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

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.

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.

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).

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

I think a lot of people would rather have more control over their life than less.

There are only two things as complicated as insurance accounting and I have no idea what they are.