Date: August 20, 1930
Location: Northampton, MA
(Original document available here)
When sales in so many other directions have been decreasing, an increase of 1.5 percent in the sales of life insurance for the first seven months of the year is wonderfully encouraging. It becomes all the more so when the stupendous amount involved of $7.75 billion is considered. That means that the people of the United States, already having over $100 billion of insurance, are purchasing additional protection of over $1 billion each month.
The number of policies issued considerably increased, showing that this is not confined to a few of the rich but represents a movement of the people on an unprecedented scale.
This is a factor of the first magnitude and of far-reaching consequences in the advancement of economic democracy. Seventy million people on a sound insured basis has a financial and moral effect that cannot be estimated. It is a demonstration of physical, mental and material health. These people are committed to self-support, self-government, prudent investment and sound business through the increase and equitable distribution of capital. It is a long step toward abolishing poverty.
Citation: Calvin Coolidge Says: Dispatches Written by Former-President Coolidge and Syndicated to Newspapers in 1930-1931 (Calvin Coolidge Memorial Foundation)
The Coolidge Foundation gratefully acknowledges the volunteer efforts of Greg Harkenrider who prepared this document for digital publication.