Walnut Insurance Review

Walnut Insurance offers membership-based term life insurance policies without a medical exam. Instead, you only need to answer a few health and lifestyle questions to get coverage of up to $1 million and additional member benefits.

Walnut Insurance logo

Our Partner

Term Life Insurance

AT A GLANCE

  • Transparent plans
  • Instant coverage
  • Digital protection policies
  • Policies start at just C$10/month
Overall Rating
4/5
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Key Takeaways

  • Affordable insurance policies starting at $10
  • Access to Term life insurance and digital protection membership
  • Get a quote online within a few minutes
  • Access to membership benefits like Headspace Plus, ClassPass Digital, and Dashlane Premium

Pros & Cons

Pros

  • No medical exam
  • Fast and easy application
  • Access to wellness membership perks
  • Backed by SBLI, an A-rated insurer

Cons

  • Limited term options
  • No permanent life insurance

Does finding a life insurance policy that best suits your needs feel like an uphill task? The idea of selecting an insurance company, applying, and paying doesn’t have to be a nightmare.

Walnut Insurance allows you to apply for life insurance policies online without breaking a sweat.  The company enables members to secure coverage in the comfort of their homes without booking an appointment. 

But is Walnut a suitable option?  In this Walnut Insurance review, I’ll take you through the company’s products and whether or not it’s a smart choice for you.

Walnut Insurance icon

Quick Summary

Service: Term Life Insurance

Pricing: Start at C$10/month

Promotion: No current promotions

About Walnut Insurance

Walnut is a relatively new life insurance company founded in 2020 by Adrien Niblock and Derek Szeto.  The company is based in Canada but operates exclusively online, so members don’t have to visit offices or book appointments.

Walnut sells life insurance to all US states except New York and North Carolina.  Walnut allows fast and easy applications that don’t necessarily require people to undertake medical exams.

You get an online quote and can purchase your policy in minutes.  The affordable rates cater to younger generations in career development and starting families.

Older generations are also eligible for Walnut’s life insurance coverage.  The company provides members with two products: term life insurance and digital protection membership.

Adults aged 18 to 55 can access life insurance coverage to protect their loved ones from massive financial fallouts in the case of death. You can also access Walnut premium membership which offers additional wellness perks to benefit you daily.

Walnut provides life insurance policies over a 10-year or 20-year term. You can get coverage at a fixed rate from $10 to $25 per month.

Policies

Are you interested in what Walnut offers to its members? In this section of the Walnut Insurance review, I’ll explore various coverage policies and offers you can get after joining Walnut.

Term Life Insurance

Term life insurance is Walnut’s primary insurance policy to cover your loved ones financially in case of death. The policy also acts as your medium-term safety net, protecting you against substantial financial losses for a given period.

For example, you can use the policy as financial security if you’re schooling your children or handling other significant expenses such as mortgages.

Term life insurance covers you for 10-year or 20-year terms. After your policy expires, you’ll need to buy another one. Qualifying for coverage will depend on current age, hobbies, and health.

Every eligible member can get $50,000 to $1 million coverage. After qualifying for term life insurance policies, you will enjoy access to the following optional membership benefits:

  • Headspace: This is a meditation app helping members to learn how to use meditation to distress themselves. The app also helps members improve mental health, focus, and sleep quality.
  • ClassPass: Members can access hundreds of on-demand video fitness classes to help them stay in shape without subscribing to a gym membership.
  • Dashlane: The app is a password manager allowing members to store all their essential passwords and other personal information securely.

Walnut term life insurance pricing starts from $10, but the amount paid varies from member to member. If you want to access the three wellness membership perks, you will need to pay an extra $30.

Each wellness perk costs $10.  The company premium charges will vary depending on age, health history, weight, occupation and hobbies, coverage amounts, and substance use.

Digital Protection Membership

Any crucial information you store online is prone to cyber fraud if not well protected. With Walnut’s digital protection membership, you can rest assured your passwords, identity, and financial assets you store online are secure.

You will access the digital protection membership plan separately from your term life insurance. Members can get the plan for as low as $10 per month and access protection from CyberScout and Dashlane.

