First life insurance taken out in London, 18th June, 1583

Although we know that Roman "burial clubs" were a form of life insurance, Alderman Richard Martin is generally credited with taking out the first Life Insurance policy proper. The policy was taken out on the life of William Gybbon, a salter (he preserved meat and fish).

Apparently the policy was a one-year term, and Gybbon died just before the year was up. True to present form, the underwriters initially refused to pay up on the grounds that the contract was for a lunar year. The courts however ruled in favour of Martin.

There is more information in the Annals of the American Academy of Political Science, 1905 : apparently Martin effectively wagered 30 pounds with 13 London merchants that Gybbon would die within the year, and on his death received 400 pounds - a large amount. Cause of death not recorded.........