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Modern life insurance policies were established in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.[3][4] The first plan of life insurance was that each member paid a fixed annual payment per share on from to shares with consideration to age of the members being twelve to fifty-five. At the finish of the year a portion of the "amicable contribution" was divided among the wives and children of deceased members and it was in proportion to the amount of shares the heirs owned. Amicable Society started with 2000 members.[5][6]

Insurance bega

n as a way of reducing the risk to traders, as early as 2000 BC in China and 1750 BC in Babylon.[2] An early type of life insurance dates to Ancient Rome;His disciple, Edward Rowe Conventions, was finally able to establish the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development"[7] and "the basis of modern life assurance on which all life assurance schemes were subsequently based".[8]

The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for the development of modern life insurance. James Dodson, a mathematician and actuary, tried to establish a new company that issued premiums aimed at correctly offsetting the risks of long term life assurance policies, after being refused admission to the Amicable Life Assurance Society because of his advanced age. They was unsuccessful in his attempts at procuring a charter from the government before his death in 1757.