LifeInsuranceFreedom.com is a company that helps you find the best life insurance rates on the market. How do we do that? Simple. We put the customer first. We use state-of-the-art technology in helping you find the best rates. We will do our best to help find you the most affordable life insurance providers.
When we find the most cost-effective life insurance provider, we match you with the provider that fits your needs. Life insurance can be a scary thing to talk about. No one wants to think about passing away, especially if that person is the primary breadwinner. Here at LifeInsuranceFreedeom.com, we’re sensitive to this, and therefore, we make finding the right provider easy and carefree. We all have families, and we know what it’s like to talk about losing a loved one. Therefore, when we search for a life insurance provider, we do so sensitively and thoughtfully.
Here at LifeInsuranceFreedom.com, our goal is to find you the life insurance provider that matches your needs. No matter your circumstance, you can count on us to do our diligence in helping you locate the life insurance company that’s tailor-made for you. Our company has always worked hard to uncover the insurance provider with affordable rates to its customers.
The history of life insurance is an interesting one. It goes back to Ancient Roman times, where burial clubs covered the costs of funerals and other expenses after the member of this club passed away. This club also offered financial help for the surviving family members. The first-ever life insurance policy was on June 18th, 1583, made in Royal Exchange London. A man named Richard Martin insured a man named Willian Gybbons, paying his family 30 pounds for 400 if Mr. Gybbons passed away within one year. The first modern life insurance policy was by the Amicable Society for a Perpetual Assurance Office, which was founded in London in 1706 by two men named William Talbot and Sir Thomas Allen. The policy was simple. Each member who held a policy paid an annual payment, per share, on 1 to 3 shares, while considering the age of the members in question, and in this case, this was between 12 and 51 years of age. At the end of the year, there was a portion of the amicable contributor or member insured; the amount was divided up amongst children and wives of the member who was deceased. This was, of course, dependent upon the number of shares the heirs owned. The Amicable Society for a Perpetual Assurance Office started with two thousand policyholders.
In 1762, a man named Edward Roe Mores was successful in establishing The Society for Equitable Assurances on Lives and Survivorship. This company paved the way because it was the first mutual insurer. It is considered to have been the first company in which policies based on age and mortality rate. It is considered to be the primary force behind today’s modern life insurance providers and the policies they offer to their members. The Society for Equitable Assurance prided itself in attempting to payout exactly what was owed to the surviving families. It was this company where premiums were first regulated depending on age, and anyone, no matter their health situation, was welcome as a member. The actual sale of life insurance in the U.S. didn’t begin until the. 1760s. It was first created in Philadelphia and New York City, and the company was called The Corporation for The Relief of Poor and Distressed Widows and Children of Presbyterian Ministers, taking place in 1759. This life insurance company was created by the Presbyterian members of society, but they were not the only ones who wanted to protect the survivors of policyholders. For example, in 1769, the Episcopalian priests of society decided to organize their own corporation.
However, these two companies would not last, and in the 1870s military officers began their own life insurance corporations. The Army created the AAMFA or the American Armed Forces Mutual Aid Association, and the Navy created the Navy Mutual Aid Association or Navy Mutual. These associations were inspired by the widows and orphans that were left behind after the Battle of Little Big Horn in the West, where their husbands and fathers laid down to die, and it was also for the families of the Navy sailors who perished at sea.
To better examine life insurance, it is important to understand the many factors involved. For instance, the person who pays the premium is the policyholder. However, the person whose death will cause a payout is the insured. The beneficiaries are the ones who receive the payout after the insured individual has died. On the other hand, the beneficiary is actually not part of the policy, and the owner of the policy can decide who gets the payout or inheritance after the insured has passed.
There are contract terms that must be followed in order for the beneficiary to receive their payout. Because the contract has particular factors built-in, there is a specific exclusion that will stop the beneficiaries from inheriting anything. This exclusion is suicide. However, there are ways that the beneficiaries can contest the outcome, but it depends on the state and statutory time frame.
The terms Insurance and Assurance are oftentimes confusing and misread. For example, Insurance is the policy that covers an event that may happen, in life insurance cases, the death of the insured. Assurance, on the other hand, is coverage of an event that will definitely happen, and in this case, if the insured is very ill or very old. In addition, Insurance is financial coverage that is determined based on definite losses, whereas assurance is coverage that is fixed, regardless of the losses obtained.
Looking back to the birth of Life Insurance, it is interesting to find how today’s policies are not much different than that of their predecessors. In fact, the Ancient Romans had the best life insurance, not only paying out to the widow and her children but taking care of them after the insured died. With all of this in mind, we here at LifeInsuranceFreedom.com believe it is essential to find the best life insurance providers for you, our customers. So, come find us on LifeInsuranceFreedom.com, and let us find you the most cost-effect life insurance providers, so they can bring you peace of mind without breaking open your piggy bank.