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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.
Summary: Walnut provides affordable coverage with a complete digital experience.
Fees, Coverage & Policies
Sae & Secure
|Policy||Term life insurance|
|Coverage||Up to $1 Million|
|Term Length||10 or 20 Years|
|Medical Exam||Not required|
|Issue Age||18 – 55|
|Restricted States||Only available in AB, NS, ON, PEI|
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.
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.
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:
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.
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.
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.
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.
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.