This Walnut Insurance review covers everything you need to know about the innovative life insurance company providing Canadians with fast and transparent plans.
Getting a life insurance coverage used to be a painful process that takes weeks, even months, to get it done. Thankfully, times are changing for the better.
With the technological advancement in today’s life insurance industry, getting an instant quote has never been easier.
One of the companies that offer easy-to-get quotes is Walnut Insurance. But Walnut Insurance stands out with its unique approach and membership.
In this post, you’ll learn about Walnut’s products, their benefits, pricing and how to get started.
Walnut Overview
Before we jump into the details of what Walnut is and its offerings, here’s a brief overview of the features of Walnut Insurance:
| Life Insurance Terms | 10 and 20-year terms |
| Coverage Amount | $50,000 – $1,000,000 |
| Age Limit | 18 – 70 in Canada; 18 – 55 in US |
| Availability | Canada: All Provinces except BC, SK, QC & NB; US: All except New York |
| Life Insurance Type | Term Life |
| Insurance Partner | RBC Insurance in Canada & SBLI in US |
| Medical Exam | Not required in most cases |
What is Walnut Insurance?
Walnut is an insurance company that provides life insurance as a premium membership bundled with other perks. Founded in 2020, Walnut is based in Canada but serves both Canada and US residents.
It provides a core membership that bundles term life insurance coverage from RBC Insurance with optional Headspace, Classpass and Dashlane subscriptions.
Walnut Insurance Offerings
Let’s take a closer look at products currently offered by Walnut Insurance
Life Insurance
Walnut offers term life insurance policies that are provided by RBC Life Insurance Company to its members starting at $10 per month.
Term life insurance policies are the most common type of life insurance policies which offer coverage for a set amount of time.
A term policy’s duration is listed as the “term”, such as 20 years, and once it expires, no additional payments need to be made.
Term life insurance is relatively inexpensive compared to other types of life insurance like Whole Life Insurance.
Walnut Life Insurance offers a 10 or 20 years term with coverage starting as low as $50,000 and up to $1 million for members aged 55 and below, or $499,999 for those aged 56+.
And as a fully digital term life insurance, you can apply online and be done in minutes without the need for a medical examination in most cases.
In addition, members get access to optional benefits that let them live their best lives. There is Headspace for mental health, Classpass for physical well-being or fitness on-demand and Dashlane for password management.
We’ll cover these valuable member benefits in details below.
Digital Protection Membership
With cyber threats and hacks on the rise, having a digital protection plan is becoming more and more indispensable. It’s no surprise that insurance companies are starting to offer them as part of a holistic protection package.
The Walnut Digital Protection Membership provides members with everything they need to protect their online identity, passwords and financial assets.
For an affordable monthly pricing of $12, the Digital Protection Membership gets you access to:
Dashlane Premium
Dashlane is a leader in the password management and identity management space with more than 15 million users since 2012.
The Walnut Digital Protection Membership includes Dashlane Premium with the following benefits:
- Secure password storage for unlimited passwords
- Password generator and forms and payment info autofill
- Dark web monitoring for up to 5 email addresses
- Use on unlimited devices
- Encrypted file storage
Cyberscout
Cyberscout provides award-winning identity and cyber monitoring, restoration, response and insurance solutions.
If you ever fall victim to cyber fraud, you will receive the help you need in getting your life back on track quickly through the following:
- $1M Identity Reimbursement Coverage
- $25K Ransomware Coverage
- $25K Social Engineering Coverage; and
- Credit Monitoring Services
My Friendly Lawyer
Finally, the Walnut Digital Protection Membership gives you 24/7 access to unbiased legal advice from licensed lawyers through My Friendly Lawyer.
My Friendly Lawyer provides its members with:
- Access to experienced lawyers over the phone
- Free document review
- Free legal letters such as travel consent letters and demand letters
Simply call their hotline for legal support on employment, immigration & family, small business, personal & civil matters and so on.
Is the Walnut Digital Protection Membership plan worth it?
Definitely! Cyber threats are real and constantly evolving. And as more of our activities move online, so would the threat of cybercriminals compromising our devices, data and identity.
