Walnut Life Insurance Review 2023: Affordable Life Insurance Coverage

Amanda HesterJanuary 1, 2023

Walnut is a Toronto-based insurtech that is utilizing technology to offer transparent and accessible insurance services. They are seeking to provide quick and affordable 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 for support on a daily basis.

Overall rating

Reviews

Features

HQ	Toronto, Ontario
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	Not available in NY

In depth review on Walnut life insurance

Walnut is providing a unique life insurance product by offering affordable prices. Walnut charges fixed amounts for their policies. However, the coverage you receive is based on your answers to the questionnaire. You can enroll in these plans without a medical exam, which can be beneficial if you have health issues or are just looking to skip going through a medical exam.

Walnut’s life insurance policies also come with optional perks that include memberships to wellbeing services such as Headspace and Classpass. This provides their customers with tools to help them live a healthier lifestyle.

Walnut life insurance is best for

• Complete digital experience: Walnut Insurance is completely digital, which lets you apply for a life insurance policy completely online. This process is extremely easy and you can get instant coverage. 
• 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

• Transparent pricing: Walnut has a very unique structure for its policy prices. Your maximum coverage will depend on your personal details and different tiers will provide you with different 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

• 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

4.0

Walnut offers a few different tiers of coverage for their life insurance policy. These tiers have a fixed premium which does not change based on your health and age. However, the coverage you receive is based on your answers to the health questionnaire and can vary greatly. The maximum coverage you can get from Walnut is $1 million.

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 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 life insurance policies are backed by SBLI who has been in the life insurance industry for over 100 years. 

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

Customer service

4.5

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 pre-fill 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.