How Long Have Annuities Been Around For?

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    David RacichPRO
    Fountain Hills, Arizona
    Shockingly, a type of annuity was discovered in Egypt in 1700 BC. In 562 BC there is a passage in the Bible referring to a form of annuity. By the second century Roman soldiers were given a life annuity for service to the empire. For the next millennium, churches and monasteries used life annuities. In 1693, Sir Edmund Halley, created the first mortality tables based on age for life annuities, the basic acturial science we use today. Nothing’s new under the sun. 

    Answered on May 27, 2013
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    J Paul Wilson CFP, CHFC
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    The concept of paying an income in exchange for or instead of a lump sum can be traced back to Roman times.

    The current versions have only been around since the mid 1900's and offer many options. 

    If you have any further questions, or if you feel I could be of asssitance, please do not hesiate to contact me.
    Answered on July 7, 2014
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