Walnut Insurance entered the Canadian life insurance market in 2020, offering digital term life insurance that’s meant to be fast and affordable. However, as they are so new compared to the big insurance giants, can you trust Walnut with something as important as life insurance?
This review analyzes Walnut’s offerings, costs, application process, and key partnerships to help you decide if it’s the right choice for your family’s financial protection.
Who is Walnut Insurance?
- Founded: 2020
- Headquarters: Toronto, ON
- LifeBuzz Rating: 3.5⭐
Walnut operates as a Managing General Agent (MGA) that distributes life insurance and living benefits products across Canada. The core of Walnut’s offerings is term life insurance. The application process is entirely online. In addition, Walnut provides an optional Digital Protection Membership.
Walnut handles the digital application process and membership services. However, your Walnut policy is actually underwritten by RBC Life Insurance Company, one of Canada’s largest and most established insurers. This partnership means you get the modern, user-friendly experience of a startup, backed by the financial strength and reliability of a major institution.
Quick note: Walnut Insurance is NOT currently available in Quebec and New Brunswick (last reviewed on Jan 3, 2026)
Walnut’s Products: What Makes It Different?
Besides the core product term life insurance, two key factors that make Walnut stand out in the Canadian insurance market are the Digital Protection Membership and the wellness add-ons.
Walnut Term Life Insurance
Term 10 and Term 20 life insurance are Walnut’s main offerings. Coverage amounts range from $50,000 up to $1,000,000. The maximum coverage for applicants aged 55 or younger is $1,000,000; for those aged 56 and older, it is $499,999.
The products are designed for simplicity. Most applicants can be approved online without a medical exam through accelerated underwriting; however, RBC may request medical evidence for higher-risk profiles. (see details at https://www.gowalnut.com/ca/term-life).
Digital Protection Membership
This is Walnut’s standout feature. Having robust protection against fraud and cybercrime gives customers an extra layer of security that goes beyond just a payout in the event of death.
For an additional monthly fee ($10), you get a suite of cybersecurity tools, for example:
- Stolen Funds Coverage: Reimbursement of up to $1 million for funds stolen due to cyber fraud.
- Identity Theft Monitoring: Alerts if your personal information is found on the dark web.
- Credit Score Monitoring: Regular updates on your credit score and report.
- Password Manager: Access to a premium password manager to secure your online accounts.
More information about Walnut Digital Protection Membership (Cyberscout, Dashlane Premium, and My Friendly Lawyer) can be found here: https://www.gowalnut.com/ai-insurance.
Wellness Add-ons (Optional)
Walnut allows you to add various health and wellness benefits to your core insurance plan. These optional perks include:
- Meditation and mindfulness apps
- Health coaching and nutrition support
- Fitness communities and class credits
- Massage and physiotherapy discounts
The ability to bundle discounted wellness services with your insurance plan is unique in the Canadian insurance industry.
Who Is Walnut Insurance Best For?
Based on its current product offerings and features, Walnut Insurance appears to provide the most value for:
- Tech-savvy customers who value a fast, online experience and digital security tools.
- Younger adults (under 50) need affordable and straightforward term life insurance.
- People are looking for a convenient and fast online experience, especially healthy applicants.
- Anyone who wants to bundle life insurance with cybersecurity and wellness benefits.
On the other hand, Walnut may not be the best choice for these groups:
- Seniors or anyone needing permanent life insurance
- Residents of Quebec or New Brunswick
- Applicants wanting longer policy terms or needing more than $1 million in coverage
- People who prefer in-person support from an advisor
Walnut clearly Tailors its services to digital-first customers looking for streamlined term life insurance. Evaluate your specific needs to see if this aligns with your priorities.
How to Apply for Life Insurance with Walnut
Walnut’s promise of a fast online application with no medical exam is a major draw. This is possible through a process called accelerated underwriting.
- Online Questionnaire: You will fill out a detailed online form with questions about your health, family medical history, lifestyle (e.g., smoking, drinking habits), and any high-risk hobbies.
- Instant Data Checks: Your answers are instantly checked against industry databases, such as the MIB (Medical Information Bureau) and prescription history records.
- Algorithmic Decision: If your profile meets the insurer’s (RBC) low-risk parameters, the algorithm can approve your application on the spot. This is how many users get approved in minutes.
What if You Have a Pre-Existing Condition?
If your application raises any red flags (e.g., a history of chronic illness, a recent major surgery), it will be flagged for manual review by a human underwriter. They may request more information, ask for an Attending Physician’s Statement (APS) from your doctor, or, in some cases, require a medical exam. Honesty on your application is critical; misrepresentation can lead to a claim being denied later.
What if Walnut or RBC Fails?
Your policy is issued and serviced by RBC Life Insurance Company (the underwriter), which handles claims directly. If an intermediary ceases operations, your policy remains with RBC. Thus, your policy is protected by Assuris, a non-profit organization that protects Canadian life insurance policyholders if their insurer becomes insolvent.
In the unlikely event of an insurer failure, Assuris guarantees you would retain at least 90% of your death benefit, up to a maximum of $1,000,000. This provides an essential layer of security, ensuring your family is protected no matter what happens to the companies involved.
Walnut Insurance vs. Competitors: How Does It Compare?
To see how Walnut Insurance stacks up against alternatives, here is a brief comparison with two competitors:
| Feature | Walnut Insurance | Canada Life | Manulife |
|---|---|---|---|
| Policy Types | 10, 20-Year Term | Term, Whole Life, Universal Life | Term, Whole Life, Universal Life |
| Max. Coverage | $1,000,000 | $10,000,000+ | $20,000,000+ |
| Medical Exam | No (for most applicants) | Usually required | Usually required, but accelerated options exist for smaller policies |
| Unique Perks | Digital Protection & Wellness add-ons | Wide range of complex riders; advisor support | Manulife Vitality program (rewards for healthy living), vast advisor network |
| Underwriter | RBC Life Insurance | Canada Life Assurance Company | The Manufacturers Life Insurance Company (Manulife) |
| Best For | Quick, simple term coverage with a focus on digital security. | Those needing complex, permanent policies or personalized advice from an agent. | Those wanting wellness rewards, a wide product selection, or advisor-led planning. |
While Walnut Insurance offers a competitive digital-first experience, providers like Canada Life and Manulife offer a broader product selection and greater policy customization. Other large and established insurance companies are Foresters Financial, Empire Life, Canada Protection Plan, and BMO Life Insurance.
How to Cancel or Change Walnut Life Insurance Policies
If you need to cancel your Walnut Insurance policy or make changes to it, you have three options:
| Option | How to |
|---|---|
| Online | – Log in to your Walnut Insurance account – Click ‘Account Management’ – Select ‘Cancel Policy’ or ‘Change Policy’ |
| Phone | – Call to speak with a Walnut agent |
| – Email contact@gowalnut.com |
Most life policies include a free-look period (often 10 to 30 days) for a full refund; after that, cancellation and refund rules depend on your contract and province. Confirm your policy’s free-look/cancellation terms or contact RBC Life service.
Final Verdict: Is Walnut A Good Insurer?
What We Like
- Fast, Fully Digital Process: Apply online in minutes, with no medical exam for most healthy applicants.
- Backed by RBC: Policies are underwritten by RBC Life Insurance, providing excellent financial security.
- Unique Add-ons: Optional Digital Protection and wellness perks offer value beyond traditional insurance.
- Competitive Pricing: Rates are affordable, especially for younger, healthy individuals.
- User-Friendly Platform: Easy to manage your policy online.
What Could Be Improved
- Limited Policy Options: Only 10 and 20-year terms are available. No permanent life insurance.
- Coverage Cap: Maximum coverage is $1 million, which may not be enough for high-income earners or those with large mortgages.
- Limited Availability: Not available to residents of Quebec or New Brunswick.
- Not Ideal for Complex Needs: Those with significant health issues or who need specialized policy riders may need a traditional broker.
Walnut Insurance is still a relatively young company in the growth stage. More time is needed to determine longer-term customer satisfaction levels as the company and client base expand. However, the early signs show that Walnut have the potential to become a leading purely digital insurance provider.
Answer the following questions to see if it is the right fit for your needs:
1. Do you only need term life insurance?
Walnut does not offer any permanent or whole life insurance products. If you need lifelong coverage, another provider is likely a better option.
2. Does digital protection appeal to you?
Walnut’s identity theft and cybersecurity services add unique value if you spend a lot of time online managing sensitive data. If you are not interested in these offerings, a more traditional insurance company may suffice.
In summary, if you need an affordable term life insurance policy with the convenience of quick online signup, Walnut Insurance is worth considering. Get a custom quote and compare it against alternatives to decide if it provides the right mix of features and price for your situation.
FAQs on Walnut Insurance
Does Walnut Insurance operate nationwide?
Walnut Insurance is available in most Canadian provinces, with the exception of Quebec and New Brunswick. Residents of those two provinces cannot get Walnut Insurance.
How does Walnut's pricing compare to competitors?
Walnut Insurance offers competitively priced premiums for term life insurance. Monthly rates are affordable compared to other digital insurers. Run an instant quote to see pricing for your specifics.
Is a medical exam always required for Walnut Insurance?
No. Medical exams are NOT always required when applying for Walnut Insurance due to their accelerated underwriting process. However, one may be requested if your application indicates higher health risks.
Who actually underwrites Walnut's insurance policies?
While you apply through Walnut Insurance, the term life insurance policy itself is underwritten by RBC Life Insurance Company. RBC has strong financial ratings as an insurer.
Can I manage my Walnut Insurance policy online?
Yes, Walnut provides an online self-serve customer platform for managing your policy. You can log in anytime to make changes, payments, file claims and access documents.
