Life Insurance in a Box Store: 5 Killer Ways to Buy

You go to a participating Wal-Mart store and purchase a ‘box’ of term life insurance. The cost will depend on your age and the amount of coverage you want.

life insurance in a box

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Getting life insurance is a process that requires time and careful thinking. Typically, people who want to buy insurance coverage will search for information regarding the type and prices. Most of them will talk to an experienced agent to help them find the best deals. Others discuss their options with the help of a financial planner.

Buying life insurance is not like shopping inside the supermarket to look for a box of cookies or chocolate. However, it is the trend nowadays when Wal-Mart starts to sell insurance policies together with MetLife, Inc., one of the leading insurance providers in the U.S. They are now offering it inside Wal-Mart as a non-renewable one-year term policy. It is available only in the states of South Carolina and Georgia. 

If you are interested, you can choose from two different types of policies with age brackets of 18-44, 45-54, 55-59, and 60-65 years old. For each policy, one can choose between a $10,000 and a $25,000 policy. Just like any typical insurance policy, the younger ones can get it for a more affordable price. For instance, the youngest age bracket will only pay $69 for the $10,000 policy while $99 if you want a more considerable benefit of $25,000. However, for the oldest age bracket, you must pay $199 for a $10,000 policy while the $25,000 policy costs $429.

Some expert agents believe that purchasing life insurance in a box is not a wise choice for many. It is for the reason that they will not be able to compare prices. Comparison is an important key to find the best deal for life insurance coverage. Having one point of reference will give limited choices. 

MetLife Life InsuranceToday, MetLife is trying to convince people to get the coverage they need in Wal-Mart through television advertisements that feature Snoopy and Lucy. Customers can go to the baby or the pharmacy department and see a blue and white box with Snoopy and Lucy images. The box includes an explanation of what the policy is all about. People who are interested need to choose which age bracket they belong to and which of the two policies they want to purchase. The last step is to pay at the checkout counter to get an insurance policy.

There is a need to activate the prepaid insurance policy by calling the MetLife hotline, and an agent will answer your call. The agent will ask for a few questions. The following are some of the questions being asked:

  1. Do you have an upcoming medical treatment that requires an overnight stay inside a healthcare facility?
  2. Do you have a history of drug or alcohol abuse?
  3. Have you been diagnosed by a specialist with a terminal illness?
  4. Do you have HIV or AIDS?
  5. Do you have an upcoming medical treatment like radiation or chemotherapy?

In case you qualify right after the questions and answer part, then your insurance coverage will start right away. The insured will get a copy of their insurance policy through email. Also, a consumer can cancel the policy anytime, and they will get a refund for the unused months. However, if you do not qualify after the question and answer part, then the agent may offer you other options, or you may refund your payment at Wal-Mart. 

Fortunately, there are many options for people who want to get the best coverage for life insurance. A one-year policy is not a wise choice. The real purpose of getting life insurance is to secure the future of your family. One can only get that kind of security by having guaranteed insurance coverage that is good for 10 to 30 more years. An experienced agent from Coach B. Life Insurance will never recommend a one-year policy to their clients. If a person with a health condition needs an immediate policy, they will recommend getting a final expense policy that can go up to 100 plus years of age.

David Hammerstrom of MetLife Global said they had chosen these two states because it represents different cultures and geography. These are the type of clients that they want to reach. In case the program succeeds, then they will offer it to other states as well.

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Life Insurance In A Box

walmart Purchasing a one-year life policy is a practical choice depends on the purpose of buying one. Mostly, people who get a one-year plan are uninsurable or with a terminal illness. Also, it is an option for people with very low income and can offer minimal security, but it is not a type of investment. Investments are for the long term and require more time and effort to choose the best life insurance coverage. 

Moreover, having a low income must not be a driving force for someone to buy limited coverage. It is important to know the truth. There are lots of choices for people that fall into a low-income bracket. Today, Wal-Mart does not see the long term downside of the program. People who go to Wal-Mart to shop are from diverse social-economic class. The program can also reach people who are not used to technology and the internet to search for life insurance policies. 

Financial analysts say that Wal-Mart wants to lower down their expenses by 2016 to $600 million. It is why they result to direct selling to cut off middleman like agents. Wal-Mart does not see any adverse effects on their experiment. However, if you want easy access to a life insurance policy for a short period of 12 months, then you can drop by and shop at Wal-Mart just like paying for your groceries and other essentials. 

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About Coach B.

After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.

In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.

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