If you are interested in a life insurance policy, it is immediately available at your computer, just click and buy, much like a book at Amazon. Many people view buying life insurance as a transaction and nothing more. In reality life insurance is a complex and much needed part of our lives. Buying the correct type of insurance policy is essential to your financial planning and using an agent does not cost you one penny more.
So when did this wonderful product originate? A much longer time than you might have guess, it originated before the birth of Christ. The Roman army used burial clubs to help each other offset the expense of a burial by spreading the cost of the funeral among the soldiers in the decedent’s regiment. Each Roman soldier helping each other.
In slightly more modern times, life insurance became a benefit offered by the Presbyterian Church to help families of deceased ministers. From that early beginning the development of life insurance for a broader group of people simply happened, a sort of evolution.
The first real attempt to set a rate based on life expectancy occurred in the 1830’s when church tombstones were surveyed and life span was calculated. This became what we use to manage life insurance risk today; the mortality table.
The cost of burying a family member was then considered a luxury so as the industry expanded, burial insurance lead the way. Those early beginning because of the cost of burial eventually became the Prudential Life Insurance Company.
Evolution and the need for protection expanded the industry to what we now have today. If you are in need or are wondering if life insurance has a place in your planning, forget the internet and contact an agent. The cost is the same either way and you will have a licensed professional there to assist you.
They say you buy life insurance for one of two reasons, you either owe someone or you love someone. In many ways life insurance is the best love letter of them all.