Walnut Insurance Review (October 2022): Get Insurance Plans Starting at $5

Walnut Insurance is a Toronto-based insurance company that offers term life insurance products that are easy to obtain and receive coverage quickly.

This new company was founded in 2020. It focuses on catering to a younger demographic, offering more affordable life insurance products for individuals working on their career development, starting a family, and managing a budget that includes careful financial planning and purchasing a new home. Check out more of our Walnut Insurance review for more info.

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Last Updated: Sep 28, 2022

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Walnut Insurance

  • Policies starting at $5
  • Life insurance & digital protection
  • Get a quote online in minutes

Join Walnut and find affordable insurance plans starting at $5 - Claim this offer

Walnut Insurance Products

This Walnut Insurance review indicates two main products available to customers: term life insurance and digital insurance coverage. The company’s life insurance products include offering packages billed as subscriptions, including Dashlane Premium, ClassPass Digital, and Headspace Plus.

Plans are highly affordable, starting at $10 monthly. You’ll have the option of bundling insurance products for a lower fee or purchasing standalone coverage for over $25 monthly, which doesn’t include insurance.

It’s important to note that while subscription plans are not required, they offer some benefits that specific individuals may find helpful. The free perks are a great incentive, along with the low cost of the company’s insurance products.

Digital membership is another option to consider for protecting your devices. This premium product is included with the Dashlane Premium subscription, which acts as a password manager by auto-filling passwords on your devices.

Digital protection includes assistance with security questions, reporting incidents that include possible identity fraud or theft, and a 24/7 helpline for immediate support. More on customer support to come in this Walnut Insurance review.

Walnut Insurance Review Mobile Comparewise - Comparewise

Registering for Walnut Insurance Products

When you register for a subscription plan or insurance products with Walnut Insurance, you’ll need to meet specific criteria to qualify. Term life insurance plans include ten and twenty-year term options, coverage ranges from $50,000 to $1,000,000, and anyone between 18 and 70 can apply for insurance.

When you buy membership benefits through a subscription, which is optional, you’ll have the option of enjoying perks with your insurance coverage.

The Application Process for insurance

You’ll need a few information items to begin the application process, which is entirely online. You’ll have access to a quote tool so that you can determine an estimate for premiums and coverage levels. During this process, you can contact Walnut Insurance’s customer service team by email or live chat if you require assistance.

There’s also the option of scheduling a virtual meeting so that you can discuss insurance and membership options with a licensed insurance advisor.

Pros of Walnut InsuranceCons of Walnut Insurance
+ Bundled subscription service
+ Very low rates
+ Walnut Insurance Calculator
+ Great reviews & ratings
– Two types of insurance offered
– Limited term lengths for life insurance

The Advantages of this Walnut Insurance Review

When you consider Walnut Insurance’s subscription and product options, there are some distinct benefits you’ll enjoy. One of the top features of this company is its subscription service, which partners with other providers to offer bundled insurance products for an affordable rate.

These plans are divided into three premium options, including Dashlane, which offers digital protection coverage for your electronic devices, Headspace for sleep and mental health programs for improved focus and well-being, and ClassPass, which offers access to digital fitness classes.

The monthly cost of insurance products and premium plans ranges from $10 to $25, which is highly affordable so that it won’t cause a strain on your budget. The entire application process is online, and you can access live chat support when you need assistance with your membership or insurance plan.

Walnut Insurance is innovative in that the company provides a new approach to insurance that’s attractive to the Millennial and Gen Z generation.

Walnut Insurance Review Banner Comparewise - Comparewise

Walnut Insurance Calculator

While these programs are great for some people, you can also purchase the coverage of your choice without a subscription. Walnut Insurance is transparent and upfront about the services they provide, what’s covered, and what you can expect from your purchase.

When you’re looking for a coverage amount that’s sufficient for your situation, the company’s website offers an insurance calculator, which helps you find a suitable coverage level.

This calculator is used to factor several items to consider for your coverage level, including mortgage payments, debt, your spouse, children, and other financial commitments. It’s also essential to include the costs of funeral and burial expenses and how much you currently have in savings, cash, and investments to help cover these costs.

The Life Insurance Application Process

When you review your life insurance options, you can inquire with a licensed advisor with no obligation. Brokers are not paid commission, so you can rest assured that you won’t be pressured to buy a product. You’ll receive all the details you need to make an insurance application, including the monthly price, the coverage amount, and what your account does and does not cover.

When you apply for digital life insurance, you won’t need to provide bloodwork, medical information, or a physician’s report. You’ll also have access to additional benefits with digital protection and term life insurance products, including premium memberships.

The Walnut bundle is the most cost-effective option for benefits so that you can purchase several items at one price.

Excellent Ratings

Walnut Insurance is rated A- from AM Best and is accredited with the Better Business Bureau. The Trustpilot score is good, rating 4.3 out of 5 points. Overall, it’s a well-established company poised to expand and provide more options in the future.

Since Walnut Insurance is reasonably new, opening in 2020, and the company offers some good products and ideas that will likely improve over time.

