The concept of life insurance dates back to ancient civilizations, such as Rome and Greece, where guilds or fraternal organizations would provide funeral expenses and financial assistance to its members' families upon their death.

In the early modern period, the first life insurance company was founded in London in 1706, offering policies to the public. In the 18th and 19th centuries, life insurance became increasingly popular in Europe and the United States, with many mutual companies forming to provide benefits to their members.

By the 20th century, life insurance had become a common form of protection for families against financial hardship due to the death of a breadwinner. The development of modern life insurance companies and the introduction of new products, such as term life insurance and whole life insurance, made coverage more accessible and affordable for the general public.

Today, life insurance plays an important role in providing financial security for families around the world, with a wide range of products and options available to meet the changing needs of consumers.