National Life Insurance Day 2024 (US): Learn about it History, FAQs, and Dates

National Life Insurance Day 2024 (US): National Life Insurance Day occurs annually on May 2. It signifies the sincerity of the initial day life insurance became accessible in the United States. This day honors life insurance and serves as a reminder of its numerous advantages.

Life insurance serves a multitude of purposes, such as preventing financial burdens, securing funds for education, providing a fresh start for loved ones, and safeguarding a family business in the event of the owner’s passing. It enables individuals to establish emergency funds and make wise investments to secure the well-being of their loved ones. Life insurance provides a sense of future stability.

National Life Insurance Day: History

The Royal Exchange in London witnessed the purchase of the earliest-known life insurance policy on June 18, 1583. Richard Martin paid thirty pounds to thirteen merchants for a 400-pound policy on William Gibbons if he died within a year. The Amicable Society for a Perpetual Assurance Office, which Sir Thomas Allen and William Talbot founded in London in 1706, was the first modern insurance company. Each member aged 12–55 contributed one to three transactions every year. After the year, the successors distributed the ‘amicable contribution’ proportionally to the spouses and children of deceased members based on their shareholdings.

The commercialization of life insurance in the United States commenced in the late 1760s. The Presbyterian Synods in Philadelphia and New York City officially documented the charter for the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers on May 2, 1759. The first life insurance company in America recognized this organization. Presbyterians established this non-profit mutual fund, known as the Presbyterian Ministers Fund for Life Insurance, to support their ministers. Between 1787 and 1837, people established more than twenty-two life insurance companies, but only under fifty-two survived.

Every year on May 2, we observe the holiday for National Life Insurance Day. Liran Hirschkorn, an Independent Insurance Agent at Best Life Quote, established National Life Insurance Day in 2014 to mark the occasion since the introduction of life insurance in the United States.

National Healthcare Decisions Day 2024 (US): History, Activities, Facts and FAQs

National Life Insurance Day: FAQs

What is the optimal age to purchase life insurance?

Twenty is the optimal age to purchase a life insurance policy.

What advantages does life insurance provide?

It is essential to have life insurance to safeguard your financial future.

How does life insurance function and what is it?

A contract between you and an insurance company constitutes life insurance. After your demise, the insurance company will provide your beneficiaries with a death benefit, which is a single-sum payment rendered in return for your premium payments.

Four Useful Life Insurance Facts

The Amicable Society for a Perpetual Assurance Office established the revolutionary life insurance industry.
This insurance policy, as its name suggests, provides coverage for the entirety of the policyholder’s life; however, the premium is higher in comparison to term life insurance.
‘Life insurance plan’ refers to the most cost-effective form of insurance coverage, typically ranging from ten to thirty years.
A life insurance policy can provide a family with a sustained income stream.