Wal Mart is Trying to Steal Your Clients

[BNTRS]

Wal-Mart Enters Life Insurance With MetLife – Sounds Big But Impact Is Small -- Trefis

Somehow I think that if this worries you, you might be going after the wrong crowd.

But, now in the long line of bad life insurance ideas, we can throw another idea out there.

Some insurance companies will do anything to bring in premium.

I wonder if the career agency force will be allowed to sit in the kiosks.

 

[STIBROKER]

I wonder if the career agency force will be allowed to sit in the kiosks.

I bet she loves snoopy......

Image:

 

[VolAgent]

The article talks about it being small for Walmart, but assumes a 20% bump for MetLife. That seems wildly optimistic. How many people are really going to buy a one year term policy?

I guess the idea is that these will become leads for either MetLife's in-house sales team or for the career force to try and get them to go with longer policies after the one year is up.

It will be interesting to see if the people who actually buy life insurance will go for this. They seem to think the difficulty of the process is what keeps people from buying life insurance. I'd say the surveys are lying to them.

 

[Kenek]

Imagine the lapse rates on those policies.............

 

[VolAgent]

Imagine the lapse rates on those policies.............

I bet you have to pay in full at time of application. That is the only way to do it. They are probably non-renewable too.

 

[xrac]

Wal-Mart Enters Life Insurance With MetLife – Sounds Big But Impact Is Small -- Trefis

Somehow I think that if this worries you, you might be going after the wrong crowd.

But, now in the long line of bad life insurance ideas, we can throw another idea out there.

Some insurance companies will do anything to bring in premium.

I wonder if the career agency force will be allowed to sit in the kiosks.

It does not sound like a kiosk deal in the description. I wonder how Wal-Mart will get around having licensed employees. I can't imagine that many Wal-Mart employees would pass a L&H exam.

 

[VolAgent]

It does not sound like a kiosk deal in the description. I wonder how Wal-Mart will get around having licensed employees. I can't imagine that many Wal-Mart employees would pass a L&H exam.

They won't have be licensed. It sounds like its a phone card. Pick it off the rack, cashier swipes it, you call in to MetLife and answer the health questions to get approved.

 

[jdeasy]

This will be an issue for FE. It's much like people buying the AARP term for FE and not knowing what they have.

They are going after the lowest common denominator here and that is also the FE market.

 

[Pete Cormie]

This will be an issue for FE. It's much like people buying the AARP term for FE and not knowing what they have.

They are going after the lowest common denominator here and that is also the FE market.

This link has a little more info.
Selling Now On Walmart Shelves — MetLife Life Insurance | Insurance Capital
Yes, it's non-renewable. Yes, it's annual premium.
Not too worried my FE clients will pay the $400+ at checkout. However, I will prefill a few replacement forms, just in case.

 

[xrac]

This appproach ain't much different than getting a Globe mailing.