Which type of insurance allows premiums to be collected in person, often in small amounts?

The type of insurance that allows premiums to be collected in person, often in small amounts, is industrial insurance. This form of insurance is designed to meet the needs of individuals who may be unable to pay larger premiums all at once. It is typically associated with lower face amounts and is characterized by frequent premium payments, which can be collected by agents on a daily or weekly basis, making it accessible to a broader demographic.

Industrial insurance commonly provides coverage for burial expenses or small life insurance needs and serves populations that might not have access to traditional insurance products. The personal collection aspect helps facilitate ongoing relationships and encourages policyholders to maintain their coverage.

While home service insurance is also related to small premium payments and in-person collection, it specifically emphasizes services delivered at home, which is more of a geographical distinction. Whole life and universal insurance, on the other hand, encompass more complex life insurance products with features such as cash value accumulation and flexible premium payments, which are usually not collected in small increments or in person.