A Brief History of Life Insurance and Its Continued Importance Today

Life insurance has existed in some form or another since ancient times, but the modern concept of life insurance as we know it today can be traced back to John Hancock in 1762. He founded the Life Assurance Company of England, which was one of the first life insurance companies. His idea was that people would pay into the company throughout their lives, and after they died, they would use the funds to pay out benefits to their family members based on how much they paid over time.

How Life Insurance Came Into Being

Before insurance was invented, people used to handle their own risk management. A lack of trust between people often led to feuds or fighting in order to settle a loss. This is how many ancient civilizations were wiped out. When life insurance came along, it provided an opportunity for individuals who didn’t know each other to work together so that they could manage common risks. Though life insurance has evolved since then, its core concept remains intact: pooling resources together in order to better manage risk. It’s hard to imagine what our world would be like without life insurance. It is one of those invisible institutions that keep us from destroying ourselves as a society. The modern world relies on these systems—they make everything run smoothly—and yet we take them for granted until something goes wrong with them. Like any technology, life insurance can fail when there are too many complex moving parts involved (like healthcare), but we shouldn’t stop using it just because sometimes things go wrong. Instead, we should try to find ways to improve life insurance by making it more efficient. Life insurance will always be necessary; it’s just a matter of figuring out how to improve upon its current form.

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Evolution of Term vs. Whole Life Policies

Term insurance policies were first introduced in England in 1687, but it wasn’t until later that century that they became widely available to individuals. A whole-life policy wasn’t available until nearly a century later when a company called Massachusetts Mutual Life Insurance Co. offered one. Since then, life insurance has evolved considerably; while term insurance still dominates the market today, many people are turning to whole-life policies as well.

The Digital Age Has Expanded Our Options

In ancient times, there was no such thing as life insurance. Not only did people have to devise ways to ensure their families would be taken care of in their absence, but they also had to figure out ways to prevent illness. Early on, people knew that if they were sick or injured it might take them away from their families for long periods of time or even kill them completely. So how did they deal with these issues? They took steps to protect themselves by having a designated person look after their financial needs while they were gone. This person would make sure bills got paid and food was put on the table. It’s important to note that life insurance didn’t exist during these early stages because death wasn’t an option; if you couldn’t work, you didn’t get paid.

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Why You Should Get Life Insurance ASAP

Life insurance provides financial protection for your family in case you pass away unexpectedly. Life insurance is no longer something to just give a second thought to—if you have dependents, you need life insurance coverage. Life insurance continues to grow in popularity year after year as more people realize how important it is to protect their loved ones. There are plenty of reasons why life insurance has grown so popular: life expectancy rates continue to rise, we’re living longer lives, healthcare costs are on the rise, etc. All these factors make life insurance an essential part of our lives today.

Tips For Choosing the Right Policy

From traditional, whole life to universal, variable, and term life insurance, there are numerous policies that can help protect your family’s financial future should something happen to you. If you decide it’s time to review your policy, consider these tips for choosing a new one. Consider what type of life insurance is right for you: Whole life provides permanent coverage, while term offers temporary protection. Permanent coverage means your beneficiaries will receive all premiums paid into the policy as well as an investment return on any unused funds until death; in contrast, term life only covers you for a set period of time—usually 10 or 20 years—after which no further premiums are due but no investment growth occurs either.

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Things To Consider When Picking a Policy

When picking a life insurance policy, it’s vital to consider what you want your life insurance policy to achieve for you. There are two things that all policies need to address: (1) death benefits, and (2) premiums. The death benefit is exactly what it sounds like—the amount paid out upon your death. The premium is how much you pay each month or year to keep up your coverage; when deciding on a policy, make sure that both amounts work with your budget. Beyond these considerations, there are plenty of other things to think about when picking a life insurance policy. For example, do you want a term life or whole life? Do you want an accelerated death benefit?