With CyberScout, you’ll get access to the following:

  • $1,000,000 identity reimbursement
  • $25,000 ransomware coverage
  • $25,000 social engineering coverage
  • Credit monitoring services
  • 24/7 cyber support line

With Dashlane, you’ll access the following:

  • Unlimited password storage
  • Dark Web monitoring
  • Secure password generator
  • Unlimited devices

Digital protection membership allows Walnut members to access My Friendly Lawyer to connect with Canadian-based licensed lawyers. With My Friendly Lawyer, you enjoy features like:

  • 24/7 legal advice
  • Simple legal document review
  • Identity theft assistance
  • Demand letter preparation

Who is Walnut Insurance Best For?

If you’re wondering if Walnut is a suitable insurance company, this section of my Walnut Insurance review has got you covered. Walnut term life insurance is best for anyone aged 18-55 looking for coverage that will secure their families financially in case of premature death.

The company is also a good choice for people looking for insurance companies charging affordable rates and easy, fast coverage. If you don’t want to visit insurance offices or book an appointment, Walnut Insurance allows you to complete your application online.

The company caters to people who store crucial information online, such as passwords, financial assets, and login information. You can secure your online information with Walnut’s digital protection membership that allows access to Dashlane Premium.

Walnut Alternatives

Policygenius
Policygenius logo
  • Offering: Insurance quotes
  • Rates: Varies based on policy
  • Promotion: No current promotions
Haven Life
Haven Life logo
  • Offering: Term Life
  • Rates: as low as $8 per month
  • Promotion: No current promotions
Fabric
Fabric insurance logo
  • Offering: Term Life
  • Rates: as low as $10 per month
  • Promotion: No current promotions

Should You Use Walnut Insurance?

Walnut Insurance offers quick and affordable life insurance coverage to any eligible member. The company doesn’t require your medical test, and all transactions are online. 

You can access term life insurance and digital protection membership policies starting at $10 per month.  Besides these policies, Walnut offers members wellness perks such as Headspace and ClassPass.

If you want to secure your online information, the company allows you to get access to the Dashlane app.  If you’re 18-55 and looking for a life insurance company, head to Walnut’s website to answer a few questions.

The company will approve your coverage in a matter of minutes.

Walnut Insurance

Walnut Insurance on a mission to digitally transform insurance for young people across North America with our digital term-life insurance memberships. 

Walnut Insurance icon

FAQ's

The following are some of the most frequently asked questions pertaining to Walnut Insurance.

Is Walnut Insurance a legitimate insurance provider?

Walnut is a legitimate insurance provider. The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) underwrites Walnut’s plans.

SBLI has been operational since 1907, paying over $4 billion to over 1,000,000 beneficiaries. A.M. Best rates SBLI A (Excellent), allowing Walnut’s members to feel secure when purchasing life insurance policies.

How long does it take to get coverage?

Getting coverage from Walnut Insurance is easy and fast. Application is online, where you fill out an application form consisting of a few questions to get an insurance policy in minutes.

After submitting the form, find out whether or not the company has approved your application.

How does Walnut Insurance work?

Walnut Insurance sells life insurance coverage to eligible adults aged 18-55. To start, visit the company’s website and select “Get a quote.” Walnut’s application process is exclusively online.

You will provide personal information such as name, email, phone number, and age.  Then you will see coverage options and choose the one that suits you.

Finalizing your coverage will be done within minutes. Unlike many other insurance companies, Walnut doesn’t have a waiting period, and you’ll get coverage without a medical exam.

How does Walnut Insurance keep personal data safe?

Walnut allows its term life insurance members to access their digital protection membership policy that secures personal data stored online.

With digital protection membership, you can get protection from CyberScout and Dashlane.  Dashlane will manage your passwords and all crucial information stored online, while CyberScout will reimburse you in case of digital fraud.

  • Editor Rating
  • Rated 4 stars
  • 80%

  • Walnut Insurance
  • Reviewed by:
  • Published on:
  • Last modified: July 25, 2022


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