Brother Reed Smoot briefly mentioned the subject of insurance, remarking that a great deal of money was going out of the country for life insurance, that it seemed that nearly everybody nowadays was taking out life insurance; and he thought it would be a good thing if [a] life insurance company could be started in which the Church should be largely interested, so as to be in a position to offer cheap insurance to our young people as an offset to the inducements offered them to join secret societies.
[Source: First Presidency and Quorum of the Twelve minutes]
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