This was given to me in 1999 when I was the President of the Tennessee Fraternal Congress in Murfreesboro, TN.  I thought that I would share it with you.  I hope you find it interesting.

The first Life Insurance policy ever written was issued on December 15th, 1792.  It was issued by the North American and Philadelphia Life Insurance Company.  It was issued on the life of Ebenezer Harvel.  The Policy had a Death Benefit of $600.00.  Mr. Harvel died 7 months later.  The Death Benefit was paid to his beneficiary, his nephew Jebodiah Heap.  Mr. Heap spent $200.00 of the proceeds on hard liquor, $200.00 on loose women and the rest he just squandered away.

The lesson to be learned here is to take advantage of the Settlement Options contained in your Life Insurance Policy.  Settlement Options allow you to control how the money will be spent when the Insured passes away.