The History of Life Insurance (Condensed Version)

Long ago, in a galaxy far, far away, life insurance was considered the greatest discovery in the entire universe and those who bought this wonderful product were considered worthy of great respect and consideration by their families, friends and associates. . Those who sold the holy and blessed life insurance policies were revered as great pillars of their community and wherever they went they were greeted with public affection and great hospitality in the homes they would enter.

However, here on planet Earth, things have been a bit different!

Even though the end result around here seems somewhat dumb from the previous version of Star Wars, the story of how life insurance came to play such a ubiquitous role in our financial lives is actually quite interesting, even if the product and those who sell that product have. become stereotyped in another way in our modern culture. His story is also a bit longer and much more dramatic than most might imagine, although it should probably be noted that the final ending was quite predictable. Kind of like the Star Wars movies themselves!

Open your Bible to any of the above books and you will quickly discover that the need for life insurance has been around since the day after Adam and Eve left the garden and we all had to start facing the danger of dying before we did. . it’s supposed to die. And the answer to that last unspoken question, just so you know, is that you are supposed to die when all your financial affairs have been properly taken care of, you owe no one anything, and no one is counting on you for long. much more. That’s what we should all be aiming for, but getting the moment right is the real challenge.

Anyway, you can find in the book of Deuteronomy the command that if a man’s brother dies prematurely, he must take his brother’s wife as his own. Unless things were completely different back then, I suppose most of those who ended up married right after attending their siblings’ funeral will soon find themselves pining for that future day when life insurance salesmen might reach out to them to schedule an appointment to review your coverage.

Unfortunately, it would be quite a few years until the Middle Ages arrived and the different mercantile guilds began to assume the task of moderating the risk of losing a breadwinner and facing an immediate economic disaster as a direct consequence. Such plans were established Surety Bonds  on the basis of the facts and therefore naturally had no guarantee that death benefits would actually be paid. So while it certainly wasn’t the precise protection and value one might expect from an A ++ rated life insurance company today, it was much better than having your sister-in-law move in on short notice, so you must. give the Middle Ages so much.

In the days when England ruled the world and the American colonies were just being established, life insurance began to take a much more scientific and mathematical approach with exact premiums being paid in exchange for predetermined amounts of death benefits. However, it turned out that there was actually less science of mortality than simple math, because there was no real statistical basis for analyzing exactly how many people of each age die at any given time. These statistics are, in fact, the very foundation of modern life insurance products, so when you know how long on average a thirty-eight-year-old woman is expected to live who does not use tobacco in any form, then you know. find yourself well in your situation. way of approving today’s premium calculation requirements of each state’s department of insurance. Unfortunately, when the sun never set on the British Empire, many of the life insurance policies that were put in place were taken out for the destitute poor of the time with a spirit of the game that was often the interest more predominant than the concern for the continuation of families or companies.

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