Father of Life Insurance

Elizur Wright, a 19th century American who started his career as a mathematician is widely considered to be the father of life insurance.

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In 1844, there was a public auction of old, sick men in London. These men could no longer afford the premiums on their life insurance policies. Speculators would inspect the men and bid on the right to take over their premiums, become the beneficiary, and collect the proceeds when they died. Bidding was more active on those men who looked very ill. Elizur Wright hated this system because he believed:

It is immoral to have a beneficiary invest in someone's death.

That the men who had been paying premiums, had nothing to show for cash value.