Insurance Furnishes Permanent Protection

Several advantages may be noted as essentially associated with this plan of insurance. In the first place it gives the insured permanent protection at moderate cost, and this is highly important for the average man of moderate salary or daily wage who requires considerable family protection and whose limited income does not enable him both to pay premiums and to accumulate a savings-bank fund. Term insurance is essentially designed to afford protection against a temporary family or business hazard, and can be recommended safely only when it is definitely known that the hazard under consideration is temporary in character. But such contracts, as. we have noted, contain elements of danger which are inseparable from temporary insurance. The chief danger connected with such insurance is that the insured may have miscalculated the duration of the hazard confronting him and his future need for protection, or may neglect to carry out his original purpose to convert his temporary insurance into or replace it with policies which afford protection for the whole of life. Under ordinary life insurance all danger as to miscalculations relative to the uncertain future need of insurance or the failure to carry out original purposes is obviated. Such insurance is certain in its results in that it provides protection that is permanent, payable in the event of death, whether that occur early or late, and purchasable at a definite and moderate premium which remains uniform throughout life.