Did America Invent Life Insurance?

America is responsible for many inventions. However, life insurance is not one of them.

In fact, it is believed that the Romans may have invented the concept of life insurance (and sharing and spreading risk), and that the original purpose was to cover the costs of burial. Romans may have invented life insurance to help families, especially people who were not wealthy, afford to bury their loved ones when they died. They even formed “Fratres” (similar to the word “fraternity”), which were clubs that paid for the funeral and burial of the club’s members. As with most clubs, the members paid “dues,” which included both currency and wine (which the club members drank at their meetings).

Today, many people still buy life insurance for this purpose: to pay for their hospital and burial or cremation when they die and alleviate their dependents of this burden. In addition, the benefit from their life insurance policy may be used to cover the costs of their end-of-life medical treatment and hospitalization or hospice care. A funeral and burial or cremation can easily cost $10,000 or significantly more. And the cost of medical treatment and hospitalization or hospice care can be astronomical, easily into the hundreds of thousands of dollars. You certainly don’t want your family to face this staggering expense, especially when they are at such a difficult time and at their most vulnerable, grieving the loss of their loved one and primary provider (of financial and/or emotional support).

As the concept of life insurance evolved over the centuries, many companies formed to provide this valued service. However, most went out of business. And going out of business is the last thing you want to happen to your insurer. When you buy a “whole life” policy, which lasts for your whole life, or a 30-year “term life” policy, which lasts for a term of 30 years—or any other form of life insurance—you are trusting that the company will still be in business at the end of your whole life or at the end of your term.

So how do you find a life insurance policy that meets your needs, fits your budget, and is provided by a company that is stable, secure, and here to stay for the long term? The key is to comparison-shop. Duh, right? Everybody knows that the only way to make sure you get the best quality at the best price is to do comparison-shopping. But until recently, comparison-shopping for life insurance was a time-consuming hassle. It meant you had to go from one insurance company to another, one agent (or broker) to another, filling out one form after another.

But just recently, all that has changed. Now, a breakthrough in software technology enables people to comparison-shop for coverage across the entire insurance industry, all in one place and all in just seconds. New insurance quoting software can collect quotes from many different companies, and these are the best companies in the business.

Just make sure you use a free and unbiased quoting service such as LifeInsurance-Policy.com. We Americans may not have invented life insurance, but most of us know how important it is. So don’t delay. Get your quotes today.