Is the World Functional Enough to Support Life Insurance?
January 1, 2020 by Allison Bell
Thousands of years ago, annuities looked like a much better than life insurance because… the world was chaotic. Life was short. Counting on customers to die soon was a safe bet.
Political stability, a growing middle class, advances in medical knowledge, and improving public sanitation efforts began making the United States a good market for life insurance starting around the mid-1800s.
By the 1920s, the U.S. life insurance industry was booming. A century ago, life insurers filled the New Year’s Day issue of The Investor, a business publication in Oklahoma City, with ads seeking new agents.
Popular magazines, including Science and Invention, a publication edited by Hugo Gernsback — who later became known as one of the creators of modern science fiction — portrayed the future as a place where bug-eyed monsters might invade, but where, on good days, electricity, radio waves and dirgibles would reward people who educated themselves, worked hard and saved money.