Walnut Insurance Review: Life Insurance Meets Health and Wellness

Walnut Insurance

8.2

Product Rating

8.2/10

Strengths

  • No-exam life insurance at affordable rates
  • Quotes within 10-15 minutes for most applicants
  • Add-on benefits at discount prices
  • Holistic, total wellness product
  • Protection from digital fraud and identity theft

Weaknesses

  • Life insurance is only for new applicants aged 55 and under
  • Coverage is not available in New York State
  • Pricing for add-ons varies

Life insurance is an essential part of a solid financial plan. But it can be difficult for a consumer to know which company to choose for their life insurance policy. 

Walnut is a newer life insurance company that has created an innovative product: Life insurance memberships designed for today’s active lifestyle. In this Walnut Insurance review, we’ll share what that product entails and whether or not it might be a smart choice for your life insurance needs. 

Table of Contents
  1. What is Walnut?
  2. What Products Does Walnut Offer?
    1. Term Life Insurance Membership Plan
    2. Digital Protection Membership Plan
    3. Who Is Walnut Best Suited For?
  3. Walnut Pros and Cons
  4. Walnut FAQs
  5. Walnut Alternatives
    1. Everyday Life
    2. Fabric
    3. Ladder
  6. Final Thoughts on Walnut Insurance

What is Walnut?

Walnut is a newer technology company that seeks to promote wellness for the needs of today’s consumers by combining health and wellness with an online life insurance product. 

By taking a holistic approach to wellness, Walnut seeks to reach underserved segments of the population while providing everyday value and benefits for members. 

The company’s “membership” approach to life insurance helps you protect your loved ones by providing transparent access to benefits. Meanwhile, a Walnut premium membership offers valuable wellness services that can benefit you daily. 

Learn more about Walnut Insurance

What Products Does Walnut Offer?

Walnut offers two different products that can help you as a member gain the types of protection that are relevant to the 21st century. Here’s a summary of what each product has to offer.

Term Life Insurance Membership Plan

Walnut’s premium life insurance membership includes policies underwritten by the Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI). SBLI has been in business since 1907 and has a Better Business Bureau rating of A+.   

Walnut’s life insurance policy offers the following plan parameters:

  • Transparent price-first quotes
  • $50,000 to $1,000,000 life insurance policies
  • 10 or 20-year terms
  • Coverage for 18 to 55-year-olds

You can apply for your life insurance policy right over the phone, get your quote, and be approved within minutes. 

In most cases, your policy will be a no-exam insurance policy. In rare cases, there may be additional questions or the need for an exam. 

*Bonus: See the Walnut website for information on optional Group Life Insurance products for you and your family. Group life coverage options are available for qualified applicants aged 18 to 65.

Once Walnut approves your life insurance application, you gain access to three other wellness memberships:

  • Headspace
  • Dashlane
  • Classpass

Headspace is a meditation app that helps you learn to de-stress via meditation. You can download 3-minute meditation sessions on your PC, phone, or mobile device. 

Dashlane is a password manager that helps you breeze through checkout by securely storing all of your passwords and other checkout information. 

The app provides a way to have important password information at your fingertips while using two-factor authentication on its secure Amazon AWS cloud hosting site.

Classpass provides on-demand video fitness classes at your fingertips, wherever and whenever you want. These wellness membership add-ons are optional and priced out separately from your life insurance quote; however, Walnut offers them to members at attractively discounted prices. 

Whereas standalone memberships to the three programs often cost $25 or more each, Walnut life insurance members get access to these programs starting at just $10 each. 

Walnut’s goal in providing these partner membership benefits is to give you a complete, holistic approach to protecting your health and, in turn, your family. 

Digital Protection Membership Plan

Walnut’s Digital Protection membership plan is offered separately from Walnut’s term life insurance. 

The Digital Protection plan includes access to Dashlane and protection from Cyberscout, a Sontiq company that provides identity protection and recovery services.

Dashlane benefits include:

  • Unlimited password storage
  • Secure password generator
  • Dark Web monitoring

And you get these services for an unlimited number of devices.

Cyberscout benefits include:

  • Up to $1 million in identity reimbursement coverage
  • $25,000 in ransomware coverage
  • $25,000 in social engineering coverage
  • Credit monitoring services

You can get all of these benefits starting at just $10 a month when you sign up for Walnut’s Digital Protection plan.

According to the Walnut website, 1.39 million identity thefts were reported in 2020 alone. 

That’s a 113%+ increase from 2019 numbers.

With identity theft on the rise, digital protection services are something every internet user should consider. 

Learn more about Walnut Insurance

Who Is Walnut Best Suited For?

Are you wondering if Walnut is the right insurance company for you? Walnut life insurance was designed for users age 55 and under who need life insurance and desire overall health and wellness. 

You can get a life insurance policy from Walnut that helps protect your family in case of premature death. You can use the money from a Walnut life insurance policy to help cover expenses such as:

  • Final resting place expenses
  • mortgage/debt payoff
  • Future living expenses
  • College expenses for children

If you’re wondering how much life insurance you should apply for, this article will help you determine your insurance needs.

The add-on products such as Classpass and Headspace help promote good mental and physical health and encourage an active lifestyle.

Walnut’s Digital Protection membership can serve any internet user well, helping them protect their identity and have insurance to cover any fraudulent activities on the internet. 

With digital fraud on a sharp rise, it’s wise to consider protecting yourself and your financial information, especially if you shop or bank online regularly. 

Should you consider Walnut for your life insurance or your digital protection needs? Let’s look at Walnut’s pros and cons to help you answer that question. 

Learn more about Walnut Insurance

Walnut Pros and Cons

Pros

  • No-exam life insurance at affordable rates
  • Quotes within 10-15 minutes for most applicants
  • Add-on benefits at discount prices
  • Holistic, total wellness product
  • Protection from digital fraud and identity theft

Cons

  • Life insurance is only for new applicants aged 55 and under
  • Coverage is not available in New York State
  • Pricing for add-ons varies

This last “con” is worth noting. The price you pay for add-on services through Walnut, although discounted, can vary from state to state.

For instance, when researching Classpass prices, Walnut quoted the discounted price for New York residents at $79.99 per month. However, Classpass’ discounted price for Minneapolis residents was just $59.99 per month. We found this attractive but couldn’t find an explanation on the site for the price variance.

Walnut FAQs

How can I contact Walnut? 

You can contact Walnut via email at contact@gowalnut dot com or hit the live chat button on the Walnut website.

Will I be talking to someone licensed to sell insurance when I speak with a Walnut customer service rep?

Yes, all Walnut customer service agents are licensed to sell insurance. 

Are Walnut customer service agents paid on commission? 

No, Walnut doesn’t pay its employees on a commission basis. For that reason, you should be able to count on helpful, unbiased advice. 

Can I cancel my Walnut add-on services at any time?

Yes, you can cancel all Walnut add-on services at any time. See the site’s terms and conditions page for details on refunds in the case of cancellations.

Learn more about Walnut Insurance

Walnut Alternatives

As of this writing, there are no insurance companies that we could find that offer a total wellness membership like Walnut does. However, here are a few no-exam online life insurance companies you might want to consider. 

Everyday Life

Normally, when you shop for life insurance, you have to fill out applications with each company individually. Everyday Life is an insurance broker and partners with multiple companies so you can complete just one application to get several quotes. This process can be a significant time-saver.  

Plus, you don’t have to take a medical exam to get your initial quotes. Everyday Life works with several prominent insurance companies, like Legal & General, SBLI and more. 

Everyday Life says that a typical customer pays a $15 monthly premium, but premiums begin as low as $4 per month. You can cancel the policy in the first 30 days and get your initial premium back.  

Everyday Life’s Predictive Protection model uses a life insurance laddering method to scale down your insurance coverage as you get older. Most people need less insurance as they get older, and Everyday Life can do that automatically, which can also result in huge savings over time. 

Here is our full review of Everyday Life.

Learn more about Everyday Life

Fabric

Fabric is a life insurance company that targets parents, especially those with young children. Like other big names, they don’t mandate that customers complete a medical exam to qualify for coverage.

They have a wide range of terms, offering 10, 15, 20, 25 or 30-year terms. This lets customers pick the term that suits their specific needs. The policy amount can vary between $100,000 and $5 million. Premiums will depend on your age, coverage amount, term length and health status.

If you’re interested in applying with Fabric, you can complete the application entirely online or through their mobile app. They have both an Android and iPhone app, with a 4 out of 5 and a 4.8 out of 5 rating, respectively.

Learn more about Fabric

Ladder

Ladder Life Insurance offers life insurance policies starting at just $5 per month. 

As with the other companies listed here, you can apply for a no-exam Ladder life insurance policy right from your PC.

What’s unique about Ladder is that you can “ladder” your policy up or down. Just log in to your account and increase or decrease your coverage. Ladder offers term life insurance products issued by multiple highly rated insurers.

Here’s our full Ladder review for more information.

Learn more about Ladder

Final Thoughts on Walnut Insurance

Walnut Insurance is changing the face of life insurance by offering a life insurance membership that includes the option to get additional wellness benefits at discounted prices.

If you’re interested in a total approach to health, wellness, and financial security, you may want to visit the Walnut website to learn more.  

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About Laurie Blank

Laurie Blank is a blogger, freelance writer, and mother of four. She’s psyched about teaching others how to manage their money in a way that aligns with their values and has been quoted in Bankrate.

She's a licensed Realtor with Edina Realty in Minneapolis, Minnesota (also licensed in Wisconsin too) and has been freelance writing for over six years.

She shares powerful insights on her blog, Great Passive Income Ideas, that will show you how you can create passive income sources of your own.

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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