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History of Life Insurance


In the 13th century, the wealthy people of Babylon decided to pay an agreed amount to the ship owners any loss of ship as a result of sinking. Piracy, the sinking of ships and natural disasters were some of the common occurrences in the early years of merchants. The knowledge of safety was nil yet the ship owners and traders whole depended on this mode of transport. This was an oldest form of life insurance.

The early Romans had burial clubs where the insured person would have money for their burial. This convenient clubs had memberships of the average citizen, slaves, and military. The wine was part of their initiation due for new members. Their meetings occurred monthly and during festivals and feasts. They paid their memberships whereas the new members paid an entrance fee.

The founders of insurance were the traders, ship owners, and merchants. The new world got the concept of insurance first in Charleston, South Carolina in 1973 where fire insurance was introduced. Life insurance came around 1735 benefiting the Presbyterian ministers. Benjamin Franklin played a significant role in developing the fire insurance which was established in 1752.

Insurance is one of the important financial instruments that should be handled with love and care for personal benefit as well as those we love. Among all the advantages of life insurance, the primary advantage is to make sure the loved ones are protected financially. The people named in your policy are administered your funds which can be used in payment of education and other financial needs in a family. Apparently, life insurance can be termed as a primary foundation for financial planning.

In 21st century life insurance industry is on boom. Today, almost every one wants to buy life insurance policy for himself. Therefore, there are many big, medium and small insurance companies in the market. These companies offer attractive life insurance policies to attract the people. Due to boom in the life insurance industry, many lead generation companies came into existance who generate life insurance leads and sell to the insurance companies. In addition to this today thousands of agents are getting employment in life insurance industries. They sell the insurance policies and get attractive commission from the insurance companies.

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