Loans For People With Bad Credit

Insurance provides us with protection against risk, and owning insurance policies is a normal part of modern life. While insurance has been around for hundreds of years in one form or another, most of the familiar kinds of insurance we have today are actually a newcomer on the historical scene.

As early as 5000 BC, the ancient Chinese had a form of insurance to protect their traders. There are historical stories and even modern societies indicating a kind of humane “insurance,” in which neighbors or members of the same organization or church took care of each other during emergencies. While community has no monetary value, we can consider community at its best to be a form of insurance because of the gesture of caring. What we consider life insurance, however, did not come along until long after the first caring communities.

Life insurance dates back to ancient Rome, but it wasn’t called life insurance then. The Romans had “burial clubs,” in which members paid for the funeral expenses of the deceased and helped the deceased’s survivors financially. This was part of what was considered a proper burial. The Romans believed that if a person was not buried properly, they would not rest in the afterlife. The burial clubs were necessary to cover the funeral expenses, because part of a proper burial was a large and often lavish funeral celebration.

Modern life insurance dates from the late 1600’s in England. Life insurance was originally intended, like the ancient Chinese tangs, to protect the transactions of merchants and traders. The death of a business partner, without insurance, could lead to disastrous results to the commercial enterprise. These early life insurance policies protected those who brought goods into society and those who sold them to the public. Life quickly became essential to stable commerce.

The first United States insurance company was founded in 1732 in Charleston, South Carolina, but the company only offered fire insurance. Life insurance policies were not offered in the United States until the 1760s, but it became a fast growing business. However, there were issues in the’00s with slave owners purchasing life insurance policies for their slaves. One New York insurance company is alleged to have sold 485 slave life insurance policies during a two-year period in the’40s alone. However, the sale of such policies stopped several years before the Emancipation Proclamation ended slavery in the United States. Some states have passed legislation requiring insurance companies to search their records to see if they sold policies on slaves. So far, there are no reports of any insurance companies finding records of such policies.

Whatever type of insurance policy you hold today, one thing that is sure is that the history of life insurance is rich and complex. One constant, however, has not changed. Life insurance is designed to protect our heirs from whatever life sends their way. Speak with a qualified life insurance agent if you have any questions about how life insurance can protect your loved ones. A qualified agent can examine the specifics of your situation and help you find exactly the policy you need.

Tom Martens is the content syndication coordinator at Lifeinsurance-Southafrica.co.za South Arica’s leading Life Insurance and Life Cover portal.

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Tags: Death Cover, Disability Cover, family, Life Cover, Life Insurance, money, Personal Finance

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