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Life insurance in America has traditionally been dominated by mutual insurers. Twelve of the fifteen largest life insurers are mutuals.

Andrew Tobias

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Andrew Tobias
Age: 77
Born: 1947
Born: April 20
Journalist
Writer
Largest
Insurance
Fifteen
Twelve
Mutual
America
Insurers
Life
Traditionally
Dominated

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I was a writer for 'New York' magazine. I had been to business school, but what did I know? Still, everybody from the receptionists on up to the editor would ask me what they should do with their money.
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The industry cannot long offer unneeded or overpriced insurance if people will not buy it.
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The first life insurance societies where formed in England in the years between 1692 and 1720. In America, life insurance became available to the clergy through the Presbyterian Ministers Fund, founded in 1759 (still in existence), and the Episcopal Corporation, founded ten years later (subsequently merged).
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The larger the deductible you choose, the less insurance you are buying. Insurers want to sell insurance.
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There's no such thing as altruism.
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In short: Readily available low-cost life insurance would be a threat to the industry, and whatever threatens the life insurance industry threatens America.
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People don't need to find reasons to justify their not giving. What they need to find is the inspiration to give. And those who don't, but could afford to, are missing out on one of wealth's greatest luxuries.
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There's no question young drivers have far more accidents than older ones - but is it our aim to keep them off the roads? Or to allow only rich young people (who can afford the premiums) to drive?
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I think a lot of people would rather have more control over their life than less.
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You want 21 percent risk free? Pay off your credit cards.
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But successful investors tend to be not too self-destructive. They tend to be patient, they tend not to follow the crowd, and they tend not to be too guilty about winning.
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The best thing I have are 5 percent bonds from 1780, denominated from $1 to $20. As far as I can tell, they are obligations from the United States of America, so I should be able to walk down to the Federal Reserve and redeem the uncanceled ones. With 217 years of accrued interest, for a $20 bond, that's about $800,000.
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Not surprisingly, the insurance lobby recoils in horror at the prospect of automatic coverage (including, when it was first proposed, Social Security), no matter how efficient it may be. Automatic coverage eliminates sales commissions and profit.
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