National Life Insurance Day 2023: 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. It provides future security.
National Life Insurance History 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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HOW TO PARTICIPATE IN NATIONAL LIFE INSURANCE DAY
Register for a life insurance policy
Sign up for a life insurance policy if you do not already have one, as its significance cannot be overstated. Utilise this occasion to develop a plan for yourself.
Learn more by perusing the text
Increase your knowledge of life insurance. Learn more about the various forms of available life insurance policies. This will allow you to comprehend your needs and educate others.
Create sensitivity for others
National Life Insurance Day is a day to raise awareness among family and friends about the significance of having life insurance in order to secure their financial future. The time has come to educate others on the advantages of life insurance.
Five Interesting Life Insurance Facts
The world’s first life insurance corporation
The first life insurance corporation in the world was the Amicable Society for a Perpetual Assurance Office.
A “whole life” insurance policy exists.
As the name suggests, this insurance plan is permanent; however, the premiums are more costly than those of term life insurance.
Obtainable is 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.
It is a source of revenue.
A life insurance policy can provide a family with an income stream for a period of time.
WHAT IS THE SIGNIFICANCE OF NATIONAL LIFE INSURANCE DAY?
It is a significant day
National Life Insurance Day commemorates the day life insurance became available for the first time in the United States. It demonstrates the significance of this day to everyone who celebrates it around the globe.
It serves as a reminder of our future security and the benefits we stand to gain.
This day increases our awareness of the significance of life insurance. We are aware of its significance and how securing our future and that of our loved ones can benefit us.
It raises consciousness
It reminds individuals with a financial plan of the advantages and also teaches those without life insurance the significance of purchasing a policy.
NATIONAL LIFE INSURANCE DAY DATES