Back in 600 BCE, ancient civilizations were the first to create a type of health and life insurance. They formed guilds that were called “benevolent societies”.
Basically, families who wanted to be a part of the society would donate money on a regular basis, and if there was a death in the family, the society would pay for funeral expenses and also take care of the bereaved family.
These ancient civilizations were advanced enough to realize that taking care of the people who endured hard times was beneficial to the society as a whole. This ancient form of insurance would help the unlucky individuals, allowing them to be a valuable contributor to society once again.
Insurance plays an important role in society- taking care of those who suffer bad times. Even thousands of years ago people saw the value in insurance providers.