... Elder Smoot drew attention to the fact that some move in his judgment should be made looking to the organization of a life insurance company. He said that it would be surprising to the brethren to know what large numbers of Utah people—many of them our young people—are having their lives insured, and as a result sending thousands of dollars out of the state that might be kept at home. A great evil connected with this matter was, he said, that in many instances our young people are led away from the church. He felt that something should be done to meet the emergency. Elder Clawson reminded the brethren that Elder Heber J. Grant had called attention to this matter some two or three years ago and urged the importance at that time of immediate action, looking to the organization of a home life insurance company.
[Stan Larson (editor), A Ministry of Meetings: The Apostolic diaries of Rudger Clawson, Signature Books in association with Smith Research Associates, Salt Lake City, 1993, http://bit.ly/rudgerclawson]