Walnut Life Insurance Review 2022: Affordable Life Insurance Coverage

Amanda Hester

Walnut is a Toronto-based insurtech that is utilizing technology to offer transparent and accessible insurance services. Walnut is seeking to provide quick and cheap coverage aimed at millennials by making the process extremely simple. Their main goal is to provide young customers with access to life insurance and other services to support them on a daily basis.

Overall rating

4.7

Summary: Walnut provides affordable coverage with a complete digital experience.

Walnut Life Insurance

walnut life insurance logo

$1,000,000

Coverage Up To

Not Required

Medical Exam


Reviews

5

Policy Application

4

Fees, Coverage & Policies

0

Riders

5

Claim Support

4.5

Customer Service

5

Sae & Secure

Pros

  • Easy application process
  • No medical exam
  • Premium membership perks

Cons

  • Lower coverage for high-risk applicants
  • Coverage based on individual factors

Best For

  • Complete digital experience
  • Millennials

Features

HQToronto, Ontario
PolicyTerm life insurance
CoverageUp to $1 Million
Term Length10 or 20 Years
Medical ExamNot required
Issue Age18 – 55
Restricted StatesOnly available in AB, NS, ON, PEI

In depth review on Walnut life insurance

Walnut is providing a unique life insurance product by offering memberships to 3 popular apps that promote a healthier lifestyle for their customers along with life insurance. Walnut’s life insurance policies come with additional perks that include memberships to services such as Headspace, Classpass, and Dashlane. 

You can enroll in a Walnut life insurance policy without a medical exam, which can be beneficial if you have health issues or are just looking to skip going through a medical exam. You can apply for coverage online by answering a health questionnaire. They will offer coverage ranging from $50,000 to $1,000,000 based on your answers. 

Walnut life insurance is best for

  • Completely digital: Walnut Insurance is completely digital, which lets you apply for a life insurance policy completely online. 
  • Millennials: The policies and services are aimed at millennials. Walnut claims that picking an insurance policy with them is as easy as picking a Netflix tier.  

Walnut life insurance benefits

  • Easy application process: You can complete your application for Walnut’s life insurance policy within minutes. You will be required to answer a health questionnaire to assess your monthly premium and how much coverage you qualify for. This process is extremely easy and you can get instant coverage. 
  • No medical exam: You are not required to get a medical exam to qualify for life insurance. This can be a great perk if you have pre-existing conditions.
  • Premium membership perks: If you get a life insurance policy, you also get access to subscriptions for Headspace, ClassPass, and Dashlane. These subscriptions, if purchased on their own, would cost over $25/month. This is a great perk for the price you pay for the insurance.

Walnut life insurance drawbacks

  • Only term policies are available: You can only get 10-year or 20-year term policies with Walnut. If you are looking for other types of policies, you may have to look elsewhere.
  • Lower coverage for high-risk applicants: If you have pre-existing conditions, the maximum coverage you can receive is considerably lower. 
  • Coverage based on individual factors: You are not required to take a medical exam but your maximum coverage is decided based on your answers to the health questionnaire. The coverage you receive can vary based on your answers.

Policy application

5

The process of applying for a life insurance policy with Walnut is completely digital. You do not have to undergo any medical exams or blood work. You can finish the entire application online by filling out the health questionnaire. However, you do have the option to contact an agent if you require any assistance. 

Fees, coverage, and policies

4

Walnut’s life insurance coverage and premium are calculated based on your answers to the health questionnaire. The coverage you qualify for can vary greatly based on your answer. The coverage you can get from Walnut will range between $50,000 and $1,000,000.

You should be aware that Walnut may not pay out a death benefit if you were to die due to suicide or while committing a crime. You may also be denied payment if you provide the wrong information in the questionnaire.

Walnut’s life insurance policies also provide you with access to the following apps: 

  • Headspace: A mediation app that aims to help users improve their sleep and mental health.
  • ClassPass: This app allows users to access an extensive library of fitness classes to stay in shape.
  • Dashlane: This app lets users securely store their passwords and fill out online forms.

Riders 

0

Walnut, unlike many other insurance companies, does not offer any riders. This means that you cannot get additional coverage for your spouse or living benefits in case you need long-term care or are terminally ill.

Claim support

5

Walnut is a financial technology startup company, which means you may not find much information regarding the quality of claim support they provide. However, Walnut offers its life insurance policies through the RBC Life insurance company and has a long history of providing exceptional insurance services. 

Most customers found RBC’s representatives to be extremely helpful and caring when filing a claim and have positive reviews for their support.

Customer service

5

You can reach Walnut’s customer representatives via live chat on their website or by emailing them at [email protected]. If you are looking for further assistance, you can opt for a virtual meeting by going to Walnut’s meeting calendar in the frequently asked questions about applications.

Safe and secure

5

Walnut takes several security measures to ensure that your data is protected. They use cutting-edge malware protection and industry-standard encryption to help keep you protected. 

Additionally, your policy with Walnut comes with a membership of Dashlane which allows users to store passwords and prefill online forms securely.

Is Walnut life insurance right for you?

Walnut offers affordable life insurance policies that can get you instant coverage. You do not have to undergo a medical examination or a long application process. They allow customers to easily sign up for life insurance. You also get additional perks such as memberships to apps that include Headspace, ClassPass, and Dashlane with your policy. The cost of these memberships can easily make your insurance premiums worth it. However, if you are looking for terms longer than 10 years or coverage over $1 million, you may have to look elsewhere.