When Was The First Life Insurance Policy Written?

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   Tim Wilhoit

   Owner, Your Friend 4 Life, Brentwood TN

   This is a great question and one that I just recently researched. It seems an investigative reporter by the name of Ronald Kessler set out to answer this question. He wrote a book called The Life Insurance Game back in 1985. He did discover definitive information that the oldest life insurance policy can be traced back to London in 1583. The insured was a gentleman by the name of William Gybbon. Mr. Gybbon worked in London as a Salter of meat and fish used to preserve the meat. The company underwriting the plan was not clear, but the beneficiary was known to be Richard Martin. No one really knows their relationship or the face amount of the policy other than it was a one year term, but it is an interesting story. William Gybbons actually died near the end of the policy year. The underwriting company refused to pay the claim on the grounds that the contract was for a lunar year versus a calendar year. The courts ruled in favor of Richard Martin and the claim was paid. So, even 430 years ago insurance companies were playing the loophole card. Thank you for asking the question, I personally love these stories.

   Answered on March 22, 2014

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