Many people today have life insurance to provide some way of paying for their last expenses so the family doesn’t have to. But it hasn’t always been this way. The history of life insurance has some interesting facts in it.
The history of life insurance can be traced all the way back to ancient Rome. In those days, the common people had little way to pay for the burial of their loved ones. Wealthy people didn’t worry about this, but free people, members of the military, and ordinary citizens weren’t assured they could be buried after they died. The beginning of life insurance came with the formation of burial clubs, called Fratres. These clubs assured those who joined that they would be buried and their surviving families cared for to an extent.
The clubs met monthly and fees were collected from those who chose to continue in the clubs. Those who wanted to join were required to pay a joining fee and to supply an agreed-upon amount of wine to the club. Members who hadn’t paid their monthly fees for six months were not allowed to make claims for burial. If a member committed suicide, he or she was not allowed to be buried in the same ground as other members of the club. Their survivors also were not allowed to make claims for support.
The history of life insurance shows that it made its debut in the U.S. around 1760. It wasn’t used as much as flood and fire insurance in the beginning. Also in the beginning, many preachers denounced life insurance as the same as gambling and betting against God.
The history of life insurance shows a boom in the middle of the 1800s. This was the time that those who insured lives emphasized the moral obligation of husband to provide for their families in the event of a shortened life.
Benjamin Franklin, one of the pioneers in the history of life insurance, had a hard time believing that people had to be talked into buying life insurance. He railed against those who would insure their ships, homes, and their merchandise but would neglect insuring their lives, thus putting their families at risk of financial ruin when they died. He had a good argument.
This information about the history of life insurance has been brought to you by Corriveau Insurance Agency. We’re an independent insurance agency in Nashua, NH. We’re a family owned business since 1912. Call us for a review of your insurance needs. Call 603-883-5528 today!