Filling a vital gap

M.P.'s tribute to ‘valuable work’ of insurance men

Three out of every four homes in this country get a call from an insurance agent and a million pounds in premiums is spent every working day. A total of £1,100 is paid out in claims every minute. The business of insurance and the protection which policies offer, was strongly commended by Mrs. Margaret Thatcher, M.P. for Finchley, when she spoke at the 12th annual luncheon of the Barnet and Finchley Committee of the Industrial Life Offices in the Salisbury Hotel, Barnet, on Monday.

The committee, who offer home service insurance, embraces most of the major insurance companies whose aim is to work together in projecting their image to the public and promoting goodwill. Mrs. Thatcher was proposing the toast to the committee.

ADMIRATION

She spoke of her genuine admiration for the work which members do and of its tremendous importance in the life of ordinary people and in the economy.

“I believe that every person should have some resources which are quite independent of the State. The type of security that people can enjoy is a far greater safeguard than anything they can ever expect to receive from the State,” she told members.

Mrs. Thatcher said she was constantly coming across people who had not made proper provision for contingencies which overtook them, especially in the cases of widows who had been left unprovided for by their husbands.

GAP

“This,” said Mrs. Thatcher, “is one of the gaps in our modern society which you do your level best to fill. I hope before long that every married woman will be able to feel that her husband has made proper provision for her should anything untoward happen.”

She advised that savings had to be made in a form that retained their value, on the assumption that inflation would continue. She said that in times when wages and salaries were far greater than they used to be people should be encouraged to make greater provision for themselves and meet their personal responsibilities.

Mrs. Thatcher spoke of a proposal in the Budget which had not been especially noticed. She was referring to insurance policies taken out by husbands for their wife's benefit and which are not included with the rest of the husband's estate for calculation of estate duty.

“Since 1882 it has been the general rule that the rights of widows took priority over the rights of the Chancellor of the Exchequer. But the present Roy JenkinsChancellor is attempting to reverse the position.

“Many of these policies will bear a large slice of death duties. I have nothing but contempt for any Chancellor who puts the demands of the State before the demands of the family. It reduces the importance and significance of the life of the family in the community,” she added.

The loyal toast and a reply to Mrs. Thatcher was made by Mr. L. Baker, the committee chairman. He praised her tremendous insight into the insurance business.

“FAMILY PARTY”

A toast to the guests and the press was proposed by Mr. B. Bargus, a committee member, and replied to by the Mayor of Barnet, Cr. P. G. H. Woodruff. He commented on “this happy family party” and said how nice it was to hear that the centre of the gathering was consideration for the home.

The mayor was accompanied by the mayoress, Mrs. Cicely Woodruff.

Mr. I. Murray was the toast-master.