National Life Insurance Day Date in the current year: May 2, 2026

Life insurance is a financial contract that transfers the economic risk of a person’s death from their dependents to an insurer. The policy owner pays regular premiums to an insurer. In exchange, the insurer promises to pay a specified sum of money, called the “death benefit”, to a designated beneficiary or beneficiaries if the insured person dies while the policy is active. The policy owner and the insured person do not have to be the same person. For instance, some employers provide life insurance as a workplace benefit.

The main goal of life insurance is to ensure that the insured person’s immediate family does not incur debt in the event of their death. The death benefit is typically used to cover specific expenses, such as funeral costs, outstanding debts (e.g., mortgages), and business expenses if the deceased was a business owner. It can also compensate for lost income and fund future financial obligations, such as children’s education.

Early forms of life insurance existed as early as ancient Rome. People who could afford it joined burial clubs for a fee. When a member died, the other members of their club covered the funeral expenses. The Amicable Society for a Perpetual Assurance Office, founded in London in 1706, was the first company to offer modern life insurance.

The first life insurance company in the United States was founded in 1759 by the Presbyterian synods of Philadelphia and New York. It was called the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers. Ten years later, Episcopal priests organized a similar fund. Today, approximately 60% of Americans have a life insurance policy.

There are two main types of life insurance. Term life insurance provides coverage for a set period, typically between 10 and 30 years, after which it expires. Whole life insurance lasts the insured person’s entire life and accumulates cash value in addition to the death benefit. Because of this, it has significantly higher premiums than term life insurance. In addition to the type of policy, premiums depend on factors such as the insured person’s age, health, lifestyle, etc.

National Life Insurance Day was created in 2014 by independent life insurance agent Liran Hirschkorn. The holiday commemorates the anniversary of life insurance becoming available in the United States and educates Americans about the benefits of having life insurance. Since then, many insurance companies across the United States have adopted National Life Insurance Day as a professional holiday.

Celebrate National Life Insurance Day by learning about different life insurance policies and their pros and cons, reviewing your policy if you have one, and sharing information about the holiday on social media with the hashtags #LifeInsuranceDay and #NationalLifeInsuranceDay.