Would You Buy Life Insurance at Wal-mart?

Imagine running to the store to grab some groceries and cleaning supplies.  While you looking for diapers or cold medicine you spot Snoopy looking your way from a blue and white box with the MetLife Life Insurance logo across the front.  What in the world is this? This is the deal; MetLife and Wal-Mart have teamed up to offer affordable short-term life insurance policies to people who may not purchase a policy otherwise.   What you walk away from Wal-Mart with is a simple prepaid card.  When you get home you call the number included in the box to answer some health questions for MetLife and also detail contact information for you and your beneficiaries.  Here’s the catch; the policies are only for sale at select Wal-Mart stores in South Caroline and Georgia.

Different policies are available ranging from $10,000 to $25,000 in coverage for one year.  The rates are significantly different for different age groups so you need to make sure you pick up the box that fits your demographic.  There are three age groups available; 18-44 years, 45-59 years and 60-65 years of age.  Policies range from $69 for the youngest group and the smallest policy to $429 for the oldest group and the largest policy.

The point of this venture is twofold.   First, MetLife wants to reach new customers who may not otherwise purchase life insurance.  Since more than three-quarters of the U.S. population shops at Wal-Mart on a regular basis the insurance company sees this as a way to reach new people as well as eliminating the cost of the middleman.   This is also a way to introduce life insurance to people who may not realize that they really can afford to have a policy.

Second, Wal-Mart has steadily been increasing the financial services it offers in its stores.  Not only do most stores already have banks, as well as check cashing and bill payment centers most stores offer tax preparation services during tax season.  Offering life insurance purchases in stores is another way to meet the financial needs of Wal-Mart customers.

Both Wal-Mart and MetLife plan to see how the program fares over time.  Neither company has signed on for the long haul, yet!  If the sales exceed expectations it would not be surprising, however, to see these prepaid life insurance policies for sale in stores nationwide at some point in the not so distant future.

Keep in mind that these prepaid policies only provide life insurance coverage for one year.  You will be asked detailed information about your medical history.  If you answer dishonestly and that fraud is discovered your policy does not have to be honored.

Ready to protect your loved ones? Visit FindYourPolicy.com and register your policy for free or e-mail info@findyourpolicy.com . To link up on social media sites, visit www.findyourpolicy.com/blog   follow on Twitter: @FindUrPolicy.  

Until next time, Michael Hartmann http://www.findyourpolicy.com/

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“TO BE THE BEST IN SERVING OUR MEMBERS BY PROVIDING PEACE OF MIND THAT THEIR BENEFICIARIES RECEIVE THEIR INHERITANCE”

 

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