TIMELINE
THE JOURNEY OF LIFE INSURANCE
Few things in the modern world can claim to trace their history back 2,000 years – but life insurance can . Here ’ s the history of this vital line of insurance
100 BC
Life insurance can trace its history all the way back to the ‘ burial clubs ’ of Ancient Rome . Romans believed that failing to bury people properly was a bad omen for the afterlife , so troops would regularly contribute to burial funds to help pay the cost of their funerals , and , later , a stipend upon death .
1583
The earliest example of life insurance appears to be William Gibbons , a salt merchant in London , whose acquaintances took out a policy on his life in 1583 . When he died in the final month of the policy , the underwriters tried to avoid paying out but were unsuccessful in court .
1759
The first life insurance policies in the US were designed to assist the families of Presbyterian ministers after they died . The funds were originally criticised for being in poor taste , but they provided much-needed relief to widows and paved the way for America ’ s insurance industry to grow over the next 100 years .
18 March 2023