The life insurance policy was sold be Amicable Society for a Perpetual Assurance Office. Term life insurance preceded whole life as we know it in various forms of annual renewal term. Permanent whole life, not necessarily participating whole life began appearing with some of the first American mutual companies like the venerable New England Life in 1835.
The Equitable Life Assurance Society, the world's oldest mutual insurer began issuing policies in the mid 1700's. I don't know that there was one person in particular. I would say for anything resembling current methods (ie use of mortality table, etc) it could probably be contributed to Blaise Pascal as right around that time he was bringing actuarial mathematics into the forefront.
Much of that type of work would have been necessary to determine probabilities and other info needed to underwrite and insure based on actuarial data.
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Much of that type of work would have been necessary to determine probabilities and other info needed to underwrite and insure based on actuarial data.