National Life Insurance Day

The day was proposed in 2014 by Liran Hirschkorn, an independent insurance agent with Best Life Quote, who submitted it to the National Day Calendar. The date was chosen with intent: May 2 marks the anniversary of American life insurance itself. On May 2, 1759, the charter was recorded for the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers, created by Presbyterian synods in Philadelphia and New York, the nation's first life insurance company.

The concept is far older. The earliest known life insurance policy was written at London's Royal Exchange on June 18, 1583, when Richard Martin insured William Gybbons for a year. The Amicable Society for a Perpetual Assurance Office, founded in London in 1706, became the first company to offer life insurance in the modern sense. In America, the industry found its footing after the Civil War, when families sought security in the wake of devastating loss, and group policies through employers later brought coverage to millions.

Today's market offers choices the founders could not have imagined: term life, which covers a set period, and whole life, which lasts a lifetime and can build cash value, among other structures. Yet surveys consistently find that about half of Americans lack coverage, and many more carry less than they need. The gap between intention and action is exactly what this day targets.

Use May 2 as your prompt. Review what you have, talk with a trusted advisor or a responsible family member, and put decisions in writing. Planning for the worst is one of the most caring things you can do for the best people in your life.