Industrial Life Insurance

What Does Industrial Life Insurance Mean?

Industrial life insurance is a type of life insurance commonly sold to industrial workers, featuring a face value that is significantly lower than that of other types of life insurance.

Insuranceopedia Explains Industrial Life Insurance

Premiums for industrial life insurance are typically paid on a weekly or monthly basis. The face values of these policies are generally capped at $10,000, which is much lower than those of other life insurance policies, which often have face values in the hundreds of thousands. Today, similar small-face-value policies are usually sold under the label of final expense life insurance, which is meant to cover funeral and burial costs rather than replace a lifetime of income. Industrial life insurance is a suitable option for individuals who want life insurance coverage but cannot afford higher premiums. Buyers in this situation often compare the average cost of life insurance across policy types before settling on what fits their budget.