• Massachusetts has begun an insurance which may have far-reaching effects. She has authorized her savings banks to establish life insurance departments. Several banks have promised to do so. No solicitors or house-to-house collectors will permitted. Those who want insurance must decide without the advice of an agent and go to the savings bank for it, just as they would go to the grocery for sugar. The banks will simply keep insurance on sale, tho it will not sell more than $S(X), in the form of a death benefit, or more than $200, in the form of an annuity, to any one person.
• Should life insurance succeed without agents, a great saving 2ill result to those insured. Mr. Louis D. Brandeis, one of the fathers of this new method of insurance, estimates that if a man begin, at 21 years of age, to pay 50 cents a week to an industrial company, and to deposit an equal sum in a savings bank, he will, if he lives for the 40.25 years allotted him by the mortuary tables, leave a bank account of as against only $820 of life insurance. This difference is certainly worth saving and should make a poor man think several times before succumbs to the wiles of the insurance agent. Massachusetts has put Cheap insurance on her savings banks Counters; her citizens can do as they please about patronizing this institution.

1907 07 ??- Moody's Magazine - Volume 4 - [GooglePlay-link]