Walnut Insurance Reviews Canada 2025: Is It Right For You?

Walnut Insurance entered the Canadian life insurance scene in 2020 as a new provider amongst established life insurance companies in Canada. 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 insurance, 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.

Six key facts about Walnut Insurance:

• Founded in 2020, headquartered in Toronto
• Sells term life and living benefits insurance
• 10 or 20-year policy terms
• $50,000 to $1 million coverage
• Completely online application
• Digital Protection Membership available

Walnut aims to use technology to simplify the insurance process. But how does it stack up against more established providers? Keep reading this review to find out.

How Does Walnut Insurance Work?

The process of getting insured through Walnut is designed to be quick, easy and 100% online:

• Get a quote by visiting Walnut’s website and answering basic questions about yourself and desired coverage amount. This only takes a few minutes.
• Apply online by providing more detailed information on medical history, lifestyle, family health, etc. No paramedical exam is required.
• Select a coverage amount from $50,000 up to $1 million, and choose either a 10 or 20-year term length.
• Add a Digital Protection Membership (optional) starting at $10/month for identity theft and fraud protection.
• Pay monthly or annually via credit card or direct withdrawals from your bank account.

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.

How to buy Walnut Insurance

You need the following 6 steps to be able to buy insurance at Walnut :

1. Get instant quotes online
2. Apply online in minutes
3. Pick coverage amount and term length
4. Add Digital Protection (optional)
5. Pay monthly or annually
6. Policy underwritten by RBC Insurance

What Makes Walnut Insurance Different?

There are two key factors that make Walnut stand out in the Canadian insurance market:

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, there are some drawbacks: 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 Any Good?

With Walnut Insurance being a relatively new provider founded in 2020, there are still limited online reviews available to comprehensively evaluate customer satisfaction levels. 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.

Here is an overview summarizing the key pros and cons that emerge about Walnut Insurance based on currently available information and reviews:

Pros of Walnut Insurance

• Competitively priced term life insurance rates based on online feedback
• Digital protection services address the growing need for identity theft and fraud safeguards
• No medical exam is required for coverage up to $1 million
• Optional wellness add-ons like meditation apps provide additional value
• The majority of early customer reviews and testimonials are positive

Cons of Walnut Insurance

• Only 10 or 20-year term life insurance policies are offered; no permanent/whole-life products
• Not available for residents of Quebec or New Brunswick currently
• Limited customization of policy terms and coverage options
• As a startup founded in 2020, does not have a long track record yet
• Mixed reviews on ease of contacting customer support

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:

To get rates tailored specifically to your age, pre-existing 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 Do I Cancel or Change My Walnut Insurance?

If you need to cancel your Walnut Insurance policy or make changes to it, you have three options:

Online

1. Login to your Walnut Insurance account
2. Click ‘Account Management’
3. Select ‘Cancel Policy’ or ‘Change Policy’

Phone

• Call to speak with a Walnut agent

Email

• Email contact@gowalnut.com requesting cancellation or changes

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:

Walnut Insurance

• Walnut Insurance only offers term life insurance (10 or 20 years)
• $50,000 to $1 million coverage
• Digital protection membership
• Online focus with fast application
• Limited policy customization

Canada Life

• Canada Life Insurance offers term, universal, and whole life insurance
• Over 100 years in business
• Wide range of policy options
• Multinational company
• Strong financial reputation

Manulife

• Manulife Life Insurance offers term, universal, and whole life insurance
• Individual and group policies
• Wide range of riders and options
• Over 125 years in business
• Access to in-person advisors

While Walnut Insurance offers a competitive digital-first experience, providers like Canada Life and Manulife offer greater product selection and policy customization. Other large and established insurance companies are Foresters Financial, Empire Life, Canada Protection Plan, National Bank Life Insurance, CIBC life insurance and BMO Life Insurance.

Summary

Walnut Insurance shows strong potential to become a leading purely digital insurance provider. But is it the right fit for your needs?

Based on this comprehensive 2025 review, here are two key questions to consider:

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 better.

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

What types of insurance does Walnut offer?

Walnut specializes in 10 and 20 year term life insurance policies only at this time. They do not currently offer permanent, whole, or universal life 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 required for Walnut Insurance?

No medical exam is required when applying for Walnut Insurance since the entire process is online. Applicants only need to provide detailed medical history virtually.

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.

Are there any Walnut Insurance reviews on Reddit?

As of early 2025, there are not many Walnut Insurance reviews on Reddit yet since the company is still quite new. However, a few initial customers have reported positive experiences.