The Walnut Digital Protection Membership plan gives you the services you need to play it safe online and comes to your rescue when things go wrong.
Plus, you’re saving some money with the plan because you’ll be paying less by buying all 3 services as a bundle instead of buying them individually.
Walnut Life Insurance Benefits
Here are some of the benefits of Walnut Life Insurance that makes it stand out from its peers.
Transparent Pricing: Walnut is upfront with its quotes with no hidden fees or charges. So you always know how much you’ll be paying for life insurance upfront.
Fast application processing: As a digital first company, everything is done online including the insurance underwriting process. That means you can get life insurance coverage in a few minutes
Inclusive life Insurance: Walnut life insurance is inclusive by providing access to life insurance for the young (18) and old (70) in Canada and 18 to 55 in the US.
Valuable optional member benefits: Walnut goes beyond life insurance with its optional perks that help its members take control of their mental health, physical well-being and online identity through Headspace, Classpass and Dashlane respectively.
How to apply for Walnut Life Insurance
Getting started with Walnut is simple.
- Visit the Walnut website and click on “Get an Instant quote” to begin the application process.
- Provide your information to get your personalized quote. If you like, you can chat with a licensed advisor to answer your questions or use the life insurance assessment link to calculate how much life insurance you need.
- Complete the application by answering all the questions about your health and lifestyle.
- Choose your coverage and optional benefits
- Provide your payment information once you’re happy with the coverage and quote
Link to Image: https://www.gowalnut.com/ca/get-quote
The whole process should take between 10-15 minutes from when you get the initial quote to when you submit the complete application.
Compare this to the process of getting life insurance from other providers that may take weeks because of the need for in-person medical checks. With Walnut, there is no need for medical exams or bloodwork for most applicants.
Walnut Pricing
Your monthly payment with Walnut depends on the membership plan you get:
| Membership | Pricing per month |
|---|---|
| Digital Protection | $12 |
| Term Life Insurance | From $10 |
The Digital Protection membership has a flat fee structure of only $12 per month, while the Term Life Insurance starts at $10 but varies depending on a number of factors such as:
- Age: The chance of death rises with age, so all other things being equal, your life insurance quote goes up as you get older. With Walnut, your life insurance coverage is also limited to $499,999 after age 55.
- Coverage amount: A $500,000 coverage will cost more than a $50,000 life insurance coverage. If you’re not sure how much life insurance you need, you can use the Walnut life insurance assessment calculator here.
- Lifestyle and health: Your health history and general lifestyle are 2 other important factors that are used to calculate your life insurance quotes. You may get a higher quote if you’re a smoker, heavy alcohol consumer, overweight, have pre-existing health conditions or illnesses and so on.
- Occupation and hobbies: Some occupations and hobbies are seen to be more dangerous, hazardous, higher-risk and increase the chance of accidental death. A few of them are firefighter, pilot, extreme sports like mountain climbing, motor sports, skydiving, bungee jumping etc.
Walnut Insurance FAQs
Walnut term life insurance is available as 10-year terms and 20-year terms.
Your ideal life insurance coverage depends on your personal situation. You should consider you obligations such as debts, future commitments and expenses for your loved ones and existing assets/investments.
The maximum coverage amount is $499,999 for clients 56 years and older and $1,000,000 for clients that are 55 years and younger. The minimum amount is $50,000 for both age groups.
The term life insurance application process takes 10-15 minutes for clients that are able to complete their application online.
Walnut is available in all Canadian provinces and territories except in British Columbia, Quebec, New Brunswick and Saskatchewan; and across the USA except for New York.
Final Thoughts – Walnut Insurance Review
Overall, this Walnut Insurance review is positive.
Life insurance is important, but millennials also deserve transparent and affordable access to services that support them daily.
Walnut delivers just that through its unique and innovative membership plan that bundles life insurance coverage with services that help improve the mental and physical health of Canadians.
And with life insurance starting at just $10 per month, there’s nothing stopping you from getting started with protecting your loved ones today.
Related: PolicyMe Review
Walnut Life Insurance Review
Summary
Walnut is an innovative life insurance company providing Canadians with fast and transparent plans.
