Origins of life insurance
While there is some evidence that some Romans pooled funds to cover burial costs, the first life insurance company was called Amicable Society for a Perpetual Assurance Office and was founded in London in 1706 by Thomas Allen, a financier, and the Bishop of Oxford. According to Stephen Anzovin, author of Famous First Facts, the company collected annual premiums from policyholders and paid out the nominated beneficiaries of deceased members from a common fund.
The old-timer
Equitable Life Assurance Society is the oldest mutual life assurance company in history. Founded by James Dodson in 1762, he had spent the previous decade using mathematical models to assess mortality rates and therefore could calculate premiums that were fixed and could guarantee a policy pay-out on death.
After more than 200 years of growth and development, it closed to new business shortly after the millennium when a House of Lords ruling that the Guaranteed Annuity Rates on its with-profits pensions sold in the 1980s were inappropriate. Equitable Life was subsequently put up for sale, with parts of its business sold off, but still operates today under contract by Halifax.
War & peace
Policies tend to cover you for what we might call peaceful countries. This means payout to beneficiaries will be restricted to the outcome of fatal accidents, old age, or illnesses associated with old age. Death as a result of war or riots is typically completely excluded.
If you will be working in a politically turbulent region for even a few weeks here and there – or a few months where you will be back and forth – it is worth getting quotes from your provider for term cover for this period.
For more information, please contact me. I will be happy to help with whatever question you have. www.rgwealthsolutions.com +6011-51565649
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