IRP23-01: Ordinary Lives: Insurance and Savings in America, 1861 to 1941

Ordinary life insurance was a critical means by which American households saved for retirement prior to the advent of Social Security, but remains understudied. This paper sheds light on the function of life insurance in American households over the late 19th and early 20th centuries, and provides valuable context for understanding the evolution of American old-age savings from private insurance toward nationalized retirement savings programs. It also touches on the distributional implications of this shift, in light of both historical racial disparities in life insurance participation, and early-to-mid-20th century policies differentially affecting Americans’ options for old-age savings.