1. 11498 POINTS
    Jason Goldenzweig
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
    Life insurance has been around for centuries in one form or another. I think the modern version as we see it today has been around for the last 200+ years or so in the U.S.

    As to when term life insurance specifically was first created, I wouldn't be able to tell you or provide a general range. Just take comfort in the fact that it's a concept that's been around for ages.

    I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions. Thanks very much.
    Answered on March 24, 2015
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    I have hunted and hunted for an answer to this question, and cannot find it anywhere. I hope that someone is able to answer it so I can learn the answer, as well. It seems to be such a simple question that it cannot possibly stump us all!
    Answered on April 15, 2015
  3. 7479 POINTS
    Steve Kobrin
    President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
    Here are two pretty interesting histories of life insurance for you:



    You will notice that the history of this product goes back thousands of years.
    And that neither article mentions term insurance.

    Why is that?

    It’s probably because this product was developed only very recently, considering how long life insurance has been around. “Recent” probably means in the last 50 years or so.

    My father was a life insurance agent back in the 1950s, 60s, and 70s. I frankly doubt he sold any term life insurance until the latter part of his career.

    I considerate it kind of a necessary evil. For sure, there are needs for life insurance for which it is merited. These are basically when a specific amount of coverage is needed for a specific amount of time. That could include funding a buy-sell agreement, mortgage protection, indemnifying a business loan, and meeting the terms of a divorce decree.

    Beyond these, there’s a good chance people would need life insurance for a much longer period of time. In that case, you buy permanent insurance.

    Or if money is an issue, you buy term and then switch to permanent as soon as you can.
    Answered on July 22, 2015
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