Life insurance, as it has often been said, is a daunting task to buy, because accepting one’s mortality is not something the average person likes to experience. It is a necessity to overcome that though to protect yourself and your family when the worst happens. This need for protection extends throughout human history, even in times when economies were not so grand and bartering was a more common exchange than using money.

Rome seems to be one of the first places where life insurance took form. Like now, the costs of funerals and the death of a loved one could pose financial hardship for roman citizens.

In order to pay for funeral costs, people could join burial clubs. For a small regular fee, these clubs would pay for the funeral cost and give a small extra lump sum when the time arose. You may notice the strong similarities between the Roman burial clubs and modern day life insurance.  The major difference is that modern day life insurance puts a stronger emphasis on compensating the family for lost income instead of funeral fees (though life insurance certainly does help with funeral fees as well).

After the fall or Rome, life insurance seems to have disappeared for a long time, about 1000 years. Not until the Middle Ages, as economies started to develop, did life insurance reemerge. Throughout human history, life insurance has been a necessity. Especially when the costs of a funeral increase and the risks of everyday life expand, life insurance becomes vital for all families.

To further learn about life insurance, its history and uses, visit the life insurance education center.

Related posts

• Efinancial Launches Life Insurance E-Learning Center
• Life Insurance Options When Times are Tough
• A Silver Lining?
• Understanding Life Insurance Fine Print
• First-Ever “Life Insurance Gap” Study Finds That Many Americans Have Just Half the Life Insurance Protection They Need to Meet Their Own Self-Described Financial Objectives