Industrial life insurance is a type of policy that provides a small amount of coverage, typically $2,000 or less. The premiums are paid on a weekly or monthly basis. This type of policy is also known as burial or final expense insurance.
Main Features of Industrial Life Insurance
Industrial life insurance policies share many features with individual life insurance policies. The policyholder pays premiums, and in return, the beneficiary receives a death benefit when the policyholder dies. The policy may also include a savings component that accumulates cash value over time.
Another type of industrial life insurance is called home service life insurance. These policies typically have face values ranging from $10,000 to $15,000 and are sold on a monthly debit plan or payments by mail, eliminating the need for an insurance agent to collect premiums.
Compare and Apply for Life Insurance
If you are interested in purchasing a life insurance policy, you can compare quotes from 25 different companies in seconds and apply for coverage in less than 10 minutes at GetSure.org. The service is free of charge, and licensed professionals are available to assist you with the process.
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- NerdWallet. Chapter 627 Section 502 - 2019 Florida Statutes