Life Insurance

 We Know well, Life insurance is a safeguard for family members if the major supplier of income were to die and it were to grievously upset the common means for providing the basics of life. This does not include the burdens of financial expenses for burial, taxes, unplanned or emergency expenses, and furthered educational expenses for children or to have the spouse go back to school to become the primary breadwinner of the family.

Insurance has become a significant economic force in most industrialized countries. Employers buy insurance to cover their employees against work-related injuries and health problems.

 Businesses also insure their property, including technology used in production against damage and theft. Because it makes business operations safer, insurance encourages businesses to make economic transactions, which benefits the economies of countries. Insurance companies perform a type of monetary redistribution - they collect premiums and eventually redistribute that money as payments. Depending on the type of insurance, redistribution can take anywhere from a few months to many decades. Because of this delay between collecting and paying out funds, insurance companies invest their funds to bring in extra revenues. Such investments help businesses and governments finance their operations, and profits from those investments support the operations of insurance companies. 

The earliest known type of life insurance was the burial benefits that Greek and Roman religious societies provided for their members. Neither these religious societies nor any pre-modern systems for paying death benefits employed actuarial calculations.