Life insurance made easy…at Walmart

Next time you’re bargain hunting at your local Walmart store, pick up a box of life insurance with your carton of milk.

walmartmetlifeinsurance

MetLife, the New York-based insurer, has partnered with the big-box retailer to offer shoppers prepaid life insurance policies at 200 stores in a pilot program across Georgia and South Carolina.

“We believe more people want to buy insurance and be on sound financial footing but they run into so many barriers,” said Manish Bhatt, senior vice-president of consumer direct business at MetLife. “Some don’t want to talk to agents. Some find it confusing. By simplifying it and putting it in Walmart, it will make it easy for people to get started.”

The program is part of a growing trend in which health care related products and services are popping up in non-traditional venues. Costco partnered with Aetna in April to offer health insurance to its members in nine states, including Georgia. And health care deals ranging from medical checkups to dental cleanings have become increasingly popular on deal sites such as Groupon.com.

The MetLife insurance available at Walmart comes in two coverage options — $10,000 or $25,000 — with cards starting as low as $69. The price varies depending on age and the amount of coverage desired.

An 18 to 44-year-old can purchase a one-year, $10,000 life insurance policy for $69, while a 60- to 65-year-old would get a one-year, $25,000 policy for $429.

Once a shopper has decided on an option and purchased the prepaid card, they call MetLife’s toll-free number to answer questions about recent or upcoming hospital stays, medical treatments and health conditions. If the customer qualifies for insurance, the policy is activated. If the customer is denied, he or she can get a refund at Walmart.

Though representatives for MetLife say the program has been well received by locals, they were unable to say how many shoppers have purchased insurance through the program.

“Eighty-five percent of the country goes through Walmart and Walmart is all about saving money,” Bhatt said. “This makes it easier for everyone to get life insurance.”

Do you have adequate life insurance? How would you feel about buying it at Walmart?

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– Nedra Rhone, for the Atlanta Bargain Hunter blog

7 comments Add your comment

david c

October 23rd, 2012
7:49 am

Wal-Mart. A name you can trust when it comes to finances.

http://www.Walmart1Percent.org

[...] Atlanta Journal Constitution (blog) [...]

real john

October 23rd, 2012
8:47 am

Wow..what a rip off…$69 for a $10,000 policy is a total scam. These prices are sky high.

[...] From Atlanta Blogs News Source: http://blogs.ajc.com/atlanta-bargain-hunter/2012/10/23/life-insuranc... ____________________________________________________ [...]

Nedra Rhone

October 23rd, 2012
10:40 am

@real john Thanks for the reply! What would you pay for a $10K policy? Would love to hear what others think about the pricing of this particular product.

Kevin

October 23rd, 2012
7:14 pm

The great thing about this campaign is that it will raise consciousness in Americans – who are typically underinsured or not insured – about the need for and importance of having life insurance.

The downside is that consumers are not going to get what they really need because Walmart is only offering one product, from one company (MetLife).

To find the right life insurance product, people can use some of the powerful features provided by many insurance websites. A good one is Quality Term Life,http://www.qualitytermlife.com.

To help prepare you before you buy, you can find all the information you need about insurance, use the quote engine to play around with coverage amounts, and find the lowest rates by comparing products from hundreds of top companies. (The reason I recommend the Quality site is because it is one of very few that don’t ask for your contact information before showing you the quote search results!)

There is easy to use Needs Assessment calculator, to help you determine how much coverage you should get. http://www.qualitytermlife.com/#needs

insurancebroker

October 29th, 2012
3:45 am

Nice Article related to health insurance .I totally agree met life customer service sucks no one returns phone calls in a timely manner if at all i am seriously thinking of dropping my policy with them.Thanks For Sharing……..