In the case of Life Insurance Company v. Bangs, the Supreme Court of the United States was asked to decide whether a life insurance policy was valid and enforceable. The plaintiff, Life Insurance Company, had issued a policy to the defendant, Bangs, in which Bangs agreed to pay a certain amount of money to the company in exchange for a life insurance policy. The policy was issued in 1872, and Bangs had made payments on the policy until 1876. In 1877, Bangs stopped making payments and the company sued him for the unpaid premiums. The Supreme Court held that the policy was valid and enforceable. The Court noted that the policy was issued in accordance with the laws of the state in which it was issued, and that the policy was not void for any other reason. The Court also noted that Bangs had made payments on the policy for four years, and that the company had accepted those payments without any objection. The Court concluded that the policy was valid and enforceable, and that the company was entitled to the unpaid premiums.

Justice Field delivered the dissenting opinion in this case. He argued that a policy of life insurance issued by an insurer to a married woman, payable upon her death to her husband or his assigns, was not subject to be taken for the debts of either party before marriage. The majority had held that such policies were subject to attachment and sale under execution against either spouse prior to their marriage. Justice Field disagreed with this conclusion because he believed it would discourage people from entering into contracts like these which are beneficial both socially and economically. He reasoned that if creditors could attach such policies pre-marriage then individuals would be less likely enter into them out of fear they may lose them should one partner become insolvent before the union is formed. Furthermore, Justice Field noted that there was no legal precedent for allowing creditors access in such cases as well as public policy considerations which weighed against it since society has long recognized marriages between two parties as creating certain rights and obligations between them which must be respected even when those rights arise from private contract rather than statute law.