1.5.9 Home Service Insurers
Another and more commonly used term for this insurer is debit insurer. It is a form of industrial insurance with lesser values. Face amounts are relatively small (typically $1,000 to $2,000). Premium payments are made on a weekly or monthly basis and are collected personally by agents at the policyowner's home.
Industrial life insurance used to account for a significant amount of life insurance policies in force. Typical incomes were lower in the past and people just weren't as aware of the need for adequate life insurance as they are today. The abundance of group insurance plans has also attributed to the decline of these smaller policies. Overall participation is estimated to have fallen to less than one percent.
