The historical aspect of Life Insurance

To protect against peril is the main purpose of insurance in the course of human history. Million years ago, the concept of insurance started in China to protect attacks on shipments across sea. The luggage was loaded to a number of ships so that if one of the ships would get captured, the whole asset wasn’t lost.

The concept of Life insurance arose in Rome when a tradition of helping the deceased family was set with the help of burial foundations that gave away a handsome sum of money to the ones left behind.

In most recent times after 1688, Life insurance was illegal in the whole Europe except England where the trend of people placing bets on dates of death continued.

USA embraced life insurance first with the birth of first insurance company of America in Charleston SC in 1735. American life insurance model was completely based on England’s life insurance industry. Eventually the concept grew in other countries and life insurance spread with new services and diversity of coverage worldwide.