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 formed mutual aid groups called tangs. These associations acted as a form of insurance to protect traders. There are man y historical stories and even modern mutual aid societies indicating a kind of humane "insurance," in which neighbors or settlers or members of the same church or club take care of each other during emergencies. While a caring community cannot be assigned monetary value-many would consider its value to be incalculable-we can consider a caring community to be a form of insurance. Life insurance, however, did not arrive 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.
Life insurance of the kind we have today dates from the late seventeenth century in England. It was originally intended, like the ancient Chinese traders' insurance, to protect merchants and traders. The death of one party to a business transaction could cause considerable hurt to the other. This historical form of life insurance protected those who brought goods into the city and those who sold them. Life insurance protected 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 1840's. However, the sale of life insurance on the lives of slaves stopped several years before the 1863 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.
Whichever type of life insurance policy you hold today, one thing for certain is that the history of life insurance has been rich and complex. There is at least one constant, however, that has never changed. Life insurance protects our heirs from whatever life sends their way. Ask any questions to a qualified life insurance agent who can help you find the right life insurance protection for your loved ones. A qualified insurance agent will consider the specifics of your situation and help you find exactly the policy you need.
As early as 5000 BC, the ancient Chinese formed mutual aid groups called tangs. These associations acted as a form of insurance to protect traders. There are man y historical stories and even modern mutual aid societies indicating a kind of humane "insurance," in which neighbors or settlers or members of the same church or club take care of each other during emergencies. While a caring community cannot be assigned monetary value-many would consider its value to be incalculable-we can consider a caring community to be a form of insurance. Life insurance, however, did not arrive 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.
Life insurance of the kind we have today dates from the late seventeenth century in England. It was originally intended, like the ancient Chinese traders' insurance, to protect merchants and traders. The death of one party to a business transaction could cause considerable hurt to the other. This historical form of life insurance protected those who brought goods into the city and those who sold them. Life insurance protected 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 1840's. However, the sale of life insurance on the lives of slaves stopped several years before the 1863 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.
Whichever type of life insurance policy you hold today, one thing for certain is that the history of life insurance has been rich and complex. There is at least one constant, however, that has never changed. Life insurance protects our heirs from whatever life sends their way. Ask any questions to a qualified life insurance agent who can help you find the right life insurance protection for your loved ones. A qualified insurance agent will consider the specifics of your situation and help you find exactly the policy you need.
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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