The History of Life Insurance.
Insurance protects us against risks, and having insurance policies seems to be a normal part of life. While insurance has been around for centuries in one form or another, the versions of insurance policies we are so familiar with today are relatively young.
As early as 5000 BC, the ancient Chinese had a form of insurance to protect their traders. There are historical stories and even modern societies indicating a kind of humane "insurance," in which neighbors or members of the same organization or church took care of each other during emergencies. While community has no monetary value, we can consider community at its best to be a form of insurance because of the gesture of caring. What we consider life insurance, however, did not come along until long after the first caring communities.
The ancient Romans had their "burial clubs," through which members were protected against funeral costs and survivors were helped financially. The contributions of a burial club were part of what was considered a proper burial, and the Romans believed that if a person was not given a proper burial, he or she could not rest in the afterlife. And burial clubs were essential to the belief, because part of a proper funeral was a large and often lavish celebration.
Modern life insurance dates back to the late 17th century in England. Life insurance was originally designed to protect traders and merchants. The first insurance providers would meet their customers at coffeehouses and pubs to draw up insurance contracts. These were the common meeting places of that era. This form of life insurance was designed to protect those who brought goods into the community and those who sold them. It was a way to protect and insure commerce.
The first American life insurance company appeared in 1732 in Charleston, South Carolina, but at its inception, the company only offered fire insurance. Life insurance policies were not offered in the Thirteen Colonies until the 1760's, but providing them quickly became a big business. After the American Revolution, there were issues with life insurance policies for slaves. One New York insurer supposedly issued 485 policies on the lives of slaves just in two years in the decade of the'40's. However, the sale of life insurance on the lives of slaves stopped several years before the'63 Emancipation Proclamation. The insurance companies, in the North, were ordered by their states to search their records to purge any policies that indirectly supported slavery. There is no record of any such policies being found.
Regardless of what type of insurance policy you may hold, it is clear that the history of insurance is a rich and complex history. But one constant hasn't changed. Insurance is designed to protect us from whatever life sends our way. Contact a qualified insurance provider if you have questions about how insurance can benefit and protect you. A qualified insurance provider will examine your specific situation and help determine what type of insurance will best protect you and your family.
As early as 5000 BC, the ancient Chinese had a form of insurance to protect their traders. There are historical stories and even modern societies indicating a kind of humane "insurance," in which neighbors or members of the same organization or church took care of each other during emergencies. While community has no monetary value, we can consider community at its best to be a form of insurance because of the gesture of caring. What we consider life insurance, however, did not come along until long after the first caring communities.
The ancient Romans had their "burial clubs," through which members were protected against funeral costs and survivors were helped financially. The contributions of a burial club were part of what was considered a proper burial, and the Romans believed that if a person was not given a proper burial, he or she could not rest in the afterlife. And burial clubs were essential to the belief, because part of a proper funeral was a large and often lavish celebration.
Modern life insurance dates back to the late 17th century in England. Life insurance was originally designed to protect traders and merchants. The first insurance providers would meet their customers at coffeehouses and pubs to draw up insurance contracts. These were the common meeting places of that era. This form of life insurance was designed to protect those who brought goods into the community and those who sold them. It was a way to protect and insure commerce.
The first American life insurance company appeared in 1732 in Charleston, South Carolina, but at its inception, the company only offered fire insurance. Life insurance policies were not offered in the Thirteen Colonies until the 1760's, but providing them quickly became a big business. After the American Revolution, there were issues with life insurance policies for slaves. One New York insurer supposedly issued 485 policies on the lives of slaves just in two years in the decade of the'40's. However, the sale of life insurance on the lives of slaves stopped several years before the'63 Emancipation Proclamation. The insurance companies, in the North, were ordered by their states to search their records to purge any policies that indirectly supported slavery. There is no record of any such policies being found.
Regardless of what type of insurance policy you may hold, it is clear that the history of insurance is a rich and complex history. But one constant hasn't changed. Insurance is designed to protect us from whatever life sends our way. Contact a qualified insurance provider if you have questions about how insurance can benefit and protect you. A qualified insurance provider will examine your specific situation and help determine what type of insurance will best protect you and your family.
About the Author:
Tom Martens is the content syndication coordinator at Lifeinsurance-Southafrica.co.za South Arica's leading Life Insurance and Life Cover portal.
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