue the annual payment for the above assurance. How can this be remedied ? - Answer : Let A. C. at the time of making the above assurance (E) make an assurance (Q) also for an annuity of £17. 11s. Od. to be paid after his death to his son E. C. until he is 14. By this means the annual premium for the assurance (E) will be forthcoming in the case of the death of A. C., without embarrassing his widow. The annual premium for such additional assurance (Q) will be £2. 5s. 1d. to be paid for the first seven years only, or until the death of A. C. Thus by the yearly payment of £17. 11s. Od. the premium for the assurance (E), and £2. 58. Id. the premium for the assurance (Q), a total of £19. 6s. Od., the sum of £300 will be assured to be paid to E. C. at 14-annual premiums being provided for it in case of the death of A. C. before that time.
The Rev. Thomas Moore, aged 37 next birthday, assures £450 (U) on account of his daughter Elizabeth, aged 3 years next birthday, to be paid when she is 18, and the annual premium payable for it is £22. 6s. 3d. required the additional premium to be paid for an assurance of an annuity (R) of £22. 6s. 3d., so that if T. M. dies before his daughter is aged 18, the annual premium for her assurance (U) may be forthcoming at his death.
Answer, £4. 18s. 11d. to be paid 8 years, or until T. M. dies.
Mrs. Johnson, aged 63, has a grand-daughter, Charlotte Johnson, just christened at a month old, and assures £500 (V) to be paid to her when she is 25, the annual premium for which is £13. 14s. 2d.required the additional premium to be paid for an assurance of an annuity (S) of £13. 14s. 2d., so that if Mrs. J. dies before her granddaughter is 25, the annual premium for the assurance (V) may be forthcoming at her death.
Answer, £13. 19s. 11d. to be paid for 13 years, or until the death of Mrs. Johnson.
Any assurer, of an assurance G, or H, or I, or K, for his child, may assure, as above, the annual premium to be paid after his death by means of assurances Q, or R, or S.
III. Advantages of the Society. The chief advantages of the society are, the adaptation of its objects to the peculiar circumstances of the clergy and their families ;—the
very small expense at which the business of the office is conducted ;—the division of THE WHOLE OF THE PROFITS made by the society amongst the assured members entitled to them ; and, lastly, freedom from personal liability, under the special provisions of an Act of Parliament.
N.B. This society is strictly confined to the clergy and their families, and is to be distinguished by its title of “THE CLERGY MUTUAL AsSURANCE SOCIETY.
Application for assurances or farther information, to be made to the Rev. J. Hodgson, or to John Burder, Esq., secretaries to the society, at the office, 40, Parliament-street; or, to any local agent in the country.
*** Prospectuses and books of rules may be had at the office. Attendance from eleven to four o'clock.
GENERAL ANNUITY ENDOWMENT ASSOCIATION,
63, Old Broad-street.) To those, whose annual income is too small to allow them to pay so great an amount as that which is required by the “Clergy Mutual Assurance Society,” the abovenamed association presents a most favourable opportunity for providing for wife, children, or other relations, at a very trifling annual outlay. This association was instituted in October, 1829, and was enrolled under the statute 10 Geo. IV. c. 56, for the purpose of securing, by MUTUAL INSURANCE, annuities to survivors, being relatives of its members, by small annual payments, on a graduated scale, commencing at £1. 10s. Ud. under twenty-five years of age, and increasing 10s. for every five years, up to the age of sixty. The formation of the fund is thus described.
The money, as it is subscribed, is paid into the Bank of England, to the account of the commissioners for the reduction of the national debt, and will accumulate for the first five years, at compound interest, to form a permanent capital ; after this period, the interest on the amount of capital, together with one twentieth part of the year's premiums, will be divided amongst the claimants, to the extent of £50 for each annuity. The surplus, with the remaining nineteen twentieths, shall be added to the
permanent fund ; the next year, the interest on the capital, and two twentieths of the annual premiums will be divided in like manner, and eighteen twentieths added to the permanent fund. The divisible fund will be thus increased every year, by an additional one twentieth part of the premiums, to the end of twenty-five years from the commencement of the association ; when the whole amount of interest and premiums will be equally distributed amongst the annuitants. manent fund will always be augmented by the remaining portions of the annual receipts being added to it.
This institution forcibly addresses itself to gentlemen whose incomes terminate with their lives, as it will enable them to make a provision for their widows, ORPHANS, AND OTHER RELATIVES, by such small annual payments as will not infringe on their domestic comforts, whilst such an insurance will materially add to their peace of mind. LADIES may also become members and nominate their children and relatives. All members must have contributed to the funds five years before their nominees will be entitled to receive annuities; but should a member die previous to the end of the five years, and the nominee be unable to keep up the payments, the association will pay all arrears, and deduct the amount, with five per cent. interest thereon, from the annuity, when payable. Members will be entitled to a second nomination in case of the death of the first nominee.
In further illustration of the plan to effect so desirable a result from so low a rate of payments, it is necessary to observe :-That an annuity ceases to be payable to a widow on her re-marrying ; but, in case of her becoming a widow a second time, she may receive her annuity as before ; other female nominees cease to be annuitants on marriage, but will be again placed on the fund, should they become widows : male
nominees, (EXCEPT THE FATHERS OF MEMBERS,) cease to be annuitants after the age of twenty-one, and in cases of idiots and cripples being nominated, they will be considered as annuitants for life, upon payment of double the premiums, &c. which are paid for female nominees of the same age. From these numerous contingencies, the number of claimants will always be very few, in comparison with the number of members, so that the amount to be divided amongst them will be proportionably greater.
The permanent capital of this association being invested with the commissioners for the reduction of the national debt, and bearing interest at the rate of £3. 16s. Oļd. per cent. per annum, is relieved from the risk of any depreciation in value that would attend it, if laid out in the public funds. This advantage, together with exemption from all stamp duties, and agency, AND RIGID ECONOMY in the expenses of management, are the surest guarantees of this society being able to accomplish the laudable purposes for which it is instituted.
Persons are not required to nominate at the time of becoming members, but should they, being bachelors or widowers, nominate their wives, the disparity sum will be charged on the class on which they originally entered ; and in the event of death, their nominees, being widows, will be entitled to annuities on the completion of the first five years, from the date of their joining the society, instead of, as in other cases, waiting till the expiration of five years from the date of nomination.
Members are formed into eight classes, and, on joining the society, pay the following premiums and entrance fee, for each annuity, (quarterly, if desired, which may be extended to any number not exceeding six, but not more than three annuities can be granted to one nominee.
In addition to which, should a member nominate a female, one or more years, or a male thirty-six years or more, younger than himself
, he must pay a small sum for that disparity of age according to his class, and which sum may be paid by instalments of not less than £2 per quarter, for each annuity.
The entrance fee will be increased five shillings annually for each annuity, after the 30th of September, 1830, to the end of the first five years. To explain the above :
For example, A member under thirty, wishing to provide an annuity for his wife, aged twenty-five, (being a disparity of five years) would pay :