National Life Insurance Day 2023: Date, History, Facts about Life Insurance

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. Life insurance provides future security.

The background of National Life Insurance 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 this non-profit mutual fund known as the Presbyterian Ministers Fund for Life Insurance for their ministers. Over two dozen life insurance companies were founded between 1787 and 1837, but less than half of them survived.

The registrar of the National Day Calendar has designated May 2 as National Life Insurance Day each year. National Life Insurance Day was proposed in 2014 by Liran Hirschkorn, an Independent Insurance Agent at Best Life Quote, to commemorate the anniversary of life insurance becoming available in the United States.

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5 Interesting Life Insurance Facts

The first life insurance corporation in the world was the Amicable Society for a Perpetual Assurance Office.

As the name suggests, this insurance plan is permanent; however, the premiums are more costly than those of term life insurance.

The term ‘life insurance plan’ refers to the least expensive form of insurance plan that provides coverage for a specific period of time, typically between 10 and 30 years.

A life insurance policy can provide a family with an income stream for a period of time.