What is industrial life insurance typically characterized by?

Industrial life insurance is typically characterized by small face amounts, which are generally less than $10,000. This type of insurance was originally designed to cater to low-income families or individuals who might find it difficult to afford traditional life insurance policies with larger face values. The smaller coverage amounts make it accessible for those who might have limited financial means. Industrial life insurance often provides a simplified application process and typically involves premiums that can be collected on a weekly basis by an agent, further promoting affordability and convenience for policyholders.

While options like term life policies and universal life insurance features describe other types of insurance, they do not accurately capture the essential nature of industrial life insurance, which is focused on offering smaller face amounts to meet the specific needs of a particular market segment.