In the battle between the fiduciary sales model for mutual funds and the opaque, commission-driven model for the life insurance industry, guess who has been winning over the past three decades? To find the answer, let’s go back in time and take a look at the numbers.

In 1985, the insurance industry took in just over $12 billion in cash value and term life insurance premiums, according to the Life Insurance Marketing and Research Association. About $68 billion of new money flowed into mutual funds, per statistics compiled by the Investment Company Institute.

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