Capital Formation

Second, an adequate flow of long-term capital is a critical need of

a free society. Indeed, many of the problems this country is experiencing at the present time are reportedly due to the fact that we

don't have an adequate flow of long-term capital.

Whole life for over 100 years has been a major factor making it

possible for the insurance industry to provide that long-term capital to this country. That a Government agency at this critical point

in time should espouse and recommend to the American people

that this time-proven vehicle for the creation of long-term capital

which served those same people so well should be abandoned in

favor of term insurance is hard to believe.  (p79)

-- Thomas J. Wolff - <NALU/ NAIFA> National Association of Life Underwriters

1979 - FTC STUDY OF LIFE INSURANCE COST DISCLOSURE - Cannon - 592p