Walnut Life Insurance Review [2024] 

Do you wonder how your family would get by if something happened to you? 

If so, I can understand why. We live in a world where the median rent is $1,163 a month, and the average house costs $513,000. 

But you can alleviate your worst fears with life insurance. 

Walnut is a life insurance provider that makes it easy to apply online. Most applicants don’t need a medical exam, and you can get coverage immediately.

Intrigued? Then read the Walnut life insurance review below.

I’ll tell you how the insurance works and explain why the company is legit. 

What is Walnut Life Insurance?

Walnut is a Canadian company that offers life insurance in most U.S. states. Its online application process is simple, and its policies are issued by RBC Life Insurance Company, which gets an A+ rating from A.M. Best. 

So, with Walnut, you get convenience and strong financial backing. That’s exactly the one-two punch you should be looking for in a life insurance provider!

Walnut prides itself on offering “insurance made simple.” And how does it live up to that promise? 

For one thing, Walnut offers only term life insurance, not whole life insurance. And there are only two available term lengths: 10 years and 20 years. That means your options are limited, but they’re also super straightforward. So if you think a 10- or 20-year term is perfect anyway, you’ll appreciate the simplicity.

Walnut’s age limits are also straightforward. Anyone between the ages of 18 and 70 is eligible to apply. 

How Does Walnut Life Insurance Work?

This Walnut life insurance review aims to be completely comprehensive – so let’s dig into the details!

If you’re interested in Walnut life insurance, your first step is to get a quote. It’s super easy, and it takes just a few seconds. 

Here’s how to get a life insurance quote from Walnut:

• Step 1: Head to the life insurance page on the official Walnut website.
• Step 2: Select “Get my quote.” 
• Step 3: Answer the basic questions that follow.

While the quote is just an estimate, it will give you a pretty good idea of how much you’re likely to pay for the coverage you want.

Are you unsure how much coverage is actually worth paying for? Then, take advantage of Walnut’s term life insurance calculator. Just enter some basic information about your finances, and they’ll tell you how much coverage you need.

Once you have your quote, you can immediately begin an application for the coverage you selected. You’ll be asked to answer some slightly more detailed questions about your health and living situation. But don’t worry. It’s still not too invasive, and there’s often no medical exam required. 

One thing that sets Walnut apart from other providers is that you can choose to access additional member services. These “extras” are meant to help you optimize your sense of well-being.

Extra perks from Walnut include:

• Headspace – A meditation app
• Dashlane – A password manager
• ClassPass – A gym membership platform

Is Walnut Life Insurance Legit? 

Walnut life insurance is absolutely legit. 

Now, in this Walnut life insurance review, I want to be totally transparent. That’s why I’ll be upfront about the fact that Walnut is smaller and newer than some other life insurance companies out there. Walnut was only founded in 2020, and it has less than 50 employees. 

There also isn’t a whole lot of online chatter about the company. Sure, you can find a Walnut life insurance review here or there – but there isn’t a widespread dialogue.

But when it comes to life insurance providers, is smaller always worse? Of course not! You could have a wonderful experience with a smaller company like Walnut. 

There’s nothing out there suggesting Walnut is cheating or defrauding customers. Walnut is also fully licensed to sell life insurance in most U.S. states.

All of that makes me think Walnut is a legitimate option for term life insurance. 

Is Walnut Life Insurance Safe?

Walnut life insurance is completely safe. Why do I say that? Because its policies are backed by RBC Life Insurance Company, which has an A+ rating from A.M. Best.

Confused? Let me explain.

Like many digital life insurance companies, Walnut doesn’t provide insurance coverage itself. Instead, it acts as an intermediary between you, the customer, and an insurance carrier. It’s the insurance carrier that would actually pay out the money if your beneficiary were to make a claim.

In the case of Walnut, RBC Life Insurance Company is the carrier that actually provides coverage.

Of course, you want your life insurance policy to come from a company in a stable financial situation. That’s where the ratings come in. 

A.M. Best is a credit rating agency that assesses the financial health of companies. And this agency gave RBC Life Insurance Company an A+ rating. That means the company shouldn’t go under any time soon, and so it would be able to pay out if your beneficiary filed a claim.

What does this all mean? 

Basically, it means that when you get a life insurance policy through Walnut, you can rely on it to actually pay out as promised.

Pros and Cons of Walnut Life Insurance

No Walnut life insurance review would be complete without a detailed list of pros and cons. So here are the advantages and drawbacks to consider.

Pros

• The application process is entirely online. With Walnut, you won’t have to waste your time talking to an agent or sitting around in an office. 

• The carrier has a strong financial rating. Walnut policies are provided by RBC Life Insurance Company, which gets an A+ rating from A.M. Best.

• You get access to additional perks. Along with your policy, you can choose to add access to a meditation app, a password management service, and a gym membership platform.

Cons

• Walnut isn’t licensed to sell life insurance in every state. They’re working to expand their reach – but for now, you can’t get policies in Alabama, California, Florida, Massachusetts, Michigan, Nevada, New York, Ohio, or Pennsylvania. 

• There’s no whole life insurance available. With Walnut, term life insurance is your only option. 

• The only term-length options are 10 and 20 years. Some other life insurance providers give you more term lengths to choose from. 

Walnut Life Insurance Reviews

As a relatively new and small company, Walnut doesn’t have a ton of customer reviews online. It has a 3.1-star rating on Trustpilot, but I wouldn’t read too much into that rating since it’s probably based on a small sample size. 

There’s only one genuine Walnut life insurance review on Trustpilot, and it gives the company five stars. 

In that 5-star Walnut life insurance review, a customer says that it was a “simple and easy process to get insured.”

It’s worth noting that this person got insurance related to identity theft, not standard life insurance. But still, it reflects well on Walnut that a real customer had such a positive experience!

Walnut Life Insurance Reviews Reddit

I couldn’t find any Walnut reviews on Reddit – probably because the company is still so young. Remember, it was just founded in 2020!

But I’ll keep my eyes peeled and let you know when a Walnut life insurance review finally appears on Reddit. It can only be a matter of time.

Walnut Life Insurance Review BBB

Walnut doesn’t have a page on the Better Business Bureau (BBB) website, but the BBB does have a page for RBC Insurance, which is the carrier for Walnut’s policies. 

And honestly, the verdict isn’t great. RBC Insurance gets a C- grade.

But here’s the thing. You won’t be working with RBC Insurance directly if you get life insurance through Walnut. The RBC Life Insurance Company is just the carrier, so it’s the company’s finances that matter.

And on the financial front, there’s nothing to worry about. A.M. Best gives RBC Life Insurance Company an A+ rating for financial strength. 

Is Walnut Life Insurance Worth It? 

Walnut life insurance is definitely worth it for anyone who wants term life insurance and who’s happy with a term of 10 or 20 years. The application process is super simple, and you can even take advantage of extra perks like a meditation app and a password manager.

If you want more flexibility with your term lengths, then you might prefer a different life insurance provider. For example, some people really want a 15-year term – which Walnut doesn’t offer.

And if it’s whole-life insurance you want, Walnut isn’t going to provide it for you.

But does a 10- or 20-year term sound perfect? And would you appreciate the simplicity of a few basic options? Then Walnut could be your ideal life insurance provider.

Just remember to double-check that Walnut is licensed to sell life insurance in your state.

Commonly Asked Questions About Walnut Life Insurance

What are Alternatives to Walnut Life Insurance?

Here are some alternatives to Walnut life insurance:

• Ethos (read full Ethos life insurance review here)
• Ladder (read full Ladder life insurance review here)
• Haven Life (read full Haven Life insurance review here) 
• Fabric (read full Fabric life insurance review here) 
• Everyday Life (read full Everyday Life insurance review here)

All of these life insurance providers offer the convenience of an online application.

Is Walnut Life Insurance a Scam?

Walnut life insurance definitely isn’t a scam. It’s licensed to offer life insurance in most U.S. states, and its policies are underwritten by RBC Life Insurance Company, which gets an A+ rating from A.M. Best. 

What is The Catch With Walnut Life Insurance?

The only “catch” with Walnut life insurance is that it isn’t available everywhere in the U.S. While Walnut is licensed in most places, it’s still not available in California, Florida, New York, and several other states.

Is Walnut Life Insurance Good?

Walnut is a great option for term life insurance. The online application process is quick and easy, and the coverage is provided by a reputable carrier called RBC Life Insurance Company. That means you can count on Walnut to pay out as promised.

Walnut Life Insurance Customer Service?

Walnut gives you several ways to contact customer service. You can start a live chat on the official Walnut website, send an email to contact@gowalnut.com, or call 1-888-966-5308. 

Walnut Insurance Funding?

Walnut’s life insurance coverage is funded by RBC Life Insurance Company. Based in Canada, the RBC Life Insurance Company gets an A+ rating from the credit rating agency A.M. Best. That means it’s in excellent financial shape, which should give you confidence as a potential Walnut customer.