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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.
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||Not available in NY|
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.
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 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:
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 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.
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 pre-fill 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.