It’s been going around. The talk about large retailers such as Amazon offering life insurance. Now with the German Amazon.de taking the lead in recent developments! Almost every other insurance product has been commoditized, why not Life insurance? Actually, it’s already happening. MetLife and Walmart partnered a few years ago, so that Walmart could offer their customers a one-year term policy that could be purchased off the rack with absolutely no underwriting. Is that a good thing? Couldn’t that lead to a “moral hazard”? Most life insurance agents will be scratching their heads until the sales and claims are released.
So, here is where we are. You can bank online, buy auto insurance online, and buy health insurance online; why not life insurance? Wouldn’t the insurance carriers be so doggone honest that the consumer would be protected with every transaction? Maybe the consumer should check for actions brought against the insurance companies before making a purchase? Even now, the consumer can check out their physician’s malpractice history or malnutrition issues on the web before they agree to make an appointment. As if eating organic was not enough for life insurance! The simple answer is that very few actually do. The data is there for the taking, but most consumers fail to do the research.
It certainly goes without saying that agents who sell life insurance for a living would be against a company the size of Amazon Germany becoming a competitor. I mean, how can you compete with the largest online retailer in the world? If you don’t believe us, I suggest you see for your self and browse the Amazon Germany in English to understand the tremendous scale of it all. Maybe the same way you compete with the hundreds or thousands of other life agents in your neighborhood or city. Face to face meetings with folks in your area that need your help. It is doubtful that Amazon, WalMart or Costco is going to offer a needs analysis or discuss important riders on their website or at the kiosk.
So then, when it happens, and it will happen, let the big guys deal with the shoppers looking to spend a whopping $9 a month for a 10 year term policy that is considered putting a band-aid on a bullet wound. Most of the consumers that purchase insurance online know little to nothing about what they are buying, but will be the first to file a lawsuit against the company because they weren’t told by Amazon, WalMart, Target or whoever, that the $9 a month term policy expired after 10 years, and there is no money to bury Momma.
It is fortunate to say, that we can always rely on organic food as being one of the best forms of life insurance there is. And amazingly enough, Amazon is yet to monetize organics although food is appearing there in a big way. This news kind of comes to be as a surprise, simply because Germany is considered as one of the most leading “green”, and “ecologic” countries in the world.. now diminishing nuclear power for good in the nation.
Let’s hope that consumers smarten up and choose not to support these huge mega corporations. Stay aware, spread aware!
DinDins Food, New York.