Why a topic about life insurance and social inequality?
A few months ago, I came across the advertisement shown below. It was printed by the New England Mutual Life Insurance Company in 1861[1]. The advertisement highlights the positive role that the life insurance industry has in mitigating some important social issues. 162 years later, not only have these social inequalities increased in many countries but at the same time, the adoption of life insurance products has continuously declined. In a time when all industries are keen to show their positive impact on environmental and social issues why aren’t insurers yet seen by the public as contributing positively to the well being of society. Is it realistic to expect life insurance companies to take out the role of reducing social inequalities while being profit makers? If so, what are the main barriers to them playing this role?...