The history of life insurance dates back to ancient civilizations, where people would offer gifts or sacrifices to the gods in hopes of securing protection for their families. However, the modern concept of life insurance as we know it today can be traced back to the 18th century in England
In 1706, the British government passed a law that encouraged the formation of friendly societies, which were mutual aid organizations that provided financial assistance to members in times of need. These societies later evolved into insurance companies that offered life insurance policies.
The first life insurance company in the United States was the Presbyterian Minister's Fund, which was established in 1759. The company provided coverage to ministers and their families in the event of death. Over time, life insurance became more widespread and was offered to a wider range of individuals, including non-ministers.
In the 20th century, the industry underwent significant changes, including the introduction of new products such as term life insurance, universal life insurance, and variable life insurance. Additionally, the advent of computers and the internet has made it easier for people to purchase life insurance policies and manage their coverage.
Today, life insurance is a critical component of many people's financial planning, providing peace of mind and financial security to families in the event of the death of a loved one.
Posted Friday, November 03 2023 6:32 PM
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.