Many people have a life insurance policy so that they are ready for the unexpected, should it occur. This insurance has existed in some type of form for several centuries.

Early Days Of Insurance – Babylon

In fact, it’s thought that the insurance idea originated during the 13th century in Babylon when the wealthy inhabitants paid for wrecked/damaged ships on behalf of the owners. With this type of “payment”, the trade commerce continued. It enabled ship captains to deliver their goods while risking their ship and promoted a flourishing economy for everyone who was involved. Captains who didn’t have this guarantee were less likely to travel further distances or take the risks needed to do long-distance trading.

Early Days of Insurance – Rome

Now what was seen in Rome might resemble today’s insurance companies. It wasn’t uncommon to have burial clubs. Those who joined these burial clubs were certain to get the burial they wanted even when they weren’t able to afford it. Those who usually joined these clubs were military men and even common citizens. It was considered important by non-elite society members to join these types of clubs. Dues were usually paid for with wine. Meetings were generally held once a month and would include festivals and feasts; something members would pay for and donate wine to.

Early Days of Insurance – New World (America)

The insurance industry made its debut in America during the 18th century; South Carolina first introduced fire insurance thanks to the efforts provided by Benjamin Franklin. The first ever fire insurance company opened its doors in 1735, specializing solely in fire insurance. The probability of having a fire was quite high and many people saw the outcome of not having fire insurance. With it, the insurance would help them to replace their assets.

Life Insurance and Your Family

Insurance gives you the protection for unexpected losses of property and assets; however, it’s also a security measure for your family. When your property and loved ones are protected, you can rest easier at night. With life insurance, your family will not be forced to come up with money to pay for your burial and feel a financial pinch after you have passed away. Life insurance will cover the funeral expenses.

When you have life insurance, it’s your way of taking care of your family after you die. When you have a policy that will cover your loved ones, you can enjoy the money you make presently. You don’t have to save up the money you earn, hoping you’ll have enough before you pass away. You’ll rest easy at night knowing that your family is taken care of when the enviable happens. Your beneficiaries will obtain this money tax free, allowing them to use it for paying off any old debts, their education, retirement or their everyday living expenses. Life insurance is the best financial plan for any person.

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Category: Finances
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