term life

National Life Insurance Day 2023: National Life Insurance Day occurs annually on May 2. It commemorates the first day that life insurance was made available in the United States. This day honours life insurance and serves as a reminder of its benefits. Life insurance is important because it can prevent us from falling into debt, pre-fund a child’s college education, give surviving family members the opportunity to start over, and keep a business afloat for a time if a family member who owned a business passes away. Life insurance enables you to establish an emergency fund and seek out high-quality investment opportunities in order to build wealth and provide for your family. It provides future security.

National Life Insurance History Day

The earliest-known life insurance policy was purchased on June 18, 1583, at the Royal Exchange in London. A William Gybbons was insured by Richard Martin, who paid 13 merchants 30 pounds in exchange for 400 pounds if the insured perished within a year. William Talbot and Sir Thomas Allen founded the Amicable Society for a Perpetual Assurance Office in London in 1706 as the first company to offer insurance in modern times. Each member made an annual payment per share on one to three sales, depending on their age between 12 and 55. A portion of the ‘amicable contribution’ was distributed to the spouses and children of deceased members at the end of the year in proportion to the number of shares the heirs owned.

In the United States, the sale of life insurance began in the 1760s. On May 2, 1759, the Presbyterian Synods of Philadelphia and New York City recorded the charter for the Corporation For Relief of Poor and Distressed Widows and Children of Presbyterian Ministers, which was America’s first life insurance company. Presbyterians established