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Page 15 - If the son should die in the lifetime of his father, the income of the money to be received on the policies must, of course, be made the first fund for the support of his widow and children. A great variety of other cases might easily be put, and each must of course be dealt with according to its circumstances.
Page 11 - ... granted to trustees out of the estate. This, of course, would diminish the father's income ; but by no means to that extent to which not only the income of his successor, but the corpus of the estate also are diminished under the present system ; and...
Page 11 - The scheme I would propose is, that the provision for portions should be made at least partly by insuring the life of the father of the children, the amount necessary to keep up the policies being secured by a rent-charge granted to trustees out of the estate.
Page 12 - ... for 20,000/. as a fund for portions. There are two modes in which he might insure, namely, either for his whole life, which would be about 2/. 10s. per cent., or 500/. a year for his whole life, or by fewer, .but larger, annual payments, say fifteen years, which would be about 4/. per cent, or 800/.