HER Official Organ Of The Slavonic Benevolent Order Of The State Of Texas. Founded 1897. HUMANITY
BENEVOLENCE
VOLUME 54 — NO. 34
BROTHERHOOD
Postmaster: Please Send Form 3579 with Undeliverable Copies to: SUPREME LODGE, SPJST, P. 0. Box 100, TEMPLE, TEXAS
AUGUST 24„ 1966
FROM THE EDITOR'S DESK INSURANCE EXECUTIVES CIVE ADVICE W. Hunter McLean, chairman of the Texas Board of Insurance, recently predicted phenomenal growth for the insurance industry in Texas. McLean said it had taken 100 years for the casualty and life premiums to reach $3 billion a year in Texas. "The second $3 billion may be reached within 15 years," he said. McLean said the demands on insurance supervision have increased accordingly. He cited a need for studies which would show projections of insurance information. He said if projections had been made several years ago some of the problems that now confront citizens and leaders of the insurance industry might have been avoided. Earlier, A Dallas insurance executive told the insurance men to "get rid of your failures quick." Travis T. Wallace, chairman of the board of Great American Reserve Insurance Co. and a past president of the American Life Convention, said, "The good man starts fast, with the rarest exceptions." "If a new salesman can't make a living on his commissions in the first two months, he never will." he said. Wallace spoke to about 200 executives
of small and medium sized Texas insurance companies at the Inn of the Six Flags. The executives heard a panel discussion by members of the Texas Insurance Board. Wallace also advised the insurance men to pay more attention to insurance savings programs. He said insurance companies must become more aggressive if they want their share of the savings dollar. He To get to the State YAD at Linden Hall on August Z8, take the Elm Mott exit off Interstate Hwy. 35 a few miles north of Waco, and go EAST one-half mile on FM Road 308 (Leroy Road). Linden Hall will be on your right. If you go too far on FM 308 or get lost, ask anyone in the Elm Mott area.
He said the savings and loan associations and banks had taken much business away from the insurance company. "We shall never again be pre-eminent in the savings field unless we make some changes," Wallace said. He quoted a survey showing that only one person in nine now thinks of insurance as a savings medium. Insurance companies these days are
not as "sales minded or sales oriented" as they should be, he asserted. Annuity Policies On Increase A big milestone in retirement planning was reached during 1965 when — for the first time in a single year — families put more than a half billion dollars into individual annuities with the nation's life insurance companies. A record total of $548 million was invested in these income plans during the year, mainly by older people seeking guaranteed financial security. The amount put into individual annuities during 1965 ran $103 million or 23 per cent higher than in 1964 — by far the largest dollar increase in history. The total yearly income guaranteed to holders of individual annuities reached $669 million at the end of 1965, or about $65 million more than at the end of 1964. This was also by far the largest increase in a single year. Income was currently being paid on 30 per cent of these annuities and Was to begin in the future on the other '70 per cent. Bought by Individuals While some individual annuities are purchased for employees under insured pension plans, most are bought strictly on an individual basis, by older people, to guarantee themselves a
ATTEND THE STATE YAD AT LINDEN HALL, ELM MOTT, AUGUST 28th!