Secured with SHA-256 Encryption
Select Page

MetLife to Sell Life Insurance in Wal-Mart Stores

FREE Insurance Comparison

Compare quotes from the top insurance companies and save!

Secured with SHA-256 Encryption

Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

Full Bio →

Written by

UPDATED: Oct 11, 2012

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

MetLife and Wal-Mart are setting up a pilot program to sell life insurance in Wal-Mart stores. The test program will take place in about 200 Wal-Mart stores in Georgia and South Carolina.

Individuals will be able to buy one year life insurance “cards” at the store, which need to be taken home and activated. The way to activate them is by calling MetLife and answering some health questions. If the account is approved, the policy will be for a term of one year. If the policy is not approved based on the answers to the questionnaire, then the policy can be returned to any Wal-Mart store for a full refund.

The cost is broken down by age group. For example, people between 18 and 44 can buy a one year policy that has a face value of $10,000 for $69, while a person between 60 and 65 can buy a one year policy with a coverage amount of $25,000 for $429.

There has been a push in life insurance sales, especially by MetLife, to cut out the middle person in the transaction and do more direct to consumer selling, similar to what Geico and Esurance currently do with auto insurance. By cutting out the sales agent, insurance companies stand to make a lot more, since they can charge the same prices without paying a commission.

It will be interesting to see if this pilot takes off. Insurance is a complicated manner, and trying to sell one year al la carte plans may be an uphill battle. Depending on an individual’s age, they may get a much better deal actually obtaining a full term policy, depending on their financial needs.

Where this could be a good idea is someone looking to cover funeral costs for their family. That being said, $400 a year can add up very quickly when you are talking about buying a new one year policy every year once you hit 60.

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

Leave a Rating

Your email address will not be published. Required fields are marked *