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).

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.

Having no national system of catastrophic health insurance, we have, through the courts, managed to patch together pieces of a not very satisfactory one.

Now listen. You can't fool all the people all the time-- but I want you to try.

Hay fever suffers tend to be above average in intelligence.

Still, most people don't have much money. So finding ways to come out a couple of thousand dollars ahead every year still matters.

In short: Readily available low-cost life insurance would be a threat to the industry, and whatever threatens the life insurance industry threatens America.