Elizur Wright

What Does Elizur Wright Mean?

Elizur Wright (1804-1885) was a prominent abolitionist and mathematician, often hailed as the “father of life insurance” due to his significant contributions to the field. Wright is credited with developing the first mortality tables, a crucial mathematical tool that helps life insurance companies determine premiums based on the likelihood of death within certain age groups. His work laid the foundation for the modern life insurance industry, and even more than a century later, life insurance companies continue to rely on mortality tables to assess risk and set premiums. Many of the same inputs Wright built his tables around are still the ones that drive pricing today, which is why the average cost of life insurance varies so widely between applicants and why several factors can change what you pay beyond just your age.

Insuranceopedia Explains Elizur Wright

Wright’s mortality tables are used to determine the likelihood that an individual will die within a specific time frame. These tables take into account various factors, such as weight, gender, and smoking habits. In general, the higher the likelihood of an individual dying within a certain period, as indicated by the mortality table, the higher their premiums will be. Smokers, for example, typically pay much more than non-smokers, so anyone who uses tobacco should compare life insurance options for smokers before assuming affordable coverage isn’t available. If an individual’s risk of early death is deemed too high, a life insurance company may refuse to issue them a policy.