A year’s total of the net payments on an industrial plan is roughly 40 percent higher than when the premium is paid in one sum annually on a comparable plan. Of course, a company incurs extra expense in collecting premiums weekly and keeping records on small policies, but the extra charge looks excessive.
Industrial insurance is often bought on a baby’s life. Monthly premium rates are cheap compared to the weekly, but a monthly rate, multiplied by twelve months, is five to eight percent higher than the annual single-payment rate on the same plan. Quarterly premium rates are four or five percent higher, and semi-annual rates are two or three percent higher, than annual. Besides quoting rates on policies, it gives statistics on the financial standing of the companies.
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