Walnut Insurance Review 2024

Are you looking for a life insurance company that offers more than just term insurance coverage? Walnut Insurance is one of the few companies that combines insurance with affordable digital protection plans. The question remains, are these additional perks worth the extra cost?

In our Walnut Insurance review, we'll dig into what makes them stand out, the insurance products Walnut offers, and how it sizes up against its competitors. Get ready to explore how Walnut Insurance offers a different path to safeguarding you and your loved ones.

Key Takeaways

• Walnut Insurance is an affordable life insurance provider with no medical exam requirements and competitive term policies
• It offers a Digital Protection Membership to keep your online data secure, plus optional membership perks for overall well-being
• With solid ratings from AM Best and Trustpilot, it is a reliable insurance provider

What Is Walnut Insurance?

Walnut Insurance sells life insurance products and digital protection memberships to adults between 18 and 55 years old. Walnut emphasizes cost-effectiveness and simplicity.

With their comprehensive take on wellness and life insurance membership with extra perks, they're an interesting option for insurance seekers.

Company Background

Walnut Insurance resells a term life insurance product created by RBC Insurance. This insurance is sold through their website and has no medical exam requirement.

Availability

Walnut Insurance available in most provinces in Canada, with Quebec and New Brunswick being the exceptions. Their emphasis on mind and body health and digital protection memberships - including identity reimbursement coverage - is an interesting spin on life insurance.

Online Ratings

Though Walnut Insurance doesn't have a lot of online ratings, they've scored an A- from AM Best and approval from the Better Business Bureau. Plus, a solid 4.3 out of 5 on Trustpilot says customers are pretty pleased.

All in all, Walnut Insurance is looking like a stable, trustworthy insurance option. And that's the truth.

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Walnut Life Insurance Offerings

Picture clear pricing, quick application handling, extensive life coverage, and some neat member perks – making Walnut Insurance a top pick for those after a dependable, customer-focused life insurer.

With Walnut Insurance, it's like you're bagging the best coverage for your needs.

Term Lengths and Coverage Amounts

Walnut Insurance lets you pick from 10- or 20-year term life policies, with term life insurance coverage that starts at $50,000 and up to $1 million. These choices fit a broad spectrum of insurance needs.

No Medical Exam Required

As mentioned before, Walnut Insurance products don't require a medical exam.

Their online application saves some time compared to going to a traditional physical life insurance branch.

Other Insurance Product Offerings

They recently expanded into offering home, auto, and tenant insurance as well.

Walnut Digital Protection Membership

Beyond their term life insurance policies, Walnut Insurance offers a Digital Protection Membership. It's focused on online safety, guarding against identity theft, and credit monitoring services.

This membership seeks to comfort customers in a more and more digital world, ensuring their personal and financial info stays locked up tight.

With the Digital Protection Membership, you can rest easy knowing your data's under lock and key.

Features and Benefits

The Walnut Digital Protection Membership comes loaded with features like Dashlane Premium, Cyberscout, and a safety net of up to $1 million for stolen funds.

Cyberscout offers top-to-bottom identity theft protection and credit monitoring services, making sure your personal info stays out of harm's way.

With coverage of up to $1 million for stolen funds, you can breathe easy knowing your financial assets are shielded from identity theft or fraud.

Pricing and Subscription Options

At a starting price of just $10 a month, the Walnut Digital Protection Membership offers a way to safeguard your online footprint and financial data.

Also, you can add-on health and wellness benefits to your membership for a bit more money, taking your Walnut Insurance experience up a notch in value and ease.

Walnut Membership Perks

Besides life insurance and digital identity protection, Walnut Insurance serves up optional member extras meant to boost overall healths These extras include popular services like Headspace for mental health, Classpass for body fitness, and Dashlane Premium for password control.

Walnut Insurance's member perks help customers stay secure, all the while keeping them fit and safe.

Health and Wellness Add-ons

Walnut's health and wellness extras are all about boosting your overall wellness with offerings like nutrition advice, health coaching, stress handling, and fitness classes like yoga and Pilates. Add these extras onto your Walnut Insurance journey, and you're pouring into both your financial security and your mental and physical health.

Walnut Insurance takes a holistic tack on health and wellness, helping you keep on the healthy track.

How much do Walnut benefits cost

Tossing these member extras into your Walnut Insurance plan might increase your monthly premiums by quite a bit (up to $30+/month). It's not clear that most consumers require these benefits.

If you exclude these benefits, Walnut simply sells a term life insurance product from RBC Insurance, and not much more.

Walnut Membership Drawbacks

Walnut Insurance also has drawbacks that you should consider.

It's unavailable for Quebec and New Brunswick, narrowing down their customer base.

They only offer two term options - 10 and 20 years, falling short compared to competitors like Empire Life or Manulife which offer more diverse term options.

And while they put forward term life and digital protection insurance, other types like disability, travel, mortgage protection, and auto insurance are missing.

Also, high-risk individuals may only get a lower coverage of $50,000.

It's also unclear whether most people need their Digital Member benefits, or if they'd be better off just buying life insurance on its own.

Applying for Walnut Insurance

Getting Walnut Insurance is done online. Their website gives you a life insurance quote fairly easily. Unlike the Dundas Life insurance calculator, Walnut doesn't allow you to compare prices against other insurance companies. So you may not be getting the bang for your buck.

Comparing Walnut to Competitors

Even though Walnut Insurance brings special member perks and digital safeguarding to the table, it's key to stack them against competitors like Industrial Alliance or Assumption to find the best fit for your insurance needs. These companies offers term life insurance policies with more term choices, which could be a better match for some folks. Some people might like permanent life policies more: RBC and Sun Life provide these kinds of policies, and they are available for every province in Canada.

In the end, Walnut Insurance's value hinges on a specific user demographic. By working with an independent brokerage like Dundas Life, you can compare Walnut Insurance with other providers to  pick the insurance provider that fits best with your financial needs.

Customer Support and User Experience

Walnut Insurance offers help through email, live chat, and virtual meetings with advisors, making sure you can get the help you need when you need it. Since there's not a heap of customer reviews out there for Walnut Insurance, it might be tough to review overall customer satisfaction.

Despite this hurdle, Walnut receives good overall customer reviews.

Assessing Walnut Insurance's Value

Wrapping it up, Walnut Insurance offers  affordable term life insurance and digital protection memberships that serve the needs of specific individuals. Still, it's key to compare choices and size up Walnut Insurance's value for your unique situation.

Looking at Walnut Insurance's coverage amounts and term lengths compared to other top life insurance companies, you can find a plan that suits you best.

Conclusion

Walnut Insurance offers a unique mix of term life insurance, digital protection memberships, and optional wellness add-ons. They might not be for everybody, but they're a comprehensive option for folks seeking a wellness-centered insurance experience. When you're navigating your life insurance choices, consider working with an independent insurance brokerage like Dundas Life who can help you compare dozens of insurance companies.

Frequently Asked Questions

How often should I update my life insurance policy?

Plan to update your life insurance policy every year or after a major life event. Always ask your insurance agent about these changes.

Why should I review my insurance?

Reviewing your insurance regularly helps you make sure that your policy suits your current life status and any financial goals.

An insurance review gives you the comfort of knowing your assets and family are properly safeguarded for unexpected events.

What unique about Walnut Insurance?

Walnut Insurance stands out with its member benefits, digital protection, and cost-effective, user-friendly coverage. It's insurance offering in Canada is mainly selling RBC Insurance.