What Is Life Insurance? 
Life insurance is was invented in the days of merchant shipping where companys like Lloyds of London insured cargo . Out of property indemnification was born the idea of placing a price tag on people . Sir Edmund Halley , of Halleys Comet fame , developed the first usable actuarial tables for life insurance . Life insurance is a bi lateral contract between the policy owner and the life insurance company . The discounted dollars of the purchaser buys a leveraged amount of death benefit to indemnify beneficiaries , both domestic and business . 