The Drawbacks of this Walnut Insurance Review

There are a few disadvantages to consider if you review Walnut Insurance’s products and services. Walnut Insurance offers two main product types: digital protection insurance and term life insurance. For this reason, you won’t find other insurance products, including disability, travel, mortgage protection, and car insurance.

Walnut Insurance only offers 10-year term life insurance plans, so you won’t find longer terms of 20, 25, or longer terms, which some individuals may prefer. You may still qualify for coverage if you’re considered high-risk, though at a lower amount of $50,000.

Coverage amounts will vary based on your assessment, including individual attributes that you provide during your application process. While there are several limitations to Walnut Insurance’s product offerings, you’ll find the options are inexpensive and worth considering if you’re looking for affordable coverage.

Walnut Insurance Review Diagram Comparewise - Comparewise

Customer Service Options

If you need to contact the customer support team directly, a live chat option and email contact for your inquiries. There’s a virtual meeting option that you can access to discuss your insurance options directly with an advisor.

Website Navigation

This Walnut Insurance review offers a great website and user-friendly navigation. You’ll find large, colorful images and highlights of what you’ll find on the site on the main page. You can review coverage options, the pricing, and how you can apply for insurance.

You’ll also find details on the premium memberships, including Head Space, Dashlane, and ClassPass. Head Space offers a meditation app, ClassPass provides fitness classes, and Dashlane is the digital protection app that gives you security for your passwords and electronic devices.

At the top of the screen, you’ll have access to Term Life, Digital Protection, and Embedded Solutions, each of which provides details for every product Walnut Insurance offers. It’s easy to register for an account on the website so that you can choose from several membership plans and insurance products.

The company’s website offers a helpful blog that answers many common questions and tips related to life insurance and digital protection. You’ll find topics about lifestyle ideas, the importance of term life insurance, surveys. And news about insurance policies and why it’s essential to buy a policy at a younger age.

Alternatives to Walnut Insurance

Walnut Insurance is a great company that offers highly-rated term affordable life insurance, but it’s not for everyone. You may also consider alternatives if there are restrictions to the coverage you qualify for when applying with Walnut Insurance; there are a variety of other life insurance providers available for Canadians.

Policy Genius

Policy Genius is available to a broader age range for individuals between 18 and 85 years old, with a minimum coverage of $50,000 to a maximum of $10,000,000. The need for a medical exam varies depending on the policy and the provider, and you can choose from term lengths of 10, 15, 20, 25, and 30 years.

It’s an excellent option for people of advanced age, as many insurance providers only cover up to age 70 or 75.

Sproutt

Sproutt is another excellent option to consider, offering coverage between $50,000 and $4,000,000 for individuals between 18 and 60. The term lengths begin at five years and increase to 10, 15, 20, 25, and 30 year-terms. No medical exams are required, making the application process more manageable and quick.

Everyday Life

Everyday Life begins offering insurance coverage for individuals aged 20 to 75 years. Like Sproutt, there’s no medical exam needed and no physician reports. You can choose terms for 10, 15, 20, 25, 30, 35, and 40 years. The benefits of this company are the option of a 40-year term and with a coverage range of between $100,000 and $10,000,000.

Ladder

Ladder offers insurance coverage for up to $3,000,000 with no medical exam and a coverage range between $100,000 and $8,000,000. Terms are similar to other insurance providers so that you can choose 10, 15, 20, 25, and 30 years.

Insurance plans are available to individuals between 20 and 60 years old. Bestow is much like Ladder Insurance, offering a similar age range from 18 to 60 years, with a lower coverage range of $50,000 to $1,500,000, terms of 10, 15, 20, 25, 30 years, and you won’t need a medical exam.

When you review the alternative companies for insurance policies and coverage levels, you’ll find some companies provide more traditional or standard products. At the same time, Walnut Insurance enhances the products and service offerings with an optional membership option, which increases the overall betterment of physical and mental health.

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Walnut Insurance Review Summary

Walnut Insurance offers a different approach to insurance products aimed at a younger generation. While the company offers excellent term insurance and digital protection products, it’s essential to make an informed choice by reviewing various insurance providers and the advantages each company provides, based on your individual needs and criteria.

Overall, Walnut Insurance is a decent company with stellar ratings and affordable term insurance products. It’s an excellent option to consider if you’re new to buying insurance products and need an inexpensive plan to get started. Thanks for checking out our Walnut Insurance review.

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FAQ's about Walnut Insurance

What is Walnut Insurance?

Walnut Insurance is a Toronto-based insurance company that offers term life insurance products that are easy to obtain and receive coverage quickly.

Who is Walnut Insurance for?

Walnut Insurance is for Canadians ages 18 to 75 who are interested in life insurance or digital insurance.

How much does Walnut Insurance cost?

Walnut Insurance products are highly affordable, starting at $10 monthly.

What kinds of insurance does Walnut Insurance have?

Walnut Insurance offers two main products available to customers: term life insurance and digital insurance coverage. The company’s life insurance products include offering packages billed as subscriptions, including Dashlane Premium, ClassPass Digital, and Headspace Plus. Plans are highly affordable, starting at $10 monthly.

How long does it take to get a Walnut Insurance policy?

Getting a Walnut Insurance policy is easy. Simply fill out their online application form and find out if you're approved in minutes.

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February 21, 2022
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