Walnut Life Insurance review

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. Keep reading for a full rundown of what Walnut Life Insurance has to offer.

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.

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?

Walnut Life Insurance 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:

1. Visit the Walnut website and click on the blue “Get a quote” button in the upper right-hand corner of the main page.
2. Put your contact information into the online application form and answer a few questions about your general health and lifestyle.
3. Specify the type and amount of coverage you need and submit your application to get a quote delivered to your inbox.
4. Provide your payment information once you’ve been approved for coverage (you can only pay by credit card at this point).

Bottom line

Walnut Life offers term life insurance policies along with access to popular health and wellness apps in Canada as part of your coverage. There’s no need for a medical exam and you can apply for insurance online in as little as 5 minutes. Find out more about Walnut life insurance and decide which plan might be the best fit for you.

Frequently asked questions about Walnut Life Insurance

• What insurance products can I get with Walnut Life Insurance?

  Walnut currently offers term life insurance available in 10- and 20-year terms. You won’t be able to sign up for whole life, critical illness or disability insurance with Walnut at this point in time.

• Am I guaranteed approval for Walnut Life Insurance?

  Unfortunately, no. Walnut Life Insurance doesn’t require you to submit to a medical exam but this doesn’t mean you’ll be automatically approved for coverage. You could be denied or have to pay much higher premiums in certain situations, such as if you have a pre-existing health condition or a dangerous job.

• Can I cancel my life insurance through Walnut?

  You may be able to cancel your insurance through Walnut, but there’s no information on the website about what fees you might have to pay. Your best bet is to contact the team at Walnut life insurance directly to find out what their cancellation policy is.

• What age do I need to be to qualify for Walnut Life Insurance?

  You’ll need to be under the age of 70 to apply for 10-year term life insurance and under the age of 65 to apply for 20-year term insurance.