Many people think that life insurance is a modern invention. However, primitive life insurance actually originated in ancient Greece and the Roman Empire. Let’s take a look at the evolution of life insurance. If you’d like to discuss (modern) life insurance policies, contact Harrison Insurance and Financials LTD, which serves Hailey, ID, and beyond.
Life Insurance From Ancient to Present
Then as now, burial costs in ancient Greece and Rome were generally the family’s responsibility. To protect families, ancient Roman soldiers, among others, started forming clubs in which groups of people agreed to pay for the funeral costs.
Fast forward several hundred years, and we find that Lloyd’s of London in 1688 offered life insurance policies pretty similar to modern policies. By the 17th century, Europe was heavily engaged in international trade. Back then, trade was far more dangerous, however. Often, merchant ships and overland caravans disappeared.
Wealthy members of society thus started to underwrite risks. If traders failed to return, these wealthy patrons would pay those family members left behind. These activities evolved into the Society of Lloyd’s, or Lloyd’s of London, as it is more commonly called.
Life insurance came with colonists to the Americas, although few people had life insurance throughout the 18th and 19th centuries. In 1911, AXA Equitable offered the first group life insurance to workers at the Pantasote Leather Company. Group life insurance spread rapidly; by the 1930s, the industry had grown into the billions.
These days, over 50 percent of Americans have life insurance. Some get policies through their employer. Many opt for the private market. Even if you have an employee life insurance plan, you may want to supplement it.
Are you interested in life insurance? Contact Harrison Insurance and Financials LTD, serving Hailey, ID.