Page:American Journal of Sociology Volume 15.djvu/515

 IMPROVEMENTS IN INDUSTRIAL INSURANCE 501

the amount standing to the credit of the depositor at the time the annuity begins,

A hint of what the most important companies are thinking of is given in a circular of the Metropolitan Company, early in 1909: "For the present the company will limit its activities to writing life insurance as heretofore. It is hoped, however, if the demand therefor is shown, and if the feasibility can be demonstrated, to provide other forms of insurance, particularly insurance against sickness, invalidism, and old age."

This will evidently be possible only by some form of group insurance — lodges, occupational societies, employees' corpora- tions.

It would seem to be a sound policy to permit the industrial companies and any others to enter these fields and try the experi- ment under proper guarantees. They have the expert service and the army of trained agents. If the enterprising leaders of insurance can succeed where those of all other countries have hitherto failed, they should have the opportunity and the honor. The friends of compulsory and socialized insurance raise no objection to the most perfect development of private companies because they understand well that socialized insurance will come slowly, and meantime an imperfect and expensive system is better than nothing. They also understand that compulsory insurance will never cover more than the minimum necessary for the existence of the least skilful wage-earners, and private enterprise should always be free to offer still larger indemnities to all who desire and can pay for them.