Definition of Industrial Life Insurance

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When it comes to life insurance, there's many different plans that you can choose from and many different carriers. Get a definition of industrial life insurance with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Video Transcript

Hi, my name is Susan Combs, and today we're gonna talk about industrial life insurance. when it comes to life insurance, there's many different plans that you can choose from and many different carriers. Sometimes people go with term insurance, which is for a certain amount of time and usually is less expensive. Then there's also the other side of things where is whole life, where you're basically getting insurance for your entire life. And that usually has a heftier price tag, but there's other benefits associated with it like a cash accrual mechanism that you can add on, et cetera. But one of the things that's being gradually phased out are industrial life insurance plans. So an industrial life insurance plans are usually lower policy premium plans, such as, you know, usually thousand dollars or less a year, and they actually have an agent that goes to the homes and collects these premiums. So it's kind of an old-school mechanism that that used to be how life insurance was conducted, you know, people would, your agent would show up on your doorstep and you would pay them, you know, a portion of your premium for either on a weekly basis or a monthly basis. So if you're looking for these policies, talk to the current carrier that you're with and see if there's a way that you can convert your current policy over to an industrial plan, or just, you know, let Google be your guide and see what other carriers are out there for you.

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