Walnut life insurance review

Walnut life insurance rates are fixed, but the coverage you’re offered fluctuates

Walnut has a unique pricing structure for its life insurance policies, usually quoting premiums of $10, $15, $20 or $25 per month. However, the coverage amounts vary based on your answers about your health, age and lifestyle in your application.

For example, when we used the profile of a healthy 25-year-old woman in California, Walnut quoted this pricing tier:

• $15 for a $334,000 policy
• $20 for a $720,000 policy
• $25 for a $990,000 policy

Coverage maximums depend on your age

The maximum amount of coverage available to you depends on your age:

• People 55 years old and younger are eligible for coverage up to $1,000,000.
• People 56 years old and older are eligible for coverage up to $499,999.

Walnut specializes in 10-year term life policies

Walnut focuses on 10-year term life policies at a low cost, which means that your policy expires 10 years from the day it begins. A 10-year term length works best if your largest financial responsibility ends around that time, if you already have life insurance but want to boost coverage or if you can’t qualify elsewhere.

You won’t find any riders, unlike most life insurance companies. That means you can’t add coverage for your spouse or living benefits for long-term care or terminal illness.

4 main factors that affect your rate and coverage with Walnut

Walnut asks basic questions about your health and lifestyle, although it doesn’t detail what’s required to get the preferred or elite health status. Be prepared to give this information about yourself:

• Your age — The older you are, the more risks you have for developing health conditions. You may be quoted lower coverage at higher ages.

• Height and weight — This helps insurers understand your general health, such as your body mass index.

• Gender — Insurers typically charge more for men because men have a lower life expectancy than women, according to the Centers for Disease Control and Prevention (CDC). At Walnut, men see lower coverage for the price of its policies.

• Whether you smoke or use tobacco — Walnut asks whether you smoke or use tobacco, as well as the last time you used these products.

Complete your application 100% online with Walnut

Walnut’s goal is that you’re able to finish the entire application and health questionnaire without reaching for your phone or car keys. The entire process should take about 10-15 minutes. However, you can contact an agent in several ways if you need extra help.

• Online quote tool — Start your application online with Walnut’s Coverage Estimator, answering a few questions to estimate your premium and coverage amount. Then, follow the prompts to finish the application.

• Live chat — If you get stuck with the application or have a quick question, tap the speech bubble on Walnut’s homepage and enter your question.

• Email — Reach out to support@gowalnut.com with life insurance questions.

• Virtual meeting — Want to go over your life insurance options? Find the link to Walnut’s meeting calendar in the frequently asked questions about its application.

Free membership perks that you can use every day

Walnut brings you health and wellbeing perks that you can use in your everyday life. Together, the value of these perks outweighs the cost of your life insurance membership.

For example, a Headspace membership costs $13 per month or $70 per year — about the price of Walnut’s lowest life insurance tier.

• Meditation. Walnut includes a Headspace Plus membership, bringing you meditation and audio experiences for your mental health.

• On-demand workouts. Get moving with your ClassPass Digital pass, also included with your Walnut membership. You get access to ClassPass’s library of Barre, HIIT or yoga workouts and more.

• Password protection. Use your new Dashlane Premium membership to store passwords, prefill online forms and log in to its VPN for an extra security layer.

Walnut life insurance reviews and complaints, backed by SBLI Insurance

Walnut is a fintech startup, so you won’t find many ratings directly for this insurance company. However, Walnut is backed by SBLI, a life insurance giant with over 100 years in the industry.

Customers agree that SBLI’s customer service is caring and helpful when they need to file a claim, and many customers enjoy talking to knowledgeable sales reps when they apply. However, several people weren’t notified that they were approved, having to follow up with customer service for this information.

Overall, over a thousand customers agree that they had an above-average experience with SBLI.

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