Walnut Insurance entered the Canadian life insurance scene in 2020 as a new provider among established life insurance companies. It offers a combination of term life insurance and digital protection services. With its focus on affordability and a streamlined customer experience, Walnut looks to make insurance more accessible.
But with Walnut still being relatively unknown, should you trust them for your insurance needs? This review provides an in-depth examination of Walnut Insurance to see if it fits correctly.
What is Walnut Insurance?
Founded in 2020 and headquartered in Toronto, Walnut Insurance operates as a managing general agent (MGA) that distributes life insurance and living benefits products across Canada.
The core of Walnut’s offerings consists of 10-year term and 20-year term life insurance policies with coverage ranging from $50,000 up to $1 million. The application process is entirely online, and no medical exam is required.
In addition to term life, Walnut provides an optional Digital Protection Membership that includes identity theft monitoring, credit checks, password manager access, and coverage for stolen funds of up to $1 million.
Once approved, your Walnut term life policy is actually underwritten by RBC Life Insurance Company, an established and reputable provider. Walnut handles the digital application process and membership services.
What Makes Walnut Insurance Different?
Two key factors that make Walnut stand out in the Canadian insurance market are the Digital Protection Membership and the wellness add-ons.
Digital Protection Membership
Along with term life insurance, Walnut offers an optional Digital Protection Membership. This includes identity theft protection, credit monitoring, password manager access, and coverage for stolen funds up to $1 million.
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.
Wellness add-ons
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.
However, Walnut does not offer permanent life insurance policies or term lengths beyond 10 or 20 years. It’s also not currently available in Quebec or New Brunswick.
Is Walnut Insurance a Good Insurer?
With Walnut Insurance being a relatively new provider founded in 2020, there are still limited online reviews available to evaluate customer satisfaction levels comprehensively. However, the early indications based on currently available information point to a generally positive customer experience:
- Walnut Insurance has received an A- financial strength rating from A.M. Best. This respected insurance rating agency assesses a company’s financial health and ability to meet policyholder obligations. The A-rating signifies excellent financial strength.
- On Trustpilot, Walnut Insurance currently holds a 4 out of 5-star rating based on over 400 reviews. The majority of customers rate their experience as “Excellent” or “Great.” Common feedback includes praise for the easy and fast application process.
- According to Walnut Insurance’s website, over 95% of customers surveyed said they would recommend the company to friends and family. The company highlights its NPS (Net Promoter Score) of 78, which is considered to be high.
- Multiple customers reviewing Walnut Insurance on Trustpilot commented positively on the quick and simple online application, with many reporting getting approved in under 10 minutes.
- Policyholders can take comfort knowing their term life insurance policy is ultimately underwritten by the reputable provider RBC Insurance, which has been in business since the 1800s.
While the overwhelmingly positive feedback is encouraging, 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 point to a smooth customer experience overall.
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 prioritize digital protection
- Younger adults under 50 need affordable term life insurance
- People looking for a convenient and fast online experience
- Those interested in discounted wellness benefits
On the other hand, Walnut may not be the best choice for these groups:
- Seniors needing permanent life insurance
- Residents of Quebec or New Brunswick (not available)
- Applicants wanting long 30-year policy terms
- 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 Much Does Walnut Insurance Cost?
Since rates are customized for each applicant, it’s impossible to list exactly what a Walnut Insurance policy will cost for you. However, here are some sample monthly costs for different coverage amounts:
| Coverage Amount | Sample Monthly Cost |
|---|---|
| $50,000 | $13 – $16 |
| $250,000 | $33 – $41 |
| $500,000 | $66 – $83 |
| $1 million | $100 – $125 |
To get rates tailored specifically to your age, health conditions, lifestyle and desired coverage, you’ll need to get an instant quote directly from Walnut Insurance.
Expect to add $10 – $30 per month if you include the Digital Protection Membership or any wellness add-ons.
While not the cheapest, Walnut Insurance offers competitive pricing for term life insurance policies. Run an instant quote to see your personalized rate.
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 fits within the low-risk parameters set by the insurer (RBC), 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 denied claim later.
How to Cancel or Change Walnut Insurance
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 [email protected] |
According to Walnut Insurance’s policy, if you cancel your coverage within the first 30 days, you are entitled to a full refund.
For cancellations after 30 days, you will receive a pro-rated refund based on the remaining term, minus any claims paid out.
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.
Final Verdict
Walnut Insurance shows strong potential to become a leading purely digital insurance provider. But is it the right fit for your needs? Answer the following questions:
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.
Frequently Asked Questions
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 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.
What happens if Walnut Insurance goes out of business?
Even if Walnut ceased operations, any active insurance policies would remain safely in force and unaffected. This is because RBC Insurance is the underwriter, so they would continue servicing the policies.
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.
