William Penn Life, 1969 (4. évfolyam, 1-12. szám)
1969-08-01 / 8-9. szám
$1 TRILLION IN LIFE INSURANCE In just a matter of days, the amount of life insurance in force with U.S. life insurance companies will cross the historic $l-trillion mark. This is the total amount U.S. insurance companies are now committed to pay you and me, their policyholders in the years ahead. How does the value of your own life insurance compare with the averages today? Are you, as an individual and are we as a nation, overinsured? The facts are: Out of every three American individuals, two now own some form of life insurance, with an average policy size of $5,000. The average new policy being bought is $9,000. Out of every ten American husbands, under age 65, nine own some kind of life insurance, with a face value averaging $11,400. The average insured family last year had a total of $19,700 in life insurance, more than double the average one decade earlier, and this family today pays a yearly life insurance premium equal to 2‘/4 per cent of its yearly after-tax income. Last year Americans bought an alltime record total of $121 billion worth of life insurance, more than double what they bought in 1956. The figures go on and on. Over 58 million American breadwinners today are covered by group life insurance . . . We own $65 billion of credit life insurance to cover our obligations to pay off mortgages, auto loans and other consumer loans in the event of death, and this type of insurance is today’s fastest-growing form of life insurance. Most provocative, a full 58 per cent of the cash benefits of life insurance policies today is being paid out while the owners are still living — reflecting the proportion of savings involved in the insurance. Only 42 per cent is being paid to survivors. The dramatic upsurge in life insurance obviously reflects our steadily rising incomes and the spread of group life insurance. A continued surge is guaranteed by the fact that our “war babies” are now beginning to marry, bear children, set up housekeeping, and buy life insurance. Are we then overinsured? No! While the totals and the averages may astound you, even more astounding is the evidence that a majority of Americans today are actually under-insured. Look at these facts on the other side of the coin: The “average” $19,700 in life insurance for a family is equivalent to only 23 months of that family’s disposable income. The industry’s “rule of thumb” is that a family should have income protection equal to four or five years. Introducing the James C. Hill Agency Branches 18, 56, and 500, Detroit, Mich. The above photo shows our William Penn full-time Field Representatives serving the Greater Detroit Area membership. Reading from left to right: Melvin E. Arnold, Steve Úsztok, Office Clerk: Geraldine Blankstrom, William F. Ramsey and Agency Manager James C. Hill. The Detroit Agency with James C. Hill as manager started its operation on February 1, 1969 and produced in the six months of operation $582,000 in new Life Insurance business with a premium dollar value of $12,412.32 and new Hospitalization and Accident and Health Insurance with a premium of $2,002.90. In keeping close check on persistancy of new business I find this business of good quality. I sincerely recommend the above Field Representatives to our membership in If the fact that nine out of ten husbands under age 65 own insurance impresses you, even more significant is the fact that one out of ten in this category is not insured. A full 40 per cent of the insured husbands own life insurance equal to less than one year’s income. In about half of the insured households with children under 18, the insurance value is less than $10,000 and for one in four it’s less than $5,000. Knowing what it costs to live and to educate children in this era, would you say this is adequate protection? Of course, crucial to our own calculations of adequate life insurance protection for your own family is the total value of your assets and savings and the income these could provide family survivors in the event of the breadwinner’s death. Nevertheless, there is no doubt that millions in our security conscious nation are tragically underinsured. the Detroit Area and ask that they be given an opportunity to properly service and program our members in Life- Health and Accident Insurance needs. These men are well trained and qualified Life underwriters. Let us all cooperate with them for our own and the interest of the William Penn Fraternal Association. Frank J. Wukovits, Sr., F.I.C. Supervisor of Agencies Letters to the Editors Dear Sirs: Could you please send me the monthly lodge news. Paper written in part Hungarian and most American. As Grandpa reads in Hungarian and Mother reads a little and I’d like to try to read some Hungarian also. So would appreciate it if we could have a part of the paper in Hungarian if it’s at all possible. Thank you. Mary Katharine Meyer Dear Mr. President, Please send me the William Penn paper. Thank you. Margaret M. Korosy c/o Jackman Residence 212 So. Eighth Ave. Upper Sandusky, Ohio 43351 Dear Sir: My name is Stephen Kovács, my certificate No. 411320. I would like to find out why I do not get the monthly paper. Because my dues are paid up for this year 1969, and we have no book to show for. Please mail the Life. Yours truly, Stephen Kovács 1360 N.E. 48th Ct. Ft. Lauderdale, Fla. 33308 5
