This is a guest post brought to you by Lifeinsurance.org.uk.
Today you may have a good job that pays you a decent salary and gives you some perks, but life is uncertain. You may get into an accident and become disabled or paralyzed or even get killed. If you are not wealthy, then one of the best ways to protect yourself and your family from misfortunes is to have the security of a good life insurance policy. If you live in the UK, check out life insurance from lifeinsurance.org.uk to find a suitable life insurance for yourself.
US retail giant Wal-Mart gets into the act
In the USA, life insurance policies are more varied and advanced than in the UK. That may be partly because the health care system is quite different. People in the US enjoy more life insurance options. These days, even supermarket chains are getting into the insurance business, which is hardly surprising given then wide customer base. Recently, US retail giant Wal-Mart announced a plan to sell its customers life insurance when they purchase essential items like milk and bread.
Wal-Mart‘s plan is to make life insurance more accessible to those who cannot afford it by making payments easier. The plan is to sell term life insurance (which is a life insurance policy that provides coverage for a fixed number of years) directly to customers without the involvement of a middleman. Depending on their income, the customers will be given the option to buy either $10,000 or $20,000 coverage. As for payment, the insured will be given the option to pay using their loyalty card. The supermarket chain is already successfully running a pilot program in a couple of states.
Implication of Wal-Mart’s Plan on the UK insurance market
A lot of people in the UK avoid buying life insurance because they think it is too expensive. Although a simple calculation will reveal that it isn’t. To encourage the British public to buy insurance, the time is couldn’t be better to introduce a plan similar to the one being implemented by Wal-Mart. What people need to know is that life insurance is necessary to protect their family in case of their untimely death and that it is affordable and accessible to everyone. Making insurance policies available in supermarkets at highly affordable rates and flexible payment options sends that message.
Andrew Watt of lifeinsurance.org recently said of Walmart’s plan, “It’s a great initiative, but if it does make it across the pond to the UK, we would urge that those looking for a policy assess the many options available to them.” What he was trying to say is that if the trend ever reaches the UK, which is not unlikely, the plan should be accessible and affordable to all.
Would you buy life insurance at Walmart?