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Walnut Life Insurance review
Sign up for Walnut life insurance and get access to popular health and wellness apps as part of your enrollment.
- Get a quote if…
You’re looking for term life insurance coverage and would be interested in accessing popular lifestyle apps as part of your membership.
- Choose a different provider if…
You want whole life insurance or would prefer to work with a broker to compare several quotes.
Details
| Insurance Products | Life Insurance |
|---|---|
| Medical Exam Required | No |
| Province Availability | AB, NS, ON, PEI |
Walnut is an innovative life insurance company that offers term life insurance policies without the need for a medical exam. Your coverage also gives you access to popular apps such as Headspace, ClassPass and Dashlane as soon as you sign up. All you need to do is answer a few questions about your health and lifestyle to apply.
What makes Walnut Life Insurance unique?
Walnut Life Insurance is unique because you can apply online without a medical exam. This saves you time and energy and makes it much easier to secure coverage without having to leave home or book an appointment.Walnut also sets itself apart from competitors because it takes a holistic approach to life insurance. It partners with 3 popular apps that are designed to promote your mental and physical health as well as to protect you from identity theft.Infobox: What apps can I access through Walnut Life Insurance?
Walnut Life Insurance includes access to the following apps as part of your coverage:- Headspace. This is a meditation app that’s designed to help you improve your mental health, sleep quality and focus.
- ClassPass. ClassPass gives you access to hundreds of digital fitness classes so that you can stay in shape without needing a gym membership.
- Dashlane. Dashlane offers digital protection and gives you a secure place to store all of your passwords and other login information.
What types of life insurance does Walnut offer?
Walnut offers 10- and 20-year term life insurance plans. These plans can be used as a medium-term safety net to cover you against financial losses for a certain period of time. Many people use this type of plan to make sure they have financial security while raising their children or paying off major assets such as a mortgage.Walnut Life Insurance offers coverage amounts ranging from $50,000 to $1,000,000, depending on your preferences. Just keep in mind that you won’t be able to access whole life, critical illness or disability insurance through Walnut, which means you may need to go with a different provider if you’re looking for this type of coverage.Who does Walnut Life Insurance work with?
Walnut Life Insurance offers term life insurance policies through the Royal Bank of Canada (RBC). It is also licensed to sell insurance in Alberta, Ontario, Nova Scotia and PEI.How much does Walnut Life Insurance cost?
Policies can start as low as $12.67 per month, but you’ll pay different premiums based on a number of personal factors. These include the following:
- Coverage amounts. Your insurance will cost more if you apply for a higher level of coverage. You’ll pay less for lower amounts.
- Your age. You’ll pay more for life insurance as you get older since you’re more likely to run into health issues as you age.
- Health history. Your premiums will usually be higher if you sign up with a pre-existing health condition or if you have a family history of critical illness.
- Weight. You may have to pay higher amounts if you’re overweight since this can put you at risk of developing more serious health conditions.
- Substance use. Your premiums will go up if you drink, smoke or use other substances on a regular basis.
- Occupation and hobbies. You may pay more if you work a dangerous job or have risky hobbies such as skydiving or rock climbing.
What exclusions do I need to know about?
Walnut Life Insurance may not pay out a benefit if you die under certain circumstances. For example, you might not get paid out with most plans if you commit suicide or die while committing a crime (such as drinking and driving).Some plans may also exclude you from claiming your benefits if you omit or provide false information when you apply. This could include neglecting to mention a pre-existing health condition or failing to disclose a dangerous hobby.
Benefits and drawbacks of Walnut Life Insurance
Benefits
- Easy application. You can apply for coverage in under 20 minutes from the comfort of your own home.
- No medical required. You won’t need to submit to a medical exam to get approved.
- Access to lifestyle apps. You can enjoy access to popular apps such as Headspace, ClassPass and Dashlane as part of your coverage.
Drawbacks
- Term insurance only. You can only apply for term life insurance over a 10- or 20- year period since Walnut doesn’t offer whole life, critical illness or disability insurance.
- No in-person service. You won’t be able to visit Walnut Life Insurance in person if you run into issues with your policy.
- No comparison tool. You can’t use Walnut Life Insurance to compare multiple providers, which means you could miss out on better pricing elsewhere.
How to apply for Walnut Life Insurance
It’s easy to apply for Walnut Life Insurance by following the steps below:
- Visit the Walnut website and click on the blue “Get a quote” button in the upper right-hand corner of the main page.
- Put your contact information into the online application form and answer a few questions about your general health and lifestyle.
- Specify the type and amount of coverage you need and submit your application to get a quote delivered to your inbox.
- Provide your payment information once you’ve been approved for coverage (you can only pay by credit card at this point).
