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450 BCE
lost time
the concept of whole life insurance fell through after the Roman Empire fell. -
100 BCE
when was whole life insurance created?
the idea of whole life insurance has dated back as far as ancient Rome. -
upcoming
marine insurance become very popular and from there the modern concept of an insurance company came into being. -
First corporation
The Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of Presbyterian ministers and their dependents. Episcopalian ministers organized a similar fund a decade later. (The first insurance company in the American colonies was formed before this, in Charleston, S.C., in 1735, but it offered only fire insurance at first. It didn’t add life insurance until 1760.) -
cost...
The whole life insurance has an annual premium of $8,230 per year (you can pay monthly but it costs slightly more). The 20-year term life insurance costs $672 per year. After 20 years the expected cash value of the whole life policy (the amount you could withdraw) is $236,679 -
different types
Level term means that the death benefit stays the same throughout the duration of the policy.
Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy's term.
