The largest retailer in the world is working with New York based insurer MetLife to sell the products.
Walmart has just announced the beginning of a pilot program that it has undertaken with MetLife, in order to sell prepaid life insurance policies to shoppers at 200 of the retailer’s locations in South Carolina and Georgia.
Customers in the stores will be able to purchase the coverage as they would any other item in the store.
According to the MetLife senior vice president of consumer direct business, Manish Bhatt, “We believe more people want to buy insurance and be on sound financial footing, but they run into so many barriers.” Bhat then added that “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.”
This way of selling life insurance is a part of a growing trend throughout the coverage industry.
There is currently a leaning toward non-traditional venues of selling other forms of coverage – such as products and services related to healthcare – and this has not gone unobserved by the life insurance sector.
In April, Costco announced a partnership with Aetna in which it began offering health plans to its members in nine different states across the country – among which also included Georgia. Similarly, deal sites are starting to offer opportunities for dental cleanings and medical checkups.
There will be two life insurance options from MetLife at Walmart. These will be for $25,000 or $10,000, and the cards will be sold for as little as $69. This price will vary depending on how much coverage the customer wants, and his or her age. For example, that lowest price would be available to someone who purchased a one-year $10,000 policy and who is between the ages of 18 and 44 years old. However, the cost jumps to $429 for someone between the ages of 60 and 65 years, who wants a one-year $25,000 policy.
Following the purchase of the prepaid card, based on the desired option, the customer is then required to call a representative at MetLife in order to answer questions regarding health conditions, medical treatments, and any upcoming stays at a hospital. Should the customer qualify for the coverage, the life insurance policy is activated. Walmart will issue refunds to people who have been denied coverage.