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Fifty years ago, life insurance was a staple of middle-class America. Policies were almost always tucked away in a drawer with other important documents and rarely looked at until death occurred and a claim was submitted to the insurer. Life insurance companies were the backbone of the American economy in the 1950s, providing home mortgages and policies that represented a portion of the typical family's savings. With $63 billion in assets by late 1950, the life insurance industry was second only to commercial banks' $148 billion in financial institution total assets; the next closest industry was mutual savings banks with $22 billion. Then, the mutual fund industry barely existed.
Baby boomers growing up in the 1950s may have an almost cinematic, nostalgic recollection of an era tame in inflation yet booming with post-war economic expansion. The guns-and-butter conundrum of the Vietnam conflict, however, soon created a long-building pressure on inflation and thus interest rates.
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