If you are in the market for a life insurance policy, it’s easy to be overwhelmed by all the options out there. There are literally hundreds of companies – with many different policies and confusing terms like death benefit and cash value – that offer life insurance quotes. Choosing one of them can be very difficult.
Luckily, online insurance providers like Walnut Insurance have made it easy to check life insurance policies online. Check out my experience with Walnut Insurance, including how it works, how much it costs, and who it’s best for.
What is Nut Insurance?
Walnut Insurance is a Canadian insurance company founded in 2020. Walnut sells life insurance policies exclusively online, so it has no offices or personal agents. You can get a quote and purchase a policy online in minutes, with no waiting period or medical examination.
The only type of coverage you can get from Walnut is term life insurance, which provides coverage over a 10-year or 20-year term. The policies are issued by the SBLI, which is a reputable provider with good third party ratings, including an “A” rating from AM Best for financial strength.
Read more: Life insurance: is it worth it and when is it needed?
With a Walnut Emergency Life Policy, the maximum amount of coverage you can get is $1 million, which should be enough for most young people. Anyone between the ages of 18 and 55 can apply. The company also offers several unique perks for customers, which I will discuss later.
How does nut insurance work?
Getting life insurance from Walnut Insurance is quick and easy. To receive a quote, all you have to do is enter some basic personal information such as your gender, age, height and weight. You also need to report nicotine use in advance.
Source: Walnut Insurance, Screenshot by Elizabeth Rivelli.
After you fill in your personal details and contact information, you will be asked to personalize your policy by choosing the duration (10 or 20 years) and the amount of coverage you want ($50,000 to $1 million).
Source: Walnut Insurance, Screenshot by Elizabeth Rivelli.
When you change the duration and coverage limit, your premium account updates in real time, so there is no need to launch a new app if you want to adjust these settings. If you are satisfied with your bid and would like to proceed with the purchase process, simply click “view and buy” and you will be prompted to launch the app.
Source: Walnut Insurance, Screenshot by Elizabeth Rivelli.
Since Walnut Insurance does not require a medical examination, your health is determined based on your answers to a few questions. For example, I was asked about my personal medical history, what surgeries I had, what diseases are common in my family, what prescriptions I take, and how often I drink alcohol.
The health questionnaire took about 10 minutes and was easy to complete. After I submitted the application and received the approval message, the last step was to purchase the policy. You can pay your first month’s premium with an ACH bank transfer and your coverage will take effect as soon as you place your order.
How much does a Walnut Insurance life insurance policy cost?
The insurance advertises affordable rates and transparent pricing, so this can be a good option if you’re buying life insurance on a budget. In fact, the company claims to offer term policies starting as low as $10 per month. It doesn’t get much cheaper than that.
| Walnut | Grant | Lemonade | |
|---|---|---|---|
| Length of term | 10 or 20 years | 10, 15, 20, 25 or 30 years old | 10, 15, 20, 25 or 30 years old |
| Coverage restrictions | $50,000 – $1 million | $50,000–$1.5 million | $50,000–$1.5 million |
| Suggested Policies | Term life insurance | Term life insurance | Term life insurance |
| Medical examination? | Not | Not | Not |
Read more: To get the best price for term life insurance, stay online
However, you are not guaranteed a low rate. Life insurance premiums are personalized based on factors such as your age, health status, family medical history, gender, and the type and amount of coverage you want. Walnut makes it easy to get a quote in just a few seconds, so you can compare Walnut prices to other companies before you buy a policy.
Peculiarities of walnut insurance
Length of term
Walnut Insurance only offers two-term term life insurance – 10 years and 20 years. When the term expires, coverage ends and you must reapply for a new policy if you want to continue coverage. By comparison, most traditional life insurance companies offer terms up to 30 years, and many offer terms in 5-year increments for more flexibility.
Coverage restrictions
With Walnut Insurance, you can get a lifetime policy with coverage ranging from $50,000 to $1 million. If you need more than $1 million in coverage, you need to look elsewhere. However, there are many other life insurance companies that offer coverage limits of $5 million and even higher if you don’t mind paying a higher rate.
Read more: Calculator: how much life insurance do I need?
Member Privileges
One of the standout features of Walnut Insurance is the member benefits. When you buy a life insurance policy, you have the option to enroll in the Member Benefits Program for a few extra dollars per month.
Through the program, you can access health-related services, including Headspace for meditation, ClassPass for digital fitness, and Dashlane, a password manager that can help protect your online identity.
My personal thoughts on Walnut Insurance
Overall, I think Walnut Insurance is a good option for young people who are looking to purchase a life insurance policy. It’s easy to get a quote online and purchase a policy, no medical examinations are required, and the policies are guaranteed by SBLI, which is a reputable provider.
However, I feel that Walnut Insurance could have offered longer terms and multiple riders that would let you customize your coverage. If you are looking for something other than a very simple term life insurance policy, walnut insurance will probably not meet your needs.
Who is Walnut Insurance best for?
People who want urgent life insurance quickly
If you need a term life insurance policy, Walnut Insurance is a good choice. Coverage limits are sufficient for most people and a medical examination is not required. Also, if you get approved, you can purchase life insurance on the spot – without having to wait.
People who want to access cool member benefits
One of my favorite things about Walnut Insurance is that it offers unique member benefits that you won’t find with most other life insurance providers. You can pay a little more and get access to cool services like the Headspace meditation app and ClassPass, which offers on-demand video workouts.
People who want to purchase life insurance 100% online
Walnut insurance works entirely online, so it’s ideal if you don’t want to work with an agent or call to get a quote. You can get a quote anytime, anywhere, and purchase a policy from behind your computer screen. It doesn’t get much easier than that.
Who is Walnut Insurance not for?
People who live in New York or North Carolina
Walnut Insurance is licensed to sell coverage in most states except New York and North Carolina. If you live in one of these states, you will not be able to purchase insurance from Walnut.
People who want permanent life insurance
The only policy available at Walnut is term life insurance. If you need a permanent policy, such as for life or universal life, you should look elsewhere.
Read more: Term vs Life Insurance: What’s the difference?
People are looking for life insurance riders
Walnut Insurance does not offer additional insurance policies that can fill gaps in your coverage. Most life insurance companies, including some online providers, offer at least a few riders.
Pros and cons
pros
- Generous coverage limits. Through Walnut, you can choose death benefits up to $1 million.
- Member Benefits Program. Customers can enroll in the Member Benefits Program to get free access to apps like Headspace, ClassPass, and Dashlane.
- No medical checkups. Walnut Term Life Insurance policies never require a medical examination, so you can get coverage online with no waiting period.
Minuses
- Lack of permanent life insurance. Walnut does not sell any permanent life insurance policies such as full, universal, or indexed universal life insurance.
- There are only two term lengths. You can choose only the validity period of 10 or 20 years. Many other life insurance companies offer more flexible terms, usually in increments of five years.
- There are no riders. Walnut Insurance does not sell any additional insurance, and the policies do not include any built-in insurance such as expedited death benefits.
Walnut Insurance versus competitors
Grant
Bestow is another digital life insurance provider that makes life insurance easy. The only policy available is term life insurance, but you can choose between 10, 15, 20, 25, or 30 years. Bestow also offers slightly higher coverage limits than Walnut Insurance. It’s easy to get a quote online without a medical check, and if you get approved, you can buy the policy on the spot.
Get a quote from Bestow or read our full review.
Lemonade
Lemonade is well known for its affordable renter’s insurance, but it also sells term life insurance policies. You can get coverage up to $1.5 million for 10, 15, 20, 25, or 30 years. Lemonade advertises that its policies start at just $9 a month, so it might be slightly cheaper than Walnut, depending on your age, health, and personal circumstances. We also love that you can pay your Lemonade life insurance premium with a credit card.
Get a quote from Lemonade or read our full review.
Summary
In a nutshell (pun intended), Walnut Insurance is an impressive young adult life insurance company, whether you’re single or have a family you want to protect. It’s easy to apply, policies are advertised as affordable (remember, this is subjective), and you can enjoy member perks by earning a few dollars more each month.
Even if you’re not completely sold, it’s worth getting an offer as it only takes a few seconds on your phone or computer.
Featured Image: SewCream/Shutterstock